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Trump Proposes Tax Cuts as Coronavirus Hits the Economy

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  • President Donald Trump announced Monday that his administration will be meeting with House and Senate Republicans to discuss passing payroll tax cuts, as well as relief for hourly wage earners. 
  • The announcement came the same day the U.S. Stock Market finished its worst day since the 2008 financial crisis, with the Dow Jones closing 2,000 points and 7.8% lower.
  • On Fox Business, Host Trish Regan then blasted Democrats for politicizing the coronavirus in relation to Trump, though many online later blasted her for politicizing the issue. 

Trump Payroll Tax Cut

President Donald Trump announced that his administration would be meeting with top Republicans on Tuesday to discuss passing legislation that would provide payroll tax cuts as well as relief for hourly wage earners. 

Trump also announced the White House will be working with industries like airlines, cruise ships, and hotels, all of which have been hit by the coronavirus as people cancel travel plans.

“We are going to take care of and have been taking care of the American public and the American economy,” Trump said from the White House Press Room Monday night.

Trump’s proposed tax cuts would be in addition to the recent passage of an $8.3 billion aid package focused on vaccine research and other medical efforts.

While Trump has announced his plan to have Republican lawmakers introduce legislation into Congress, much of the specifics of the plan are still unknown. 

At a press conference Tuesday afternoon, Trump called his meeting with top Republicans “great,” saying there was “tremendous unity;” however, no decision was reached.

In that meeting, Trump reportedly proposed a temporary payroll tax cut that could cost the government $40 billion a month, but some Republicans reportedly proposed different plans, while others worried that payroll tax cuts might not do enough to stimulate the economy.

What Are Payroll Tax Cuts?

Payroll tax cuts are what they sound like: cuts aimed at reducing the amount of money taken out of a paycheck, where that paycheck is weekly, biweekly, monthly, etc. Generally, they include both Social Security and Medicare.

Usually, when Congress implements a payroll tax cut, it tends to scale back Social Security. In fact, in 2011, Social Security taxes fell from their standard 6.2% to 4.2%, meaning people got to pocket that extra 2%. Medicare taxes, however, were not changed. 

The general idea of payroll tax cuts is the hope that people will spend that extra money; however, some have expressed concerns that such cuts might not translate into spending as people avoid shopping during the outbreak. 

Of course, more money for citizens also means less money for the federal government. In fact, according to the Committee for a Responsible Federal Budget, if Congress and the White House end up reducing the payroll tax by only 1%, that would cut federal revenue by between $55 and $75 billion.

Worst Stock Market Day Since 2008

Part of Trump’s announcement and the reason why his administration would want spending in the first place is that the stock market has been quickly falling since mid-February.

On Tuesday, the stock market saw its worst day of trading since the 2008 financial crisis, with the Dow Jones falling more than 2,000 and closing 7.8% lower. 

In fact, at one point, the stock market even temporarily stopped trading. Such a move has not happened since 1997.

Notably, that only lasted 15 minutes, and it was triggered by Saudi Arabia slashing at oil prices as part of a trade war with Russia. Still, much of that trade war stems from the coronavirus (particularly from Asia’s drop in oil consumption), and there is fear that the coronavirus could end up plunging the global economy into recession.

On Tuesday, the Dow jumped back up 945, though it drifted downward later in the day before stocks closed.

It is, however, hard to judge the stock market by only looking at its daily position. In mid-February, the Dow was at around 29,000 points. Monday, it ended just shy of 24,000 points.

Reaction from Lawmakers

Regarding a payroll tax cut, Monday, Senator Chuck Grassley said (R-IA) “everything is on the table.”

Another senator, John Cornyn (R-TX), called right now too early to employ tax. “I usually love tax cuts,” he said, “but I think it’s a little bit premature…”

On the other side of the aisle, Democrats are working on their own plan, which could reportedly be published in full later this week. 

Speaker of the House Nancy Pelosi and Senator Minority Leader Chuck Schumer introduced some of the details of that plan on Monday. It would include free coronavirus testing, paid leave for those affected by the epidemic, expanded food subsidies, and expanding the federal unemployment insurance system.

On the note of paid leave, there seems to be some common ground between Democrats and the Trump Administration. Vice President Mike Pence has indicated that the Trump Administration will work with Congress to make sure people don’t lose their paychecks.

“Coronavirus Impeachment Scam”

Following Trump’s announcement that he was hoping to introduce tax break policy into Congress, Fox Business host Trish Regan blasted Democrats, saying they have politicized the coronavirus. 

Next to her on the chyron read the words “Coronavirus Impeachment Scam.

“The chorus of hate being leveled at the president is nearing a crescendo as Democrats blame him and only him for a virus that originated halfway around the world,” Regan said. “This is yet another attempt to impeach the president, and sadly, it seems they care very little for any of the destruction they are leaving in their wake.” 

“Losses in the stock market, all this, unfortunately, just part of the political casualties for them,” she added. “You know, this is the time to be united, not to be pointing fingers, not to be encouraging hate, and yet, what do we see? We see the absolute opposite from the left tonight!” 

Trump later retweeted a clip of Regan’s video, but Regan also faced substantial criticism online, either by people saying she herself was politicizing the coronavirus. Many then pointed out the fact that her comments came as people were dying in the United States. 

Oddly enough, the same night on Tucker Carlson Tonight, Carlson painted a much different story for his viewers, even seemingly making an indirect jab at President Trump’s handling of the coronavirus in the U.S. 

“Meanwhile, if we’re being honest, the other side has not been especially helpful either,” Carlson said of Republicans. “People you trust, people you probably voted for, have spent weeks minimizing what is clearly a very serious problem. ‘It’s just partisan politics,’ they say, ‘Calm down.’ ‘In the end, this is just like the flu, and people die from that every year.’ ‘Coronavirus will pass. And when it does, we will feel foolish for worrying about it.’ That’s their position.” 

See what others are saying: (The Washington Post) (CNBC) (Newsweek)

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Kathy Griffin, Ethan Klein, More Suspended From Twitter Over Elon Musk Impersonations

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Many have pretended to be Musk in an attempt to highlight the potential issues paid-for verifications could cause on the platform.


Musk Takes on Impersonations

Comedian Kathy Griffin and internet personality Ethan Klein are among the many Twitter users that have been permanently suspended for impersonating the platform’s new CEO, Elon Musk.

Impersonation has long been against Twitter’s rules, but on Sunday, the billionaire took the policy a step further by announcing that “any Twitter handles engaging in impersonation without clearly specifying ‘parody’ will be permanently suspended.”

“Previously, we issued a warning before suspension, but now that we are rolling out widespread verification, there will be no warning,” Musk explained. “This will be clearly identified as a condition for signing up to Twitter Blue.”

Musk also said that any user who changes their name will temporarily lose their verification check mark. 

The announcement came as many verified users began mocking Musk by changing their name and photo to match his, then tweeting jokes that were either absurd or out of character for the business mogul. Many did this to protest Musk’s plan to charge an $8 monthly subscription fee that would allow any Twitter user to become verified. 

Klein was one of many who changed his name to “Elon Musk” and made a photo of the CEO his profile image. The podcast host sent out several jokes, including one referencing the increased use of the N-word on the platform since Musk’s takeover, and another referencing Jeffrey Epstein.

“Even though Jeffrey Epstein committed horrible crimes, I do still miss him on nights like this for his warmth and camaraderie. Rest In Peace old Friend,” he wrote. 

His account was quickly banned, but Klein defended himself on TikTok, arguing that both his cover photo and bio labeled his account as “parody” and therefore should be acceptable under Musk’s guidelines. 

“What more do you want from me?” he asked. “Comedy is dead. And Elon Musk dug the grave.” 

Protests of Musk’s Twitter Control

For her part, Griffin likewise tweeted while masquerading as Musk, writing that after “spirited discussion with the females in my life, I’ve decided that voting blue for their choice is only right.”

Musk joked that she was actually “suspended for impersonating a comedian” and added that she can have her account back if she pays for the $8 subscription. Griffin, however, found another way around the ban.

The comedian logged into her late mother’s Twitter account and began using the hashtag #FreeKathy while calling out Musk. 

“Mad Men” actor Rich Sommer and podcaster Griffin Newman have also had their accounts suspended for tweeting as Musk. Other celebrities, including TV producer Shonda Rhimes, musician Sara Bareilles, and model Gigi Hadid have protested Musk’s Twitter reign by leaving the platform altogether.

“For a long time, but especially with its new leadership, it’s becoming more and more of a cesspool of hate & bigotry, and it’s not a place I want to be a part of,” Hadid wrote on Instagram over the weekend. 

See what others are saying: (NBC News) (Variety) (The Verge)

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AOC Says Twitter Notifications “Conveniently” Disabled After Criticizing Musk

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“What’s good? Doesn’t seem very free speechy to me,” she tweeted at the new CEO.


AOC Vs. Elon Musk

Rep. Alexandria Ocasio-Cortez (D-NY) said several of her Twitter features are “conveniently not working” after feuding with the platform’s new owner, billionaire Elon Musk.

Ocasio-Cortez has never been shy about her views on Musk. After he officially took charge of Twitter last week, the congresswoman began criticizing his new proposals for the social networking site, specifically his plan to charge an $8 subscription fee for verification. 

“Lmao at a billionaire earnestly trying to sell people on the idea that ‘free speech’ is actually a $8/mo subscription plan,” she wrote on Tuesday.

“Your feedback is appreciated, now pay $8,” Musk replied the following day.

Around an hour later, the business mogul sent another tweet appearing to call Ocasio-Cortez out for selling $58 sweatshirts. 

“Proud of this and always will be,” she shot back. “My workers are union, make a living wage, have full healthcare, and aren’t subject to racist treatment in their workplaces. Items are made in USA. Team AOC honors and respects working people. You should try it sometime instead of union-busting.”

In a follow-up tweet, she noted that proceeds go to community organizing programs, including one that tutors students who are falling behind because of COVID-19.

AOC’s Mentions Not Working

On Wednesday evening, just hours after her back-and-forth with Musk, Ocasio-Cortez told her followers that her “Twitter mentions/notifications conveniently aren’t working tonight.”

“I was informed via text that I seem to have gotten under a certain billionaire’s skin,” she added. “Just a reminder that money will never [buy] your way out of insecurity, folks.” 

The issue seemingly continued into Thursday morning when the Democrat tweeted a screenshot of her notifications page, which loaded no results. 

Why should people pay $8 just for their app to get bricked when they say something you don’t like?” she tweeted at Musk. “This is what my app has looked like ever since my tweet upset you yesterday. What’s good? Doesn’t seem very free speechy to me.”

Musk has repeatedly claimed that one of his primary motives to buy Twitter was to protect free speech. Once taking the reigns as CEO, though, he did say he would start a content moderation council and make decisions jointly with them.

See what others are saying: (The Hill) (Insider)

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South Carolina County Votes Against Moving LGBTQ+ Friendly Books Away from Children’s Section

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Efforts to limit LGBTQ+ content in libraries first began over the summer.


Attempts to Restrict LGBTQ+ Displays

The county council in Greenville County, South Carolina this week voted against discussing a resolution that would move all books “promoting sexuality” to the adult section.

This resolution is the culmination of months of turmoil in Greenville County. In June, libraries in the county removed Pride displays at the direction of library officials. Then in September, the county’s Republican Party executive board passed a resolution to call on the County Council to restrict access to books with LGBTQ+ themes and characters. 

The resolution was proposed by Joe Dill, an outgoing council member, as well as a member of the county’s Republican Party executive board. It proposed the council “officially order that no books or content, including digital copies or online accessible materials, promoting sexuality be allowed in the Children’s Sections of our public libraries.” 

Resolution Rejected

However, the resolution required the council to suspend its regular rules in order to discuss it as it was not submitted to the council via committee. The final vote was 9 to 3 against the suspension of the rules and effectively killed the resolution. 

Those that voted against it viewed the resolution as an overreach.

“We just do not believe that’s our job to get involved in the library’s business,” Council member Ennis Fett said to a local news outlet. “We appoint a board. We can not set a precedent of micromanaging the library board, because if we do that, then, we will be micromanaging all boards and commissions that we appoint.” 

Although the council decided not to get involved, the library still has the final decision to make regarding these books. Their meeting to discuss the matter is scheduled for December 5. 

See what others are saying: (Greenville News) (The Post and Courier) (7 News)

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