MORRISTOWN, N.J. – Presumptive NJ-11 Republican nominee Rosemary Becchi likes President Trump’s emergency economic proposals to combat the Coronavirus fallout. The veteran tax attorney and ex-Senate staffer also has some ideas of her own.
“I applaud the President’s swift response to the economic hardships on New Jersey families caused by the coronavirus,” said Becchi on Friday. “The President’s proposed temporary payroll tax cut and paid leave for hourly employees unable to work due to the virus will provide much needed relief during this epidemic. We should continue to prepare for the worst to prevent it from happening. That includes taking care of hard working people in New Jersey who can’t work from home and may miss time from their jobs.”
Becchi says the federal government should also consider permitting U.S. businesses to (1) forgo mandatory first quarter estimated tax payments, (2) carry operating losses retroactively up to two years, and (3) deduct interest expenses superseding the pre-tax/depreciation/amortization earnings cap.
She’s also repping a “temporary employee retention tax credit.”
“It is my hope Congress will support this initiative and move immediately and without partisanship to support those who will be economically impacted by the coronavirus,” added Becchi. “The President’s actions and leadership embody the leadership and support that New Jersey families and businesses deserve.”
President Trump’s proposed 0% payroll tax is aimed at the 2/3 of economic activity directly dependent upon consumer spending which experts note will suffer if more and more Americans follow health officials’ advice and practice “social-distancing” to stymie the virus’s spread.
Becchi hopes to defeat freshman Democrat Congresswoman Mikie Sherrill in November.
The Dow Jones Industrial Average continued to see-saw on Wednesday, down over 800 points as the 10 o’clock hour developed.