Treasury Secretary Steve Mnuchin said that instead of a payroll tax holiday due to coronavirus shutdowns, the administration is considering sending checks to Americans immediately:
Treasury Secretary Steve Mnuchin: "We are looking at sending checks to Americans immediately" pic.twitter.com/plNwuxht3U
— QuickTake by Bloomberg (@QuickTake) March 17, 2020
Mnuchin says that “although the president likes the idea of the payroll tax holiday, I will tell you what we’ve heard from many people, and the president has said we can consider this. The payroll tax holiday would get people money over the next six to eight months. We’re looking at sending checks to Americans immediately. And what we’ve heard from hard working Americans – many companies have now shut down, whether it’s bars or restaurants – Americans need cash now and the president wants to get cash now. And I mean now, in the next two weeks.”
Two weeks! That is a super quick turnaround, especially when you consider this stimulus package isn’t even written yet.
When asked how much, Mnuchin says he would be previewing that with Republicans today. He added that there were some numbers ‘out there’, but suggested those may be a little higher than what they’re currently discussing.
Mnuchin was also asked about Romney’s proposal of sending 1,000 dollars to every American and if they would do this based on income. Mnuchin noted that while they do like the idea, he pointed out that he doesn’t think they need to send money to every American, noting those making a million per year.