Finance expert talks impact of President Trump's payroll tax cut benefit

Finance expert talks impact of President Trump’s payroll tax cut benefit

As the coronavirus spreads, so do the economic worries. Several ideas to boost the economy are being discussed in Washington D.C. and some of them include: payroll tax cut, small business loans, paid sick leave for hourly employees, low-cost virus testing and unemployment insurance.

As the coronavirus spreads, so do the economic worries.

Several ideas to boost the economy are being discussed in Washington D.C. and some of them include: payroll tax cuts, small business loans, paid sick leave for hourly employees, low-cost virus testing and unemployment insurance.

Private insurance companies agreed to waive all co-pays on coronavirus testing to prevent surprise bills. President Donald Trump already signed an $8.3 billion spending package to help with relief from the coronavirus and to speed up vaccine search.

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But, will a payroll tax cut have a long-lasting impact on the u-s economy? We spoke with a certified public accountant who says this payroll tax cut is a way to relieve the pressure on people who may be hurt.

"It’s not going to hurt the economy to put money in people‘s pockets," says Tom Wheelwright, CEO of Wealthability. "What I do like about this one as it helps people with less money disproportionately more than those with more because they tend to pay a higher percentage from their income in taxes."

He adds, "Most of all, I think what’s important is that people feel more secure and they feel safer and they can make their mortgage payment and rent payment and to me, that’s a bigger aspect ..."

For more coverage on the coronavirus impacts, visit https://www.fox10phoenix.com/tag/health/coronavirus