White House officials insist that they have no intention of stooping to the level of materially helping ordinary Americans just to win an election. EricLevitz writes
Taking the Kudlow road. Photo: Mark Wilson/Getty Images The Washington Post reported this week that the White House was considering pushing for a temporary payroll tax cut in order to mitigate the risk of an election-year recession. Since payroll taxes only apply to the first $132,900 of a worker’s income, such a policy would exclusively benefit non-plutocratic Americans, making it a sharp departure from the administration’s previous revisions to the tax code.
A White House official said more tax cuts were on the table, “but cutting payroll taxes is not something that is under consideration at this time.” Another senior administration official cautioned that a payroll tax cut was not under serious consideration. But the president has not actually made much effort to conceal his own economic anxiety or desire for further stimulus. 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.”
Trump’s top economic adviser, Larry Kudlow, is a longtime champion of indexing capital gains to inflation.
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