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.
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