President Trump is reportedly mulling a cut to the payroll tax as a means of putting more money back in the pockets of hard-working taxpayers.
“Payroll tax is something that we think about, and a lot of people would like to see that,” Trump said to a group of reporters, answering questions alongside Romanian President Klaus Iohannis, Politico reports.
“I’ve been thinking about payroll taxes for a long time,” Trump continued. “Whether or not we do it now or not is — it’s not being done because of recession.”
The White House pushed back on the claim that the payroll tax was specifically being looked at but confirmed Trump’s interest in revisiting tax cuts.
From the report:
Hogan Gidley, the White House’s principal deputy press secretary, told Fox News earlier Tuesday that Trump is generally “looking at tax cuts again,” but insisted a payroll tax cut was not on the table.
“It’s not being considered at this time, but he’s looking at all options out there to try and give people back so much of the hard-earned money they’ve made,” Gidley said.
In response to the article, White House aides released a statement that read in part, “more tax cuts for the American people are certainly on the table, but cutting payroll taxes is not something under consideration at this time.”
Trump on Tuesday claimed the economy is “doing fantastically” and dismissed warnings of a possible recession, remarking that the word is an “inappropriate” term that “certain people and the media are trying to build up because they’d love to see a recession.”
CNBC reports the move to spur the economy come as “investors fear an economic recession may be on the horizon.”
Trump, addressing these concerns head-on, said on Tuesday: “I think the word recession is a word that’s inappropriate because it’s just a word that certain people, I’m going to be kind, certain people and the media are trying to build up because they would love to see a recession. We are very far from a recession.”
“I’m not talking about doing anything at this moment, but indexing is something a lot of people have liked for a long time,” Trump said. “It is something I’m thinking about.”
If Trump attempts to pass a payroll tax cut through Congress, he’s almost certain to face strong opposition from Democrats. The 6.2% tax helps to fund social welfare programs that Democrats have vowed to protect.
Author: Lawrence Richard
Source: Governor Palin: Trump Mulling Payroll Tax Cut: ‘A Lot of People Would Like To See That’