The hope is it will help the economic pain caused by the coronavirus.
White House Economic Adviser Larry Kudlow said Tuesday that President Trump wants to see a 7.6 percent cut in the payroll tax. “I know the president wants to see those folks that go back to work to get a 7.6% cut in their payroll tax, so their after-tax take-home pay goes up,” he said.
The president is seeking to help the economy gain the ground that was lost when states shut down virtually all activity due to the pandemic. Besides a payroll tax holiday, Kudlow says a capital gains exclusion for several years and a tax deduction for businesses spending at restaurants could be part of the president’s plans.
President Trump is also considering incentives for companies to move back to the United States, which Kudlow termed “onshoring” and, in expecting return moves, a cut in the corporate tax rate and a targeted tax credit. “We’re going to look at the numbers and assess what we think is necessary and not necessary,” Kudlow said.
As the Lord Leads, Pray with Us…
- For President Trump, Larry Kudlow, and the other advisers working with the president on economic incentives to help relieve the pains of the coronavirus.
- For businesses located overseas to give serious consideration to the importance of relocating back to the United States.
Sources: Reuters, Wall Street Journal, Fox Business News
