nearvideo President Trump calls for a Fed interest rate reduction, discussed the possibility of the payroll tax cut, says to US is far from recession
Trump describes the US economy prior to the meeting with the Romanian President in the White house.
President Trump confirmed on Tuesday that he is considering a payroll tax cut, but the idea that he worried about a possible recession on the horizon.
Speaking to the media before a meeting with the Romanian President Klaus Iohannis in the Oval Office, Trump called warnings that the country may be the way into a recession, “inappropriate”, and noted that a possible cut in the payroll tax was not something he had contemplated for a long time.
ART LAFFER SAYS HE IS NOT WORRIED ABOUT A RECESSION THE DOW’S MASSIVE PLUNGE
“The wage tax is a tax to something that we think all the time, and a lot of people that” Trump said.
He was responding to reports that the White house is cutting in the early stages of internal discussions about a possible payroll tax as one of several possible measures to stimulate the economy. Sources said Monday that, while some of the Trump have been discussed by employees of the administration, a temporary payroll tax cut, the talks remained on the staff level.
On Tuesday, Trump proposed, the idea was an option for a while-but it was unclear how seriously it is being considered and argued, the recession warnings in the media are the driving factor.
“I’ve been thinking about the wage tax for a long time. Whether we make it or not … it’s not done, because of the recession,” he said.
White House Economic adviser Larry Kudlow has echoed Trump’s statement, that the US economy will not promote the in the direction of a recession, in an interview on “Fox News Sunday” the economic gains under the administration.
“First of all, I don’t see any recession at all,” Kudlow said. “Secondly, the Trump pro-growth program, I believe, the consequences of lower tax rates, large rollbacks of regulations, energy, opening, trade reform, we also.
Kudlow added: “We believe that the heart of a free market economy that we want, and incentive-oriented supply-side economic opportunities for all on the line.”
The White house earlier Tuesday proposed a payroll tax cut is going to happen soon.
“It is not the intention, at this time, but he looks at all possibilities to try and give back to the people that so much of the hard earned money that you made,” White house Deputy spokesman Hogan Gidley said on Tuesday during an appearance on Fox News’ “America’s Newsroom.”
CLICK HERE TO DOWNLOAD THE FOX NEWS APP
The turnover of 6.2 percent payroll tax to Fund Medicare and Social Security programs. The Obama administration short of the tax rate lowered from 4.2 percent in 2011 and 2012, in an effort to increase consumer spending.
The Trump administration has expressed optimism over the strength of the US economy amid signs of slowing growth and trade tensions with China. Trump has repeatedly Federal Reserve Chairman Jerome Powell, and demanded that the Central Bank cut interest rates criticized.
“If the Fed would do its job, we would have said an enormous burst of growth,” Trump. “We are for a huge burst of growth, when the Fed did its job, but this is a big if.”
Fox News’ John Roberts, and Fox Business’ Thomas Barrabi contributed to this report.