In three words, President Trump summarized the frustration the American people feel about Congress’ inability to deliver a relief package to help Americans during the pandemic: “We’ve had it.”
President Trump introduced the bills:
Payroll Tax Suspension
“The first one is providing a payroll tax holiday to Americans earning less than $100,000 per year. In a few moments, 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. And we’re actually going to be making that, we just got the word, getting the word from a lot of people, we didn’t think we’d have to do this because we thought the democrats would be reasonable, but they’ve been not only unreasonable, they’ve been ridiculous. So we’re going to make that August 1st, most likely. It will be August 1st. We’ll let you know the exact date. But it’s looking like August 1st. So it will be August 1st through the end of 2020.
This will mean bigger paychecks for working families as we race to produce the vaccine and eradicate the China virus once and for all.
And we’re doing very good with the numbers. You see it’s going down in Arizona very substantially and rapidly going down in California, going down in Texas, going down in Florida. Other areas are cropping up a little bit, but we’re watching them very closely. We understand the disease and we’re watching very closely. Especially our senior citizens and our senior citizen’s residences.
If I’m victorious November 3rd, I plan to forgive these taxes and make permanent cuts to the payroll tax. I’m going to make them all permanent.
Now, Joe Biden and the democrats may not want that. They don’t want that because they’re adding $3 Trillion in taxes. So they’ll have the option of raising everybody’s taxes and taking this away.
But if I win, I may extend and terminate. In other words, I’ll extend beyond the end of the year and I’ll terminate the tax. And so we’ll see what happens.
Biden probably won’t be doing that. You’ll have to ask him. I don’t think he knows what he’s going to do.
Second I’m signing an executive order directing the Department of Housing and Urban Development, HDHS and CDC to make sure renters and home owners can stay in their homes. So I’m protecting people from eviction. You’ve been hearing a lot about eviction.
And the democrats don’t want to do anything having to do with protecting people from eviction. I said, let’s do that separately. That could be a totally separate thing from passing along money so people can live. And they didn’t even want to protect people from eviction. They would get evicted. It’s not their fault that this virus came into our country. It’s China’s fault. And came into the world. And by the way, a lot of the people, a lot of mistakes, that, we’re doing the best or having some problems, a lot of mistakes.
The Department of Housing and Urban Development will also provide financial assistance to struggling renters and home owners and work with landlords to keep Americans safely in their homes. So we don’t want people being evicted. And the Act that I’m signing will solve that problem largely, hopefully completely.
$400 Per Week Expanded Unemployment Benefit
The third action I’m taking today will also provide additional support for Americans who are unemployed due to the China virus. Under the Cares Act I proudly signed expanded unemployment benefits into law. Congressional democrats have stonewalled our efforts to extend this relief. They even opposed measures that would give bonuses to workers returning to the job. They were totally opposed to that. For this reason, I am taking an action to provide an additional, or an extra $400 per week in expanded benefits. $400, okay? So, that’s generous. But we want to take care of our people. It isn’t their fault. It was China’s fault.
States will be asked to cover 25% of the cost using existing funds, such as the tens of billions of dollars available to them through the Corona Virus Relief Fund. Under this plan, States will be able to offer other benefits if they so choose, and the federal government will cover 75% of the cost. So we’re all set up. It’s $400 per week. We’re doing that without the democrats. We should have been able to do it very easily with them, but they wanted all these additional things that have nothing to do with helping people.
Extended Student Loan Relief
Fourth, I’m signing a directive providing relief to student loan borrowers. Earlier this year, we slashed student load interest to zero. I don’t know if people know that because the press doesn’t ever report it. Maybe they’re watching now. The press doesn’t report a lot of good things that are good for the people and good for the country.
Earlier we slashed student loans interest rates to zero percent and suspended student loan payments. And Congress extended that policy through September 30th. Today, I’m extending this policy through the end of the year and we’ll extend it further than that most likely right after December 1st. So it looks like we’ll be extending zero interest. And again, not their fault that their colleges are closed down. And not their fault that they’re unable to get what they bargained for.
Immediate and Vital Relief for Struggling Americans
Through these four actions, my administration will provide immediate and vital relief to Americans struggling in this difficult time. And the beautiful about this difficult time is we’re now coming back and setting records.
We’ll also ensure that our economic comeback continues full speed ahead. And with the $400 and all of the other measures that we’ll be signing in a little while, that will happen.
We’re further looking at additional tax cuts, including income tax relief, income tax cuts and capital gains tax cuts. So we’re going to be looking at that capital gains for the purpose of creating jobs and income tax is self-explanatory. And it will be income tax cuts for middle income and lower income people. But it will be middle income people, because they pay of lot of income tax and we do have tax inequality.
I’m saying that as a Republican. And you do have tax inequality. So we’re going to be looking at income tax and we’re going to be looking at capital gains tax cuts on both, and maybe substantially. And we’ll be reporting back on that fairly shortly on that.
It’s big news, but very important. We want to have our jobs flourish. We want to have our companies do great.