The Trump White House is looking at trying to stop the economic impact of the coronavirus with a tax cut, likely for the wealthy.
Among the options being considered are pursuing a targeted tax cut package, these people said. They have also discussed whether the White House should lean even harder on the Federal Reserve to cut interest rates, though the central bank on Friday afternoon said it would step in if necessary.
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These ideas would not be designed to stop the spread of the coronavirus, but they would seek to arrest the economic fears spreading through the economy. And some of the ideas would need cooperation from Congress or the Fed, as the White House has limited powers to unilaterally rewrite tax policy or direct the central bank to act.
Instead of holding meetings on how to prevent a massive outbreak of the virus, Trump is worried about steps that he can take to bring the stock market back up. The President doesn’t care how many Americans potentially get sick or die. He is only interested in the stock market and how a decline might impact his reelection campaign.
A tax cut isn’t going to blunt the potential economic damage that could come from a coronavirus outbreak. Trump has yet to offer a serious middle-class tax cut proposal, so the president is obviously considering using a public health crisis to cut more taxes for the wealthy.
A tax cut isn’t going to stop the stock market slide or save the American people from a public health crisis.
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Awards and Professional Memberships
Member of the Society of Professional Journalists and The American Political Science Association
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