[Newsphopick=Kingsley Lim] On August 8, The President of the United States, held a press conference detailing plans to introduce tax cuts to help people to survive the tough times. At the same time, the administration also intends to extend unemployment benefits to Americans who have lost their jobs due to the coronavirus.
Trump opened the conference by saying that his administration has been working around the clock to reach an agreement with the Democrats. Calling the relief package “China virus relief”, Trump suggested that the economy is recovering as planned.
Trump said “Already my administration has enacted over three trillion dollars in historic relief, savings many tens of millions of dollars in jobs, and you see how fast the economy’s coming back. It does look like it’s going to be a very sharp V.”
He added “We set a record on number of jobs in the last three months. It’s the most jobs ever created in a 3 months period, during a three month period.”
Trump accused the Democrats of wanting “bailout money”, which does not work to alleviate the problems caused by the coronavirus.
“Nancy Pelosi and Chuck Schumer have chosen to hold this vital assistance hostage on behalf of very extreme partisan demands and the radical left Democrats,” said Trump as he suggested that one-third of the bill called the Heroes Act, which had been supported by Joe Biden, is spending that was not related to the coronavirus.
According to Trump, the Democrats are intent on blocking funding for healthcare, support for community banks and rental assistance, which will put US$100 billion in the hands of the communities which have been hit hard by the coronavirus. Trump said “I am providing a payroll tax holiday to Americans earning less than $100,000 per year.”
He added that “I will sign a directive instructing the Treasury Department to allow employers to defer payment of the employee portion of certain payroll taxes from September 1st.”
Trump explained that “This will mean bigger pay checks for working families as we race to produce a vaccine and eradicate the China virus once and for all.”
Trump said that if he was victorious in the elections, he would forgive taxes and make sure that there are permanent cuts to the payroll taxes. While advocating for tax cuts and other measures, Trump suggested that the Democrats do not want that.
Trump also said that “I am signing an executive order directing the Department of Housing and Urban Development, HHS and CDC, to make sure renters and homeowners can stay in their homes. So, I’m protecting people from eviction.”
He added “The Department of Housing and Urban Development will also provide financial assistance to struggling renters and homeowners, and work with landlords and lenders to keep Americans safely in their home.”
Lastly, Trump said that these initiatives will be complemented with CARES Act that provides unemployment benefits to Americans which had lost their jobs due to the coronavirus.