Numerous Democrats in Congress are condemning President Donald Trump’s plan to eliminate payroll taxes for employers and employees to help ease economic woes amid the coronavirus outbreak, yet Dems fully supported President Obama’s payroll tax cut in 2011; plus more on Trump’s economic moves to lessen the impact of coronavirus on Americans and today’s top stories in conservative politics.
Democrats supported Obama’s payroll tax cuts, but condemn Trump
The hypocrisy of Democrats in Congress is on full display. In 2010, Democrats in Congress lined up behind then-President Barack Obama when he enacted a payroll tax cut in 2011.
At the time, Nancy Pelosi (D-CA), in a 2011 press release, called Obama’s tax cuts a “victory for all Americans” while claiming it would put “nearly 40 dollars per paycheck in the pockets of the average American family.”
But now, with Trump in office, House Speaker Nancy Pelosi is saying that the president’s proposal of reducing payroll taxes from 14.4% to zero only amounts to “tax cuts for major corporations.”
Senator Chuck Schumer (D-NY), who is now the Senate Minority Leader, also supported Obama’s tax cuts in 2011 and criticized the GOP in a tweet at the time for stalling on supporting them.
On Monday, Schumer dismissed Trump’s efforts at cutting payroll taxes, saying, “The president seemed to be more focused on the stock market than the pandemic.”
Trump and GOP make moves to bolster the economy amid coronavirus
President Donald Trump and Republican lawmakers are planning a number of moves as part of an economic relief package to help Americans who could suffer some financial woes amid the growing coronavirus outbreak in the US.
There are a number of possibilities Republicans could introduce, according to President Trump, including “a possible payroll tax cut or relief, substantial relief — very substantial relief. That’s a big — that’s a big number.”
“We’re also going to be talking about hourly wage earners getting help so that they can be in a position where they’re not going to ever miss a paycheck,” Trump said.
Wants to reduce payroll taxes to zero
President Trump has proposed reducing payroll taxes from their current 14.4% to zero in order to bolster the finances of both employers and employees, which could see reductions in incomes due to decreased business and/or reduced working hours.
“We’re going to be working with companies and small companies, large companies — a lot of companies — so that they don’t get penalized for something that’s not their fault,” President Trump said. “It’s not their fault, it’s not our country’s fault.”
President Trump said that his administration and Republican lawmakers will be looking at ways to help some of the industries hardest hit by the coronavirus, which includes the airline, travel, and hotel industries.
Trump admin gets insurance companies to waive co-pays on coronavirus testing, cover treatment
Vice President Mike Pence announced that the Trump administration succeeded at getting major insurance companies to making substantial concessions on coronavirus testing and treatment.
“I’m pleased to report that as you requested, Mr. President, that all the insurance companies here, either today, or before today, have agreed to waive all copays on coronavirus testing, and extend coverage for coronavirus treatment in all of their benefit plans,” Vice President Mike Pence announced during a meeting with President Donald Trump and CEOs from major insurance companies.
Trump pressures Federal Reserve to cut interest rates
President Donald Trump is placing increased pressure on the Federal Reserve to further reduce interest rates. Trump is calling for Chairman Sharon Powell and the Fed to slash interest rates down to zero percent, or even lower, in order to match the economies in Europe and Asia. The Federal Reserve is expected to make a decision next week.
“Our pathetic, slow moving Federal Reserve, headed by Jay Powell, who raised rates too fast and lowered too late, should get our Fed Rate down to the levels of our competitor nations. They now have as much as a two point advantage, with even bigger currency help. Also, stimulate!” Trump tweeted, adding, “The Federal Reserve must be a leader, not a very late follower, which it has been!”
Calif’s Dem governor praises Trump response to coronavirus
No, Hell didn’t just freeze over, but California’s Democratic Governor Gavin Newsom did do something extraordinary: He praised President Donald Trump for his administration’s response to the coronavirus outbreak.
“We [Trump and I] had a private conversation, but he said ‘We’re gonna do the right thing’ and ‘You have my support,’” Newsom revealed on Monday. “All of our support, logistically, and otherwise.”
“He said everything that I could have hoped for,” Newsom continued. “Every single thing he said they followed through on.”
“Every single thing his administration-and it starts at the top, including the vice president has been ‘consistent with the expectation that we’d repatriate these passengers,” Newsom added, referring to the coronavirus-positive cruise ship passengers that returned to the state.