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Senate Majority Leader McConnell Against Payroll Tax Cut - Report

Published 03/10/2020, 10:46 AM
Updated 03/10/2020, 10:47 AM
© Reuters.

By Kim Khan

Investing.com - Senate Majority Leader Mitch McConnell is reluctant to support a U.S. payroll tax cut, which looked to be a major plank of President Donald Trump’s fiscal stimulus program to combat damage from Covid-19, the Washington Post reported Tuesday.

“McConnell has made it clear to allies in recent days that he does NOT like the payroll tax cut idea, which was floated by President Trump on Monday,” the Post’s Robert Costa tweeted.

McConnell hasn’t “taken a firm position” ahead of the White House’s meeting with Senate Republicans today, but that is “his private view,” Costa wrote, citing two people briefed on the situation.

Trump said at the end of a Covid-19 briefing late Monday that there would be an official announcement about economic stimulus measures today, and specifically mentioned a payroll tax cut, but there has been no official announcement scheduled.

The president surprised his White House staff by promising details today, Reuters reported.

A payroll tax cut would take the cooperation of Congress, which proved difficult for President Barack Obama when he pressed for one in the wake of the Financial Crisis.

Latest comments

Awe come on Moscow. Throw the monkeys some peanuts.
He would be the *******
After the last tax cut for the very wealthy, we are in no financial position to have a payroll tax cut. And even if there was one, how do seniors benefit from a payroll tax cut when they’re no longer on a payroll? At least the seniors would spend it on things that would help put people to work at real jobs, unlike today’s payrollers who spend their money on such frivolous things as Netflix, Starbucks coffee, Uber, Lyft, DoorDash, student debt, and rent to live in their parents’ basement.
Rhom how ya doing?I guess I'm a rich man then they know the tax cuts help me! And I'm in one of those very blue States. I presume you are to you sound like you must be from oh I don't know nice food, a place like California? But now I suppose you're holed up across the pond perhaps in Great Britain? either way I consider you incorrect this people like me that made money more in my paycheck and I'm not over extended. I don't have a couple of houses like my bosses have that got hurt from it so I can understand that pain I was modest in the house that I do own. So yes you're wrong as far as parenting all this that tax cut was for the rich. It was for everybody! Get a grip pal.
A wonderful partial explanation! Thanx Alex !
Well done Eric !Thanks for the input-
just let market crash as it should be. the administration should focus on economy, not market
Good for Moscow Mitch. I am a Democrat that agrees with him. We are Fing BROKE! What about that do people not understand? Tough times happen. Get over it.
More empty Trump promises just like Mexico will pay for his wall.
we have 23T in debt and we continue to spend 1T more than we bring in yearly.... tax cut? just cur all taxes since we dont care about debt
The US's govs debt historically always increases... since 1783 until today. No president since then has been able to stop it.
 Rod was referring to the deficit, not debt, which is the larger concern. And there are differences--Trump has added a massive amount of debt while the US economy has been strong, whereas Obama took over during the depths of the financial crisis. We should have been paying it down during this longest ever boom.
This snake needs to be kicked out of the Senate. He is the true deep state.
RINO... akin to "Dirt Romney" - NFG
He'd be all about some kind of tax cut for rich and businesses though. All this rube does to get re-elected is go back to KY and say "coal" and he's in. If he had to run in a state with intelligent voters he'd have been working at Mickey D's long ago.
So, you're a McD. employee? You should like a tree-hugger of sorts. You should know that "clean coal"burns as efficiently as nat. gas. Also, you should know China is moving its most pollution creating buseed inesses to other countries on different continents so they create pollution in those places and not in China anymore. The sure you're from one of these states with intelligent voters, right? Perhaps San Fran.? where thou walk over piles to get to where you're going, law means nothing, etc.? You should like an intelligent, educated guy but you gotta get a life pal -
N I C E -
  Clinton signed into law the repeal of Glass Steagall which is the main cause of the collapse in 2008.  That bill was written by Gramm, Leach and Bliley (all Republicans).  Most (including me) blame the collapse on Clinton for signing it, but if you want Republicans to own it, be my guest.  That said, the argument that 2006-2010 Democrats destroyed our economy while taking credit for repealing Glass Steagall just shows a willingness to blame Democrats for everything regardless of who actually did what.
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