White House talks have been circulating of a possible “$4,000 stimulus credit” that can be used by Americans to assist in boosting the tourism industry. President Trump is calling this idea the “Explore America” Tax Credit.
The current decline in travel is 7 times worse than it was immediately following 9/11. In the United States this year alone, there has been a decline of 400 billion dollars in travel-related spending, which could translate into a 910 billion dollar loss in economic output. The “Explore America” Tax Credit would be implemented in an effort to help re-boost the tourism sector of the the U.S. economy.
This stimulus package could, potentially, be used by Americans to visit theme parks, hotels, and even restaurants. Forbes stated that, “the credit would cover up to 50% of a household’s total vacation expenses, up to a maximum of four grand.” According to President Trump, it could be a, “tax credit that Americans can use for domestic travel, including visits to restaurants. That’s a big deal.”
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