A Payroll Tax Cut Could Still Be in the Cards -- Even Though It Didn't Make It Into Republicans' Coronavirus Relief Bill
The COVID-19 crisis has not gotten better since cases first peaked in March and April, and so lawmakers have been busy putting together a relief package to follow the CARES Act, which was passed earlier this year. The CARES Act helped the public in many ways. It allowed for direct stimulus payments, boosted unemployment, and provided aid for struggling small businesses. And now, lawmakers are working to come up with a similar relief deal in an effort to not only put money in the pockets of those who need it, but prevent our current economic recession from getting exponentially worse.
In late July, Republican lawmakers introduced the HEALS Act, and it includes a number of important provisions -- notably, a second round of direct stimulus payments, boosted unemployment (albeit not at the level the CARES Act allowed for), and additional Paycheck Protection Program funding for small businesses that have seen a drastic decline in revenue. But there's one thing that's missing from the HEALS Act: a payroll tax holiday.
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