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Trump Ponders Tax Cuts to Boost Economy
President Donald Trump, who declares the U.S. is “very far from a recession,” says he might temporarily ease payroll and capital gains taxes to help strengthen the American economy.
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President Donald Trump, who declares the U.S. is “very far from a recession” says he might temporarily ease payroll and capital gains taxes to help strengthen the American economy.
He also says there is no immediate need for action. But media reports say the White House is concerned about predictions that the U.S. could slip into a recession within two years. A slump would hurt Trump’s reelection chances, since he won his first term in large part by promising a booming economy.
The president tells reports he has considered cuts to payroll taxes, which help support Social Security and Medicare, and could do the same for taxes on capital gains, which would primarily benefit wealthy investors. Analysts caution that neither action is likely to have much impact, however.
Trump also is pressing the Federal Reserve to drop its prime interest rate by one percentage point.
Any proposed tax cuts are likely to face skepticism among Congressional Democrats, who are likely to dismiss them as reelection ploy, especially since the White House is publicly insistent that the economy is not in danger.
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