Kudlow: Payroll tax is a 'bold move' from bold president
Kudlow stressed the payroll tax cut would lift the burden on the middle class
During a coronavirus task force briefing on Tuesday, National Economic Council Director Larry Kudlow was asked about the timeline for unveiling President Trump's proposed idea of a payroll tax cut to soften the impact the virus may have on economic growth.
Though Kudlow was unable to provide a specific timeline for the cut, he said it's "a very bold move" by a bold president, which will result in a big payoff.
"I think it will help deal with whatever challenges occur in the next few months. I think beyond that, eliminating the tax burden on the middle class, the so-called blue-collar boom that I talk quite a bit about, that’s what this is aimed for," Kudlow said.
He added the package will include measures to ensure workers are paid for taking sick leave as well as aid for small and medium-sized businesses through the use of executive orders.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Kudlow stressed that the middle and lower-middle class have "done the best in wage-growth terms" despite skepticism from critics and that the payroll tax cut is absolutely consistent with Trump's earlier policies to help the middle class.
Looking beyond the payroll tax cut, Kudlow added that the administration will unveil another package of tax reform proposals sometime between this summer and early fall.
CLICK HERE TO READ MORE ON FOX BUSINESS
Kudlow's comments come following Trump's visit to Capitol Hill, where he had a "great meeting" with Senate Republicans and that "there's a great feeling about doing a lot of things," Trump noted.