WASHINGTON (AP) — The White House has dropped a bid to cut Social Security payroll taxes as Republicans unveil a $1 trillion COVID-19 rescue package on Thursday, ceding to opposition to the idea among top Senate allies.
“It won’t be in the base bill,” said Treasury Secretary Steven Mnuchin, speaking on CNBC about the payroll tax cut, killing the idea for now.
The legislation, set to be released Thursday morning by Senate Majority Leader Mitch McConnell, R-Ky., comes amid alarming developments on the virus crisis.
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