President Donald Trump, in a meeting with Republican lawmakers on Capitol Hill Tuesday, pitched a 0% payroll tax rate that would last through the rest of this year, a White House official told CNBC.
There was also discussion of making the payroll tax rollback permanent, said the official, who declined to be named.
The development comes as Trump and the White House try to put together an economic stimulus plan to counteract the impact from the widening coronavirus outbreak. After a 2,000-point drop on the Dow Jones Industrial Average on Monday, the Dow bounced back somewhat Tuesday, rising more than 900 points late in the trading session.
Republican senators have reportedly been skeptical of a payroll tax cut, which has been pushed by Peter Navarro, one of Trump’s leading advisors on trade policy.
The White House is also considering federal assistance for the shale industry as oil prices have tanked in recent days due to a price war between Russia and Saudi Arabia.
Correction: This story was updated to reflect that the information came from a White House official.
This is breaking news. Please check back for updates.
