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Tags: payroll | tax cut | recession | economy

Trump's Payroll Tax Cut Talk 'Not Because of Recession'


By    |   Tuesday, 20 August 2019 04:14 PM EDT

President Donald Trump on Wednesday said his administration is discussing a payroll tax cut to stimulate the U.S. economy, though White House deputy press secretary Hogan Gidley disputed the claim Tuesday.

"I've been thinking about payroll taxes for a long time," Trump told reporters in the Oval Office during a meeting with Romanian President Klaus Iohannis. "Whether or not we do it now or not is [under consideration.] It's not being done because of recession."

The current payroll tax sits at 6.2% and is used to fund Social Security and Medicare. It was last cut in 2011 and 2012, to 4.3%, but was reset in 2013.

The report comes as a strong majority of U.S. business economists expect a recession in the U.S. by the end of 2021.

Trump has dismissed concerns about a recession and told reporters Wednesday "whether or not we do it (payroll tax cut) now, it's not being done because of a recession."

The president, though, is "running out of tolls" to juice the economy, according to sources who spoke with Axios.

Trump has repeatedly pressured the Federal Reserve to cut interest rates by at least a full percentage point "over a fairly short period of time," saying that would make the U.S. economy even better and would quickly boost the flagging global economy.

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A payroll tax cut is being talked about by President Donald Trump, who denies it is needed because of recession.
payroll, tax cut, recession, economy
Tuesday, 20 August 2019 04:14 PM
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