Trump Signs Executive Order; Cuts Unemployment to $400 Weekly And Extends Payroll Tax Cuts Through 2020

On Saturday, #Trump signed four executive orders, one that will give $400 instead of the previous $600 in enhanced unemployment benefits—75% to be covered by the federal government—after Democrats and the White House failed to compromise on a second coronavirus stimulus relief bill this week.

“I’m taking action to provide an additional or extra $400 a week and expanded benefits, $400. That’s generous, but we want to take care of our people,” Trump said at his golf club in Bedminster, New Jersey.

According to CNN, the other three orders executed by Trump included a payroll tax holiday for all Americans who make under $100,000 a year, an eviction moratorium, and an order deferring student loan payments.

Since states have to cover 25% percent of the $400 benefit—$100—for state residents to get the full benefit, it is unclear how many of those receiving unemployment will get the max coverage. An official from a northeastern state run by a Democratic governor laughed at the idea of states paying their portion. “We don’t have that money,” the official said, adding that officials were not given any heads up on the order and the pandemic has state funds completely tapped.

Evidently, it doesn’t seem to matter which party a governor belongs; everyone seems to be struggling amid the pandemic, Maryland’s Republican Governor Larry Hogan and New York’s Democratic Governor Andrew Cuomo have both pleaded for more federal funding.

And Democrats have demanded more funds for state and local governments in the midst of stimulus discussion. During a private call with GOP senators, Treasury Secretary Steve Mnuchin and White House Chief of Staff Mark Meadows stated they believe that those demands landed them at the biggest sticking point over a deal.

As Trump signed the orders from his Trump National Golf Club in Bedminster, New Jersey while being cheered on by club members, he blamed the Democrats for the coronavirus stalemate in congress and said he would take matters into his own hands, Fox News reports.

When Trump was asked by a reported why he chose to give $400 and not the $600 previously given, he responded, “This is the money they need, this is the money they want, this gives them a great incentive to go back to work.” Apparently, the administration would like to see people go back to work, and if given the $600, they believe it gives people no incentive to do so, considering some people were making more off unemployment than they were from their salary. A contention Democrats strongly disagreed with.

Trump said he believes the unemployment aid will be “rapidly distributed” despite that there are potential challenges over the legality of his executive action, actions that Democrats are likely to challenge in court. Still, at a hastily scheduled news conference on Friday at his New Jersey golf club, Trump stated he was not concerned about the legality of his actions.

When it comes to tax matters, Trump also said on Saturday that his administration will be looking into additional income tax and capital gains tax cuts for U.S. citizen taxpayers, in addition to his payroll tax holiday executive order.

“We are going to be looking at capital gains for the purpose of creating jobs, and income taxes is self-explanatory, and it will be income tax for middle income and lower-income people but middle-income people who pay a lot of income tax, you have tax inequality. I’m saying that as a Republican, and you do have tax inequality,” Trump said.

Although he did not provide further details.

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Trump Signs Executive Order; Cuts Unemployment to $400 Weekly And Extends Payroll Tax Cuts Through 2020-Written By @Pistolwhippedya ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀ On Saturday, #Trump signed four executive orders, one that will give $400 instead of the previous $600 in enhanced unemployment benefits—75% to be covered by the federal government—after Democrats and the White House failed to compromise on a second coronavirus stimulus relief bill this week. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀ “I'm taking action to provide an additional or extra $400 a week and expanded benefits, $400. That's generous, but we want to take care of our people," Trump said at his golf club in Bedminster, New Jersey. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀ According to CNN, the other three orders executed by Trump included a payroll tax holiday for all Americans who make under $100,000 a year, an eviction moratorium, and an order deferring student loan payments. ⠀⠀⠀⠀⠀⠀⠀⠀⠀ ⠀⠀⠀⠀⠀⠀⠀⠀⠀ Since states have to cover 25% percent of the $400 benefit—$100—for state residents to get the full benefit, it is unclear how many of those receiving unemployment will get the max coverage. An official from a northeastern state run by a Democratic governor laughed at the idea of states paying their portion. “We don’t have that money,” the official said, adding that officials were not given any heads up on the order and the pandemic has state funds completely tapped. …to read the rest log on to BallerAlert.com (clickable link on profile)

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