Trump considers new tax cut to boost United States economy

The US-China negotiations began in earnest in January 2019 and seemed at first to make substantial progress raising hopes that a trade deal could be rapidly reached

WASHINGTON-President Donald Trump and top White House officials dismissed concerns that economic growth may be faltering, saying on August 18 they saw little risk of recession despite a volatile week on global stock markets, and insisting their trade war with China was doing no damage to the United States.

"Tax reductions - that's one of the reasons why we're in such a strong economic position".

Millions of USA 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.

Senior White House officials are mulling several moves to stimulate the economy, including temporarily cutting the payroll tax to increase workers' monthly take-home pay, The Washington Post reported. The Obama administration briefly lowered the tax rate to 4.2 percent in 2011 to 2012 in an effort to boost consumer spending.

He hinted that the White House would like to see Beijing resolve ongoing protests in Hong Kong first.

Democrats are unlikely to agree to a payroll tax cut, however, as it could potentially undermine the solvency of the Social Security and Medicare funds.

"Let's not be afraid of optimism", as White House economics guru Larry Kudlow said on Sunday.

Chinese go online to hit back at protesters
China has increasingly adopted a tougher tone about the protests, calling the demonstrators "terrorists". But Hong Kong's police are under intense pressure, stretched by repeated flash-mob protests.

"I sure don't see a recession", Kudlow said.

Mr Trump has been talking up the United States economy in recent days amid growing unease about a potential recession. "I think it would be very good for the trade deal".

"Payroll taxes is something we think about all the time and a lot of people would like that", Trump said.

America's Newsroom co-anchor Sandra Smith asked Gidley "These latest reports that are emerging, that there is a temporary payroll tax being considered by the White House, obviously the White House hasn't confirmed that, can you confirm anything on that front?"

Trump and top aides have spent the past few days trying to convince the public that the economy is strong and that fears about a recession are misguided. On Monday, Donald Trump tweeted a norm-defying order to Federal Reserve chairman Jerome Powell, demanding an interest rate cut of "at least 100 basis points" with "perhaps some quantitative easing as well".

"But the fact is this president has taken this economy to new heights we never thought possible, and so many detractors on the left said couldn't ever happen". "We are set for a tremendous burst of growth if the Fed did its job, but that is a big if". As the economy improved, the payroll tax cut was allowed to expire and the combined rate returned to 6.2 percent in 2013.

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