nearvideo Peter Navarro: Faced with the Corona-Virus-pandemic-to pass through Congress should Trump’s $800 billion payroll tax cut
White House trade adviser Peter Navarro says, “Sunday Morning Futures” payroll tax cut to help small and medium-sized enterprises.
White House trade adviser Peter Navarro pushed cut to a payroll tax as a way to the American workers and small businesses during the coronavirus crisis, in an interview with the “Sunday Morning Futures.”
Navarro an opinion piece he wrote on the role for FoxNews.com raising the alarm that the virus ” will have a negative impact on the US economy for the last “three to six months.”
“It’s gonna be big against the wind, because of these structural adjustments that we are now,” he told Maria Bartiromo on Sunday. “The beauty of the payroll tax cut until the end of the year: the payroll tax is 15 percent. If you will basically cut that to zero, it is like a seven-and-a-half percent salary increase for workers, it’s like an extra salary every three months. At the same time, our enterprises, especially small and medium-sized companies to manage their cash flow in these times of danger and uncertainty helps.”
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Navarro said the trump-administration the reductions in collaboration with the Congress for industrial relief, fiscal incentives, effort, and tax, but he said the tax cut would be the most important thing is the shielding of the U.S. economy in the immediate future.
“What the house and Congress are now doing is fundamentally important, but it is a relief package,” he said. “It is not primarily a stimulus. We have to do, the stimulus, together with some industry support. We have to beat the three points of the compass, in relief, fiscal stimulus in the industry and the industry support, and the three, be the one that is most important for the next six months, that pay cut, expensive.”
Trump has also trumpeted a tax according to, tweeted on Friday that, if Congress wanted ” to put money in the hands of people quickly and efficiently,” it will pass a payroll tax cut.
The White house trade asked the consultant for the unit on the payroll tax cut in his Sunday piece for FoxNews.com.
“We all need to come together, not as Democrats or Republicans, but as Americans,” he wrote. “A payroll tax cut must be passed now.”
In his interview on “Sunday Morning Futures,” Navarro also addressed, such as the U.S. medical supply chain was largely dependent on Chinese products.
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“We have an executive order that we will be at the race to the finish line, we said sign, it could already be the end of this week,” Navarro Bartiromo. He said that the administration was the ultimate goal, “of our resources on domestic soil.”
China last week, American imports of medicines truncated threatened from China, would plunge America in “the mighty sea of the coronavirus.”
Fox News’ Barnini Chakraborty and Fox Business ” Maria Bartiromo contributed to this report.