In response to the unprecedented drop in the stock market on Monday due to mounting coronavirus fears, President Trump suggested an emergency payroll tax cut package to combat the downturn, only for Democrats to largely reject the idea, as reported by The Hill.
President Trump’s proposal includes a payroll tax cut, as well as “relief for hourly workers to fight the economic fallout” of the virus. But Democrats in Congress have already voiced their opposition to the idea, claiming that it would not be of any benefit to Americans who have already lost their jobs.
Democrats in the House, led by Speaker Nancy Pelosi (D-Calif.), are set to propose their own economic bill to deal with the coronavirus, which is allegedly going to be a stimulus package that will also include paid sick leave for infected workers, more unemployment insurance for those who lose their jobs due to the virus, and “free” coronavirus testing.
Pelosi herself falsely described payroll tax cuts as “tax cuts for major corporations,” while Congressman Gregory Meeks (D-N.Y.) made a similarly false assertion that a payroll tax cut would not “get more revenue” for low-income Americans, even though a payroll tax cut would, in fact, do exactly that by allowing more Americans to keep more of their own money.