Posted on 08/19/2019 7:27:48 PM PDT by SeekAndFind
Top White HouseOpens a New Window. officials are considering a temporary payroll tax cutOpens a New Window. to boost the U.S. economy amid mounting concerns about a possible economic downturn, according to multiple reports on Monday.
Internal talks on a payroll tax cut are in their early stages Monday and are one of several potential measures under consideration, the Washington PostOpens a New Window. reported, citing three sources familiar with the matter. White House aides have yet to determine whether to push Congress for approval.
As [National Economic Council Director Larry Kudlow] said yesterday, more tax cuts for the American people are certainly on the table, but cutting payroll taxes is not something under consideration at this time, the White House said in a statement.
While some Trump administration staffers have discussed a temporary payroll tax cut, talks have remained at the staff level and have yet to reach the Oval Office, Fox News chief White House Correspondent John Roberts and FOX Business correspondent Blake Burman reported, citing sources familiar with the matter.
Proceeds from the 6.2 percent payroll tax are used to fund Medicare and Social Security programs. The Obama administration briefly lowered the tax rate to 4.2 percent in 2011 to 2012 in an effort to boost consumer spending.
The Trump administration has expressed optimism about the strength of the U.S. economy amid signs of slowing growth and trade tensions with China. President Trump has repeatedly criticized Fed Chairman Jerome Powell and called on the central bank to cut interest rates.
(Excerpt) Read more at foxbusiness.com ...
Bad idea. Once they start this shell game they will look like they have no faith in their own economic policies.
The government toolbox for fighting a recession is pretty empty. There isn’t a lot of room to reduce interest rates. We’re already running trillion dollar deficits so the government can’t increase spending. Just hope it’s not a deep one.
Bad idea. Once they start this shell game they will look like they have no faith in their own economic policies.
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I agree. Keep up the jawboning of the Federal Reserve. And keep on with the Chinese tariff campaigns.
Just hope its not a deep one.
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Dont fall for this latest campaign to cow us and mislead us.
Haha major trolling going on here. You want to manufacture a fictitious recession, then lets cut taxes to help out your recession.
they will look like they have no faith in their own economic policies.
I concur. They should not capitulate to this latest media narrative, suggesting any internal misgivings about the economy’s strength.
I agree on the logic but the income tax should be repealed and eliminate the Federal Reserve.
The same old crap “Siting sources familiar with the matter”
Trial balloon at best trying to build momentum for what they hope for , a recession and get folks all knock kneed and assuming a fetal position...
Get some new material please
Wow. Media going full banana to push this recession meme.
“...citing three sources familiar with the matter...”
Yawn.
Robert “Bedsheets” Byrd’s amendment requiring “revenue neutrality” demands that any payroll tax be “funded” through a reduction in benefits.
The payroll tax reduction might be temporary but the benefits reduction will become permanent.
The Obama administration briefly lowered the tax rate to 4.2 percent in 2011 to 2012 in an effort to boost consumer spending.
What if they threw a recession and nobody came?
I’ll call BS!
Hearsay Loose Lips got on its phone and stroked the ear of an eager Socialist reporter.
Not only unrealistic, but deferring payroll taxes is practically idiotic in so many ways.
White House Denies It Is Considering Payroll Tax Cut To Boost Economy
https://www.zerohedge.com/news/2019-08-19/white-house-denies-it-consdering-payroll-tax-boost-economy
What's left? Aside from negative interest rates to drive people to either spend, or start hoarding cash in mattress. There could be a moratorium on corporate taxes to try and increase spending that way, but corporations would likely just use any cash to buy back shares, which they did a lot of during the last recession, and they leveraged up to do it too.
I would call that capitulation. It would all but admit that Trump thinks a recession is in the cards.
Fox reporting WaPo propaganda. This article IMO is nothing more than propaganda to establish, carry forth the leftist rumor about some recession just over the horizon.
Nothing to see here but propaganda.
I never thought I’d see Fox over the fence back slapping, and fist pumping with the left, but they are most certainly on the other side now.
As we get closer to 2020, suddenly there is a lot of gloom and doom. Suddenly the economy is on the brink. Suddenly “recession” is commonly heard on TV a lot of the time.
I can’t imagine why...
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