UPDATED 11:21 AM PT — Tuesday, May 19, 2020
White House economic adviser Larry Kudlow said the administration is looking at new tax cuts amid the coronavirus pandemic.
While speaking to reporters at the White House Tuesday, Kudlow reiterated the president’s desire to give Americans a payroll tax cut to help support and stimulate the economy. He said such a move is more beneficial for all Americans versus sending out another round of checks.
Kudlow said the administration is focused on reopening the U.S. economy and is discussing several options to help Americans hurt by the shutdown. He also noted that lowering the corporate tax rate would help to encourage businesses to bring their production back to the U.S.
Repatriating the supply chain has been a key focus of the administration since President Trump took office and has been heightened by challenges amid the coronavirus pandemic.
Larry Kudlow talks positive signs of recovery: pic.twitter.com/CSMhtblFs1
— The White House (@WhiteHouse) May 18, 2020
As unemployment has skyrocketed since March, Kudlow predicted the unemployment rate could be back under 10 percent by the end of the year as states begin to allow people to return to work.