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/White House makes contingency plan for recession, including possible payroll tax cut
White House makes contingency plan for recession, including possible payroll tax cut

White House makes contingency plan for recession, including possible payroll tax cut


White House makes contingency plan for recession, including possible payroll tax cut

President Donald Trump insists the economy is strong, but White House officials reportedly have begun looking for ways to prevent a recession.

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WASHINGTON – As President Donald Trump insists the economy remains strong, White House officials reportedly have begun looking for ways to prevent a recession, including pushing for a temporary payroll tax cut.
The talks are in their early stages and include other possible tax breaks, The Washington Post and The New York Times both reported Monday.
But White House economists reportedly have drafted a white paper looking at a payroll tax deduction to put more money into workers’ paychecks.
Trump reportedly has not been briefed on the idea, and it’s not clear whether he would go along with the idea. Congress also would have to approve such a plan.
A White House official disputed the reports late Monday, saying “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 has dismissed fears that the economy is heading for a recession.
“I don’t think we’re having a recession,” he told reporters on Sunday before boarding Air Force One for his return to Washington after spending 10 days at his golf course in New Jersey. “We’re doing tremendously well. Our consumers are rich. I gave a tremendous tax cut and they’re loaded up with money.”
Trump’s top economic advisers also predict — at least publicly — the economy will remain strong through 2020 and beyond.
More: ‘No recession in sight’ says Trump’s top economic adviser
More: A possible recession? Treasury yields invert, sounding economic alarm bells
Read or Share this story: https://www.usatoday.com/story/news/politics/2019/08/19/economy-white-house-mulls-contingency-plans-avert-recession/2056993001/
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