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Trump Signs Executive Orders On Coronavirus Relief, Payroll Tax

Tyler Durden's Photo
by Tyler Durden
Sunday, Aug 09, 2020 - 08:55 AM

With the 'swamp' fighting over pork as unemployed Americans die on the vine, President Trump on Saturday announced sweeping executive actions aimed at coronavirus relief - after stimulus Congressional stimulus talks broke down once again last week.

The new orders will:

  • Eliminate the payroll tax
  • Extend unemployment benefits by $400 per week, down from $600
  • Defer student loan repayments through the end of the year
  • Extend protections against evictions

The administration is also looking at cuts to income taxes for lower and middle-income individuals, as well as cuts capital gains taxes.

Update (1640ET): As anticipated, President Trump has announced that he will be signing executive orders to eliminate the payroll tax, extend a block on evictions, and continue to provide supplemental unemployment benefits.

Earlier:

President Trump will be making a major announcement on Saturday which many believe to be linked to rumors of an executive order covering pandemic stimulus funds and other measures.

On Friday evening, Trump said that if a bipartisan agreement isn't reached on stimulus legislation, he's prepared to sign executive orders.

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