President Donald Trump said on Tuesday his administration was considering potent...
WASHINGTON - President Donald Trump said on Tuesday his administration was considering potential tax cuts on wages as well as profits from asset sales, and sought to play down market anxieties that the world’s top economy could be heading for a recession.
Trump dismissed fears of a slowdown, extolling low unemployment and a rising stock market over his tenure. A slowdown would be bad news for Trump, who is building his 2020 bid for a second term around the economy’s performance, but whose year-long trade war with China is weighing on growth. Former Vice President and Democratic presidential hopeful Joe Biden, campaigning in Iowa, said lowering the capital gains tax would only help the wealthy.
Payroll taxes fund the Medicare health insurance program for the elderly and Social Security, which in turn provides income payments for retirees.
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