Trump Says He’s Considering Payroll Tax Cut, Contradicting White House Denial
Do you support a payroll tax cut?
by Axios | 8.20.19
President Trump told reporters in the Oval Office Tuesday that he's been "thinking about" whether to pursue a payroll tax cut, despite the White House formally denying a Washington Post report that cutting payroll taxes is under consideration.
The big picture: Discussions over cutting the payroll tax, which currently sits at 6.2% and is used to fund Social Security and Medicare, are part of a broader White House effort to stem fears of a coming recession — though Trump insisted to reporters that "whether or not we do it now, it's not being done because of recession." Sources tell Axios' Jonathan Swan that Trump is "running out of tools" to juice the economy, with an economic slowdown looking increasingly likely ahead of the 2020 election.
- On Monday, Trump tweeted that the Federal Reserve should cut interest rates by "at least 100 basis points" — a drastic measure that the Fed normally uses to stimulate the economy in a recession.
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