In the midst of COVID-19, President Trump has issued a series of executive orders aiming to provide emergency relief to millions of Americans
The move has been hotly contested by Congressional Democrats, particularly House Speaker Nancy Pelosi, who described the President’s orders as “constitutional slop” and an “illusion.”
In one order, Trump temporarily slashed payroll taxes putting a “payroll tax holiday” in place until the end of 2020 for Americans making less than $100,000 a year. The second order aims to provide relief to holders of student loan debt by putting a pause on monthly payments and interest rates until the end of 2020.
The Trump payroll tax cuts are estimated to save the average American up to $1200 over a four-month period according to White House economic advisor Larry Kudlow.
In addition to cutting payroll taxes and pausing student loans, Trump has placed a moratorium on evictions nationwide with federally backed mortgages, assuaging fears for Americans who are concerned they will lose their homes as the pandemic continues to drag on.
