Politics: Trump says White House looking at payroll tax cut - PressFrom - US
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PoliticsTrump says White House looking at payroll tax cut

22:05  20 august  2019
22:05  20 august  2019 Source:   thehill.com

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.

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.

Trump says White House looking at payroll tax cut© Getty Images Trump says White House looking at payroll tax cut

"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.

White House Dismisses Payroll Tax Cuts as Slowdown Prevention

White House Dismisses Payroll Tax Cuts as Slowdown Prevention 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. © 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 White House on Monday and earlier Tuesday denied reports that a temporary payroll tax cut was being discussed as one way to boost the economy amid anxieties of a looming recession. But Trump confirmed that the strategy has been floated, and suggested he could bypass Congress, though it's unclear how he would do so.

People pay payroll taxes in order to finance Social Security and Medicare. Former President Obama had enacted a temporary payroll tax cut during his presidency in an effort to boost the economy.

Cutting those taxes could temporarily help the middle class, but could also increase the deficit and possibly hurt the social safety net programs they fund.

Discussions about a temporary tax cut come amid indicators a recession could be on the horizon. Trump has projected confidence and insisted the U.S. economy is in a strong position, but his calls for a rate cut and possible tax cut are moves typically taken to jumpstart a sluggish economy.

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