Trump Flip-Flops On Possible Payroll Tax Cut, But Says U.S. ‘Far’ From Recession

As recession fears linger, the president reverses his position.

that he is considering a payroll tax cut, contradicting a statement issued by the White House Monday, but he insisted the economy is “far” from a recession, and that any tax proposals would not happen immediately.

“Payroll tax is something that we think about, and a lot of people would like to see that, and that very much affects the workers of our country,”Payroll taxes fund Medicare and Social Security, two programs used by tens of millions of Americans. The last time payroll taxes were cut was in 2011 and 2012, as the Obama administration wanted to encourage consumer spending during the recession. a capital gains tax cut through executive order⁠—a move that would be challenged in court by Democrats, who warned it would be illegal without Congress’ approval.

If Trump’s capital gains tax cut goes into effect, the government would forfeit $100 billion in revenue over a decade, which would mainly benefit the wealthy.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

Forbes /  🏆 394. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Trump and Greenland: Trump tweets edited photo of small village dominated by Trump high-risePresident Donald Trump told reporters Sunday that "we&39;re looking at" purchasing Greenland, but that "it&39;s not No. 1 on the burner." The government of the autonomous Danish territory said Friday that the strategically important island is "not for sale."
Read more »

Katie Holmes Crushes Enemies Beneath the Sole of Her Heeled Flip Flop
Read more »

What Will It Take for Democrats to Flip the Senate in 2020?A new poll has ex-astronaut Mark Kelly well-positioned to unseat Sen. Martha McSally (R-Ariz.). How far-fetched is it to think Democrats could turn Congress’ most powerful chamber blue?
Read more »

Trump shared a meme promising he wouldn't put a Trump Tower on Greenland'I promise not to do this to Greenland,' President Donald Trump tweeted in a caption of an image with a golden Trump Tower.
Read more »