Coronavirus Capital Gains Tax Cut — White House Pushes as Part of Next Relief Bill

Policy


President Donald Trump addresses the daily coronavirus task force briefing at the White House, April 4, 2020. (Joshua Roberts/Reuters)

The Trump administration on Tuesday revealed it is considering a capital gains tax cut as well as other tax-cut proposals as part of a future coronavirus relief bill.

President Trump and his allies are also pushing for liability protection for businesses affected by the coronavirus pandemic.

“Well run States should not be bailing out poorly run States, using CoronaVirus as the excuse!” the president wrote on Twitter. “The elimination of Sanctuary Cities, Payroll Taxes, and perhaps Capital Gains Taxes, must be put on the table. Also lawsuit indemnification & business deductions for restaurants & rent.”

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Many Senate Republicans have pushed back on plans to enact additional rounds of government spending to combat the economic damage wrought by coronavirus. The four relief bills that have already been passed have allocated roughly $3 trillion in support for businesses and direct checks to Americans.

“‘No more spending’ has really become the rallying cry of the right,” Stephen Moore, president of the Committee to Unleash Prosperity, told the New York Times. “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.”

Senator Josh Hawley (R., Mo.) on Tuesday defended his push for more spending to offset the effects of the pandemic.

“The concerns we have about deficit spending now are going to look like a walk in the park,” Hawley told CBS. “Bold action now to get people to jobs back is not wasteful spending; it’s critical.”

U.S. unemployment has reached 18 percent, or 30 million people, since the pandemic forced mass closures of businesses and schools across the country.

Send a tip to the news team at NR.

Zachary Evans is a news writer for National Review Online. He is a veteran of the Israeli Defense Forces and a trained violist.




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