BEDMINSTER, NJ – President Donald Trump signed executive orders on Saturday for a payroll tax deferral, unemployment insurance extension and a moratorium on rental evictions. The president also signed an order that would postpone student loans.
The “payroll tax holiday” will affect Americans earning less than $ 100,000 a year and will be in effect from August 1 to the end of 2020. Trump has said if he is re-elected in November, he may seek to extend the postponement and “end” The tax. Tax finances social security and health insurance benefits, The Washington Post reported.
“It will mean bigger paychecks for families,” Trump said.
Trump also said $ 400 per week of extended unemployment benefits will be paid, with states to pay 25% of the costs. The Coronavirus Aid, Relief and Economic Security Act (CARES) provided enhanced weekly unemployment benefits of $ 600 through July.
“I am taking steps to provide an additional or additional $ 400 per week and expanded benefits, $ 400,” Trump said. “It’s generous, but we want to take care of our people.
In his discussion of the eviction moratorium, Trump said that “it’s not (the tenants’) fault that this virus has come into the world, it’s China’s fault.”
The measures “will bring immediate and vital relief,” Trump said.
The unemployment rate in February was 3.5%, the To post reported, but since the coronavirus pandemic it has soared to more than 14% in April when large parts of the country had to shut down.
The president also hinted that his administration was considering further cuts in income tax and capital gains.
“We’re going to look at capital gains for the purpose of creating jobs and income tax is explicit, and it will be income tax for middle and low income people, but middle income people who pay a lot of income tax, you have tax inequality, ”Trump said. “I say this as a Republican, and you have tax inequality.”
The steps marked Trump’s decision to move forward without Congress, as Democrats and Republicans stalled after two weeks of stimulus negotiations. Talks collapsed on Friday as both sides remained distant on a stimulus package. Democrats have offered a $ 3.5 trillion aid plan, while Republicans are pushing for a $ 1,000 billion plan.
“(Speaker of the House) Nancy Pelosi and (Senate Minority Leader) Chuck Schumer have taken this vital aid hostage,” Trump said at his press conference on Saturday.
Trump announced the executive orders as he held a press conference for the second day in a row at his Bedminster, New Jersey golf club. The president explained what he plans to do in a hastily-called press conference on Friday night.
Executive decrees will certainly receive a legal challenge from Democrats, CNN reported. Leaders of the Democratic parties have said executive action will be insufficient to address the depth of the economic and public health crisis caused by the coronavirus pandemic.
“If we’re sued, that means someone didn’t want (people) to get the money,” Trump said on Saturday.
Treasury Secretary Steven Mnuchin and White House Chief of Staff Mark Meadows met for less than two hours on Friday with Pelosi and Schumer as part of a last-ditch effort to restart negotiations on a fifth government bill. coronavirus, according to The hill.
Congress has already spent nearly $ 3 trillion this year to deal with the pandemic, the To post reported.
Trump signed the orders two weeks after key $ 2 trillion items CARES Law expired.
Early March, Congress passed the Coronavirus Preparedness and Response Supplementary Appropriation Act which provided $ 7.8 billion in additional discretionary funding for vaccine and treatment research, medical supplies, support for state health services, money for the Centers for Disease Control and Prevention, and for the Small Business Administration Disaster Loan Program.
End of March, Congress passed the CARES Law. The legislation has funded several programs, including cash to hospitals and healthcare providers and a new paycheck protection program aimed at helping businesses stay open and pay their employees.
This legislation sent most American adults “dunning checksUp to $ 1,200 per person, as well as $ 500 per child. Congress has also provided up to $ 500 billion to the Treasury and the Federal Reserve to secure loans and to set up a $ 150 billion relief fund to assist states, the District of Columbia, the territories and the tribes to pay the costs of responding to coronaviruses.
On April 24, Trump signed the Paycheck Protection Program and Healthcare Improvement Act. The law added $ 310 billion in loan authorization and $ 321.3 billion in appropriations for the paycheck protection program established in the CARES Act. An additional $ 60 billion was spent on small business disaster loans and emergency advance grants and $ 75 billion was put in place for hospitals and health care providers. Twenty-five billion dollars has been set aside for COVID-19 testing.
The House passed a $ 3.4 trillion bill called the Emergency Omnibus Health and Economic Recovery Act (HEROES) in May, while the Senate introduced a series of bills collectively known as the Health, Economic Aid, Liability Protection and Schools Act (HEALS). The cost of the HEALS law is approximately $ 1,000 billion.
Cox Media Group