White House considers tax relief for travel, tourism industries hit by coronavirus
OAN Newsroom
UPDATED 6:13 PM PT — Friday, March 6, 2020
The Trump administration is considering tax relief for the travel and
tourism industries, who are reportedly facing their worst crisis since
2001. On Friday, White House officials proposed a possible tax deferral
for the airlines, cruise lines and travel companies who have been
greatly impacted by the coronavirus outbreak.The stimulus spending bill is not set in stone just yet, but officials have said they are considering “timely and targeted” federal interventions.
“There a lot of things we can do for cash flow purposes, possibly deferred tax purposes, and we can set up mechanisms to do that,” stated economic adviser Larry Kudlow. “We are at the moment not going to do these gigantic packages.”
At the same time, some officials believe this economic fallout could be temporary and have said a relief package may not be necessary.
Meanwhile, Kudlow has said the February jobs report showed the outbreak has caused no slowdown in the strong job growth seen under the Trump administration. He admitted the virus will ultimately have an effect on the economy, but claimed the hit will be temporary.
“I think we are in a healthy economic position,” he said. “You are right about airline travel and conferences, but I don’t think this is recessionary…it’s going to run out of steam.”
Kudlow has claimed most healthy Americans are not at risk of any serious complications from the virus. He expressed that the Trump administration took the necessary steps early to contain the outbreak and limit its spread across the U.S.
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