As the tourism industry suffers amid the coronavirus pandemic, President Donald Trump has proposed an idea to give Americans a tax credit to be used toward a vacation to help boost the economy.
According to Forbes, the proposal could give up to $4,000 to Americans for vacation expenses in the U.S. “at hotels, theme parks, restaurants, and other tourism-related businesses through the end of 2021.”
During the roundtable, Trump described the plan as a “tax credit that Americans can use for domestic travel, including visits to restaurants. That’s a big deal.”
According to the U.S. Travel Association, a $400 billion decline in travel spending in the United States this year will translate into a total economic loss of $910 billion in economic output.