Payroll Tax Holiday Shouldn't Hold Up COVID-19 Relief Discussions
For Immediate Release
With the next phase of COVID-19 fiscal relief talks set to begin the week of June 20th, the Trump administration is signaling it will block legislation that doesn’t include a payroll tax holiday. Below is a statement from Maya MacGuineas, president of a Committee for a Responsible Federal Budget.
“It would be a mistake to draw a red line now with negotiations just recently starting back up. With the economic recovery still fragile and our national debt fast approaching a record high, it’s crucial that Congress targets the next round of aid to address our most pressing needs as efficiently as possible.
“A payroll tax holiday through the end of 2020 could cost more than $500 billion, a cost that shouldn’t be ignored as lawmakers weigh their options and try to come up with a plan that gets aid where it’s most needed. Unnecessary borrowing will just make it that much more difficult to get the national debt under control and stabilize our fiscal and economic future.
“Now is not the time to be holding the entire package hostage to any one item. Rather, lawmakers should focus on what will most help the economy and show a willingness to work together.”
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