White House officials have begun discussing whether to push for a payroll tax cut in order to “juice” the economy with more consumer cash according to a report from The Washington Post.
But, is this just ink fodder for the paper rolls while Congress remains on recess until September 9th and the DC News cycle awakens from it’s dormancy?
Even if it’s a major consideration or not by the administration (Which has denied the report), it would be an effective won to companion the early tax cuts signed into law by the administration.
“Trump appears to be taking a page out of the Obama stimulus playbook.
Obama & Congress cut payroll taxes in 2011 and 2012, claiming the average American family would save $1,000 a year.
Bush did something similar in 2008 w/”stimulus checks”
According to CNBC, a White House official denies administration is looking at a payroll tax cut following Trump repeatedly “hammering the Federal Reserve in recent days as officials in his administration start to worry more about a recession.”
President Trump tweeted “Our Economy is very strong, despite the horrendous lack of vision by Jay Powell and the Fed, but the Democrats are trying to “will” the Economy to be bad for purposes of the 2020 Election. Very Selfish! Our dollar is so strong that it is sadly hurting other parts of the world… The Fed Rate, over a fairly short period of time, should be reduced by at least 100 basis points, with perhaps some quantitative easing as well. If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced-good for everyone!”