ABSTRACT

Payroll Tax Cuts as an Economic Stimulus Response to Coronavirus Disease (COVID-19) [March 5, 2020]   [open pdf - 594KB]

From the Document: "The current coronavirus disease (COVID-19) outbreak has increased concerns that the U.S. economy could be affected as part of a global economic downturn. A range of fiscal and monetary policy tools have been used to address prior times of economic weakness. One option for fiscal stimulus is a temporary payroll tax cut for employees. This option was used to address economic weakness in 2011 and 2012. On March 2, 2020, President Trump and others expressed interest in a one-year payroll tax cut to help bolster the economy."

Report Number:
CRS Insight, IN11230
Author:
Publisher:
Date:
2020-03-05
Series:
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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