Trump reportedly pitches 0 percent payroll tax rate to Senate Republicans

During his meeting with Senate Republicans on Tuesday, President Trump raised the idea of a 0 percent payroll tax rate for employees and employers that would last until the end of the year, a White House official told CNBC.

When asked how much this would cost, the White House official pushed back, and "asked why there is always a focus on the cost of tax cuts," CNBC reports.

On Monday, Trump announced during a briefing on the COVID-19 coronavirus epidemic that he would speak with Senate Majority Leader Mitch McConnell (R-Ky.) about a possible payroll tax break in order to provide Americans with "very substantial relief." Paid for by employers and employees, payroll taxes are used to fund Social Security and Medicare.

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The coronavirus outbreak has caused the markets to slump, and the White House is attempting to cobble together an economic stimulus plan. If they do have a solid proposal, they aren't ready to share all the details; following the lunch meeting, Sen. John Thune (R-S.D.) said Trump's team "didn't go into specifics" about the payroll tax cut.