Sunday, May 16, 2021

Trump looking at possible U.S. tax cuts but not now

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Naija247news, Nigeria
Naija247news is an investigative news platform that tracks news on Nigerian Economy, Business, Politics, Financial and Africa and Global Economy.

WASHINGTON (Reuters) – President Donald Trump on Tuesday said his administration was looking to cut U.S. taxes, but he was not talking about doing anything at this moment.

Trump added that he was always looking at a payroll tax cut, and that a lot of people would like to see it. 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.

“We’re very far from a recession,” Trump told reporters during a White House visit by Romanian President Klaus Iohannis.

He added that the United States is doing well on the economy but “the fact is somebody had to take China on.”

Trump has been talking up the economy in recent days and dismissing recession fears. A strong economy is seen as key to his re-election prospects in 2020, but trade tensions with China are stoking concerns about an imminent slowdown.

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.

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

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