Trump proposes payroll tax cut to boost economy during outbreak

President Trump on Monday proposed a payroll tax cut and other policies to stimulate the economy as the coronavirus outbreak damages global supply chains and financial markets.

Trump said the measures, including support for hourly workers and the travel industry, would provide “very substantial relief.” He said he would discuss the proposals with Senate Majority Leader Mitch McConnell (R-Ky.) and other Republican lawmakers.

Trump had resisted taking dramatic action to avoid alarming the public and stoking fear in financial markets. He changed course after aides presented him with options, as U.S. stocks had their worst day since the 2008 financial crisis.

“We have a very strong economy,” Trump said, “but this blindsided the world.”

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