As markets plummet, Trump says White House to seek possible payroll tax cuts

(Image credit: Saul Loeb/AFP via Getty Images)

published 9 March 2020

President Trump on Monday evening said he will speak with Senate Majority Leader Mitch McConnell (R-Ky.) and Senate Republicans about a possible payroll tax cut that would provide "very substantial relief" amid the COVID-19 coronavirus epidemic.

"We have a great economy, a very strong economy, but this has blindsided the world," Trump said. The coronavirus epidemic, as well as Saudi Arabia cutting oil export prices by nearly 10 percent, is worrying investors, and on Monday, U.S. stocks fell more than 7 percent in the Dow's worst day since 2008. Trump said he wants to meet with McConnell on Tuesday, and in addition to discussing a payroll tax cut, he will also bring up "hourly wage earners getting help so they can be in a position where they are not ever going to miss a paycheck."

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Catherine Garcia has worked as a senior writer at The Week since 2014. Her writing and reporting have appeared in Entertainment Weekly, The New York Times, Wirecutter, NBC News and "The Book of Jezebel," among others. She's a graduate of the University of Redlands and the Columbia University Graduate School of Journalism.

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