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PoliticsWhite House Dismisses Payroll Tax Cuts as Slowdown Prevention

05:25  20 august  2019
05:25  20 august  2019 Source:   bloomberg.com

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White House officials have begun preparing options to help bolster the American economy and prevent it from falling into a recession, including mulling a potential payroll tax cut and a possible reversal of some of President Trump’s tariffs, according to people familiar with the discussions.

White House : Confident about payroll tax 01:02. JUST WATCHED. Hutchison: Payroll tax cut will House Majority Leader Eric Cantor, R-Virginia, said the payroll tax cut measure does exactly what Boehner dismissed the State Department's warning later Monday, saying the pipeline had been

(Bloomberg) -- The White House dismissed the idea that the administration is looking to cut payroll taxes as a way to bolster consumer spending, as economic indicators increasingly point to a potential downturn.

White House Dismisses Payroll Tax Cuts as Slowdown Prevention© Thomson Reuters Workers build a wall at the White House to facilitate their work modernizing the compound’s security fence along Pennsylvania Avenue in Washington, U.S. July 22, 2019. REUTERS/Jonathan Ernst

More tax cuts for individuals are being discussed, but payroll taxes aren’t under consideration at present, a White House official said Monday.

The Washington Post reported that administration officials were in the early stages of talks about whether a payroll tax cut could be a useful tool to help avert a potential economic slowdown. The administration is still debating whether to push Congress to approve the tax cut, according to that report.

White House officials eyeing payroll tax cut in effort to reverse weakening economy

White House officials eyeing payroll tax cut in effort to reverse weakening economy The discussions of a temporary payroll tax cut reveal growing concerns about the economy among President Trump’s top aides.

According to Bloomberg, the White House is whipping up a new fiscal stimulus in the form of some kind of temporary payroll tax break aimed at stimulating And the second is that The White House is going to have a heck of a challenge getting this through the GOP-controlled House , given that a) it will

Mr. Lott tied his willingness to accept a reduction in the payroll tax to his longstanding call for a reduction in the capital gains tax . Another Republican, Representative J.D. Hayworth of Arizona, complained that it was hard to get out a message if the White House lectern had a message saying

President Donald Trump has been increasingly citing signs that the economy is strong, while also pushing the Federal Reserve to stimulate the economy. He urged the central bank Monday to cut interest rates by a full percentage point, stepping up his assault on Federal Reserve Chairman Jerome Powell, who Trump said has “a horrendous lack of vision.”

“The Fed Rate, over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps some quantitative easing as well” the president said in a tweet Monday. “If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced -- good for everyone!”

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Trump says White House looking at payroll tax cut

Trump says White House looking at payroll tax cut President Trump on Tuesday confirmed the White House is discussing a temporary payroll tax cut as a strategy to boost the economy, even as he maintains the country's economic outlook remains strong."I've been thinking about payroll taxes for a long time. Many people would like to see that," Trump told reporters in the Oval Office during a meeting with the Romanian president.He added that the administration is also looking at doing something on the capital gains tax, but cautioned that nothing has been decided.

In this installment of the White House White Board, Brian Deese, the Deputy Director of the National Economic Council, explains why we can't wait to extend

The White House says a failure to extend the payroll tax cut would derail economic recovery.

The Fed cut rates last month for the first time in a decade and signaled it was open to doing more amid slowing global growth and uncertainty over Trump’s trade war with China. Concern over the outlook has roiled financial markets and sent Treasury yields toward records lows, flashing recession-risk warnings as investors increase bets that the U.S. central bank will ease rates again.

Americans pay a 6.2% payroll tax on their income, which is used to finance social programs, such as Social Security and Medicare. Payroll taxes, which are paid by both employees and employers, are taxed on wages up to $132,900. President Barack Obama temporarily cut payroll taxes to act as a counterweight to the 2009 recession.

--With assistance from Jordan Fabian.

To contact the reporter on this story: Laura Davison in Washington at [email protected]

To contact the editors responsible for this story: Joe Sobczyk at [email protected], John Harney, Larry Liebert

For more articles like this, please visit us at bloomberg.com

©2019 Bloomberg L.P.

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