New York Times, Trump Eyes New Tax Cuts for Next Stimulus Package:
The Trump administration is considering a wide range of tax-cut proposals for businesses and investors in the next coronavirus response bill as it tries to shift from government spending programs to support the economy toward measures that aim to reinvigorate growth.
The list of ideas under discussion includes a reduction in the capital gains tax rate and measures that would allow companies to deduct the full costs of any investments they make now or in the future, according to administration officials and several outside experts who have discussed plans with the White House.
Those proposals, which are still being debated and are not final, could accompany President Trump’s top two priorities for the next rescue package: the suspension of payroll taxes for workers and an expanded deduction for corporate spending on meals and entertainment. ...
Some of the administration’s proposals have been disclosed publicly by officials, while others have been discussed internally and with outside advisers. The president mentioned several of them — including a possible elimination of all capital gains taxes — in a Twitter post on Tuesday afternoon, which also attacked Democrats’ push to send aid to cities and state governments. ...
None of the plans are likely to find favor with congressional Democrats, who are pushing instead for additional support for Americans who have lost their jobs as the pandemic plunges the country into recession and for hundreds of billions of dollars in federal assistance to struggling state and local governments to prevent layoffs of teachers, police officers and other government workers. ...
“‘No more spending’ has really become the rallying cry of the right,” said Stephen Moore, an informal adviser to Mr. Trump who is the president of the Committee to Unleash Prosperity, which has pushed governors and other officials to ease restrictions on restaurants, bars and other businesses. “We’ve done the spending, it didn’t work, and now we need to try something else. There is going to be civil war in Congress over this.”
- Bloomberg, Tax-Cut Era Has Come to an End, Guggenheim’s Millstein Says
- Bloomberg, Trump Says Further Virus Stimulus Must Include Payroll Tax Cut
- Forbes, Does Trump Want Tax Cuts In The Next Stimulus Package?
- National Review, Top Senate Republicans Dismiss Trump’s Tax-Cut Wishes
- New York Magazine, Trump’s Plan to Solve the Coronavirus Crisis Is to Give Rich People Another Tax Cut
- Truthout, Demanding Tax Cut in Next Stimulus Package, Trump Holds COVID Relief Hostage
- Wall Street Journal, Stimulus Bill’s Business Tax Break Gets a Second Look From Democrats
- Washington Post, Trump’s Demand For Payroll Tax Cut Is Rebuffed on Capitol Hill as Lawmakers Spar Over Next Virus Aid Bill
For complete TaxProf Blog coverage of the coronavirus, see here.