Trump floated on Monday the idea of “a payroll tax cut or relief” to offset the negative impact from the coronavirus. The potential tax incentives come on top of an $8.3 billion spending package Trump signed last month.
However, administration officials told CNBC that the White House is not close to rolling out specific proposals to deal with a coronavirus-induced economic slowdown. Stock futures pared gains on the news.
The market suffered a historic sell-off in the previous session, with the Dow and the S&P 500 plunging 7.8% and 7.6%, respectively, both posting their worst day since 2008. The Dow’s 2,013-point drop was also the biggest-ever point drop for the 30-stock average.
