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Payroll tax cut out of next COVID rescue bill, but another round of stimulus payments will be included

While President Donald Trump had said that slashing payroll taxes would likely be part of this upcoming pandemic relief bill proposed by Senate Republicans – it was left out at the last minute.

“It won’t be in the base bill,” said Treasury Secretary Steven Mnuchin, speaking on CNBC about the payroll tax cut. Republicans are expected to announce a $1 trillion rescue package on Thursday.

The new bill comes as the virus surges in other states.

Democrats had put forward a separate bill, which contained significantly more spending. However, Democrats and Republicans differ on key spending parameters of the bill.

Most importantly, the new proposal includes another round of $1,200 payments to most American adults.

Click here to read more about what is expected to be in the proposal.

Categories: NewsPolitics