Today President Trump just signed the executive actions to sign various stimulus measures. I just watched the press conference, so I have not yet seen the executive orders yet since they have not been published.
I am going to go through what Trump said about each of these executive actions, and if the actual text of these executive actions provide more information or more detail or correct anything that the President said.
Payroll Tax Deferral
First of all, the payroll tax holiday, Trump signed an executive order that he claimed would be for Americans earning less than $100,000 per year, he did not specify the percentage that would be deferred, but he did say that it would allow employers to defer payment of the employee portion of certain payroll taxes from September 1, and then he said August 1, so he said August 1 – December 31, 2020.
And then he said that if he is elected on November 3 he plans to forgive these taxes and make permanent cuts to the payroll tax, making them all permanent tax cuts. He kind of talks like he can just do this unilaterally, he would obviously need Congress on board with this, and frankly I’m not a fan of this, forgiving these taxes could really affect Social Security and Medicare in a negative way.
Eviction Moratorium
Then, the eviction moratorium, Trump said that the executive order would direct various government agencies to ensure that renters and homeowners can stay in their homes.
He also said that the HUD (US Department of Housing and Urban Development) would provide financial assistance to struggling renters and homeowners and will work with landlords and lenders to keep Americans in their home.
Unemployment
Third, unemployment, Trump said the federally-funded enhanced unemployment benefit would be an additional $400 per week, he did not specify when this would begin or if it would be retroactive.
How this would work would be states would dip into the Coronavirus Relief Fund allocated to them in the CARES Act to cover 25% of this cost, so $100, while the federal government would cover 75%, or $300, of the cost. Trump said that states could also tap into the Coronavirus Relief Fund to go above and beyond and offer greater benefits if they so choose.
Trump was asked by a reporter what would happen if a state doesn’t want to kick in the 25%. Trump said, “That’s on them. That’s their problem.”
He was also asked why $400 and not $600, and he basically said that he wants to support those on unemployment but still give people an incentive to go back to work.
Student Loans
Finally Trump said that he would sign an executive order to provide relief to student loan borrowers, by his statements it sounded like this would essentially extend through the end of the year the CARES Act student loan provisions, which of course was only for certain federal student loans.
I’m not going to go through them all here, you can check it out here if you’d like to learn about that, but essentially Trump said that these CARES Act benefits for certain federal student loan borrowers would be extended through the end of the year.
Those are the four executive orders.
Income and Capital Gains Taxes (?)
Then Trump said that he’s looking at additional income tax and capital gains tax relief, he did not elaborate on specifics here.
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