But the same official poured cold water on a Washington Post report that the White House is mulling a temporary payroll tax reduction as an attempt to avoid an election-year recession.
The talks were still in their early stages, and officials have not decided whether to ask Congress to approve the cut, the paper reported, citing sources.
The Trump administration discussions about whether to pursue a new payroll tax cut have only begun in recent days, the three people said, and specific details about the design have not been reached yet.
Millions of US 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.
As Mises Institute's Ryan McMaken explained, the payroll tax "is assessed at a flat and regressive rate of more than 15 percent, once both worker and employer shares are included". But payroll tax cuts can also add dramatically to the deficit and - depending on how they are designed - pull billions of dollars away from Social Security.
Payroll taxes were cut temporarily during President Barack Obama's term in 2011 and 2012, in an effort to counteract a sluggish recovery from the 2008 recession.Читайте также: Following Epstein's prison death, Barr appoints new federal prison chief
Trade wars are not easy to win, and Trump's lack of understanding of the global economy is harming Americans and people worldwide. Concern over the outlook has roiled financial markets and sent Treasury yields toward records lows, flashing recession-risk warnings as investors increase bets that the US central bank will ease rates again.
Top White House officials dismissed concerns that economic growth may be faltering.
President Trump is saying the economy is strong, but he thinks it could be stronger.
White House economic adviser Larry Kudlow fields questions from reporters outside of the White House. He urged the central bank Monday to cut interest rates by a full percentage point, stepping up his assault on Federal Reserve Chairman Jerome Powell, who Trump said has "a horrendous lack of vision".
"If that happened, our Economy would be even better, and the World Economy would be greatly and quickly enhanced-good for everyone!" he said. "They are spending and they are saving".
"We're doing tremendously well, our consumers are rich, I gave a tremendous tax cut, and they're loaded up with money", Trump said on Sunday.При любом использовании материалов сайта и дочерних проектов, гиперссылка на обязательна.
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