The Trump administration has asked Congress to provide $3 billion in economic relief for small businesses by 2020, including $1 billion in additional aid to help boost the U.S. economy through increased infrastructure investment, the White House said Thursday.
The Trump administration said it was calling on Congress to approve $3,300 per worker per year for the next fiscal year, which begins Sept. 30.
The request would be a significant boost to the federal government’s $19 trillion economy.
“Small businesses have had a difficult year,” said White House budget director Mick Mulvaney, who is also a member of President Donald Trump’s economic advisory council.
“The U.K. and Germany have also been impacted by the Brexit vote.
They are both struggling with the consequences of Brexit.
The U.A.E. and Mexico have also suffered a significant economic slowdown.”
The White House proposal is a first step in the president’s economic plan that includes major tax cuts and regulatory relief.
The proposal, the Trump administration announced last month, will help the economy grow at 3 percent a year, and will grow at an annual rate of 6.5 percent in the coming years.
The tax relief, Trump administration officials said, will allow businesses to hire more workers and increase the economy’s GDP growth rate.
The administration is also calling for the elimination of some business tax deductions, including the business income tax deduction, the mortgage interest deduction and the state and local tax deduction.
The White House also wants to allow businesses and individuals to claim credit for home mortgages up to $500,000.
The White and congressional Republicans are in negotiations with Democrats over a bill that would raise taxes on corporations and the wealthiest Americans, a top priority of Trump.
Trump and House Speaker Paul Ryan are working to pass a package of tax cuts in the House that includes a $1.9 trillion package of economic relief, as well as a proposal to provide tax relief for low-income families.
Ryan is expected to unveil a bill on Thursday that includes $1 trillion in tax relief in the first year of the plan.
Democrats have not signaled whether they plan to support the GOP plan.