Would a coronavirus-driven tax cut be the best solution?
Sure, there’s a substantial level of panic in many quarters of our country right now. Whether it’s in the financial sector, as evidenced by the quick shift from a bull market to bear territory, or the employment sector, with potential for worker furloughs in production and service areas hit hard by dwindling consumer demand, or in the health sector, where the unknowns associated with the virus are creating fear in the minds of many, the panic is palpable. What to do about it?
One of the suggestions floated at top government levels in the past few days is a tax holiday–a step that in theory would stimulate the economy and help lessen at least a portion of the evolving panic. But would it? In a thoughtful editorial posted on The Courier (Waterloo, IA) the question of how far a “payroll tax holiday” would go to relieve the anxieties among the folks most directly affected by the disintegration of confidence in the immediate future was raised. Read the opinion posted by the Los Angeles Times Editorial Board here…