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Trump Surprised Staff With Promise of Stimulus Details by Today

EconomyMar 10, 2020 09:10AM ET
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(Bloomberg) -- President Donald Trump surprised members of his administration by promising details of an economic package to be unveiled Tuesday in response to markets that have been battered by the coronavirus outbreak, according to people familiar with the matter.

As outlined by Trump in remarks Monday, the proposal will likely include a payroll tax cut and a short-term expansion of paid sick leave, according to the people, who described the proposal on condition of anonymity ahead of its planned release.

Trump’s administration had been working on potential stimulus measures for about 10 days but were unprepared to provide details this quickly, the people said.

Trump is under increased pressure to act after days of steep losses in global markets touched off by concerns that the new coronavirus could spark a recession. U.S. stocks plunged more than 7.5% on Monday -- the worst day on Wall Street since the financial crisis -- as a full-blown oil price war rattled investors already on edge over the outbreak.

While Trump has been pointing to the Federal Reserve as the front line, economists have stressed that the crisis will require amulti-faceted response from governments, health-care professionals, central bankers and others to stem the human and economic damage.

Trump Surprised Staff With Promise of Stimulus Details by Today
 

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Comments (8)
Jon Benton
Jon Benton Mar 10, 2020 1:35PM ET
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"I didnt mean that ? Cover it up !"
Jiewei Cao
Jiewei Cao Mar 10, 2020 10:51AM ET
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I think top bracket should be no more than 15%.
Gary Sadler
Gary Sadler Mar 10, 2020 10:23AM ET
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payroll tax cut just puts you in the hole for the end of the year total income tax you owe. Not a great idea for a genius like DJT
Olivier Ve
lamborghinibull Mar 10, 2020 10:23AM ET
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the genieus takes everything for the US stock market so u either are a investor and take the ride or your a hater and don't buy stocks.
Peter BullMarket
Peter BullMarket Mar 10, 2020 10:23AM ET
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Payroll tax cut means that your paucheck will not come with deductions of social security, unemployment, federal income etc.The deductions can be already absent on the next payroll date/paycheck
Me comment
Me comment Mar 10, 2020 9:59AM ET
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Changing payroll tax doen't do anything unless total taxes are also cut, if not you still owe the same amount of taxes for the year.
Donbrown Brown
Donbrown Brown Mar 10, 2020 9:43AM ET
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Some ppl are never happy. Roadrunner always one step ahead of the Socialist Wylie coyotes
Me comment
Me comment Mar 10, 2020 9:32AM ET
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Day late and a dollars short. What about something for the retired and those that cannot work (real disabled not free loaders). Trump is months behind in planning because of his continued denial of the reality of coronavirus.
Ceaser Seven
Ceaser Seven Mar 10, 2020 9:30AM ET
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Is that really enough stimulus?
TeaMaker Tex
TeaMaker Tex Mar 10, 2020 9:15AM ET
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Yeah.....Let's throw the middle class more peanuts.
 
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