Trump Looking at Possible U.S. Payroll, Capital Gains Tax Cuts

REUTERS/Kevin Lamarque

President Donald Trump on Tuesday said his administration was looking to cut U.S. taxes on wages and on profits from selling assets such as stocks, but that he was not talking about doing anything imminently.

Speaking to reporters during a White House visit by Romanian President Klaus Iohannis, Trump said “I’ve been thinking about payroll taxes for a long time.”

The Washington Post has reported the administration is considering a temporary payroll tax cut to boost the U.S. economy, which has recently shown signs of slowing down in the near future. Millions of U.S. workers pay payroll taxes on their earnings to finance the Medicare health insurance program for the elderly and Social Security, which provides income payments for retirees.

Trump, though, said he believes the country is “very far from recession,” and that the White House has weighed tax cuts for a while. At the end of 2017, Trump signed a massive tax overhaul passed by the Republican-led Congress and has since promised to follow up with another round of major changes.

Still, trade tensions with China have stoked concerns that the U.S. economy is heading for a downturn, which could dampen Trump’s prospects for re-election in 2020.

Trump said he would not need the approval of Congress to link the tax on profits from asset sales, known as capital gains, to inflation. According to tax code experts, investors would pay far less capital gains tax under an inflation index.

“I’m not talking about doing anything at this moment, but indexing is something that a lot of people have liked for a long time. And it’s something that would be very easy to do,” he said. “It is something I am certainly thinking about.”

(Reporting by Steve Holland; Writing by Lisa Lambert; Editing by Rosalba O’Brien and Lisa Shumaker)

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Tery Gohsman
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That was yesterday. today looking at background check is the slippery slope and unneeded. IJR try to keep up, please.

General Confusion
Member

Don’t be confused.

Payroll taxes are cut to stimulate the economy when there are signs of trouble.

Capital gains taxes are cut to grease the palms of wealthy donors before elections.

Truckers have been DEVASTATED by King Donald The Losers’ policies (prices down 18%, volumes down 37% because of tariffs, huge tax increases from losing deductions).

Approval numbers just dropped to 42%, so, yes, King Donald The Loser is afraid of his future.

R
Member

General Confusion has probably never owned a business before, so he doesn’t understand that not all business are large, multi-national conglomerates like Microsoft. I owned a business during the Clinton years. With an annual gross income of around $500,000, 6 full time employees being paid above average wages and good health care. Every time Billy Boy sat down and signed a new economic policy, I felt like Monica Lewinsky. Totally screwed. Especially when he did away with the Reagan tax cuts for business income. It’s laughable when democrat socialists like General Confusion who live off their parent’s wealth (or in… Read more »

General Confusion
Member

“No insults about MY “ignorance”?” Confused James

You have that diagnosis covered admirably.

Look, you made two responses to my reply hiding them both. You know how IJR works. That is on you. You asked a question demonstrating your ignorance and I still obliged you with an answer.

For a more thorough answer, all of you white guys especially should read two books:

Dying of Whiteness by Jonathan Michel Metzl
What’s The Matter With Kansas by Thomas Frank

General Confusion
Member

Welp, so much for reading your two finely crafted replies, Confused James.

General Confusion
Member

“HOW cutting taxes “. . . will hurt the poor and disadvantaged people . . .” Confused James Did you ever hear about Paul Ryan? He was going to take as much of YOUR Social Security away as possible from you because he argued that you shouldn’t get that entitlement because it cost the government too much. Right. And I am sure you wouldn’t consider yourself poor (yet). You would be, if he had been successful. Now… for the slow crowd. Imagine being poor and having the government cut your medical support or other suppliments required just to survive and… Read more »

General Confusion
Member

“President Donald Trump on Tuesday said his administration was looking to cut U.S. taxes on wages and on profits from selling assets such as stocks” Article I BET he is looking at ways to increase his profits from stocks! This guy is so brazen with his corruption. “As of 2019, the top 10 percent of Americans owned an average of $969,000 in stocks. The next 40 percent owned $132,000 on average. For the bottom half of families, it was just under $54,000.” Federal Reserve The bottom HALF! Those in this 50th percentile or below hardly have any net worth at… Read more »

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