Capital Gain

Capital Gain

Trump, advisers looking at ways to boost US economy as markets fear recession

Trump, advisers looking at ways to boost US economy as markets fear recession

21.8.2019

Trump, advisers looking at ways to boost US economy as markets fear recession

WASHINGTON: Even as they reject talk of a looming recession, President Donald Trump and his advisers are examining ways to provide a boost to the U.S.

economy should it be deemed necessary, officials said. "We're very far from recession," Trump told reporters in the Oval Office, echoing a theme from him and his team that the fundamentals of the U.S. economy are strong. Advertisement Advertisement But aware of how dangerous a recession could be to his re-election prospects in 2020, Trump has been looking at options for a stimulus behind the scenes. Trump and his advisers have discussed the possibility of a payroll tax cut, which would give workers an immediate boost to spending but would add to U.S. deficit spending. The option emerged from a meeting Trump had with his economic team on Monday. It was not viewed seriously, given it would be hard to get through the U.S. Congress, an administration official said. Millions of U.S. 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. Advertisement Advertisement Trump said on Tuesday another option he is thinking about is indexing capital gains, which would provide a tax cut on profits from selling assets such as stocks, but that he was not talking about doing anything imminently. Some conservatives, such as anti-tax crusader Grover Norquist, believe Trump has the regulatory authority to add an inflation adjustment to the calculation of capital gains taxes. Such a step would likely be seen by Democrats as an attempt to circumvent the authority of the U.S. Congress and prompt a court fight. Trump's senior economic adviser Larry Kudlow has been arguing behind the scenes that the United States should return to taxpayers the tariff money collected by higher tariffs on Chinese imports, an official said. Channel NewsAsia - Sentifi topic widget Republican Senator Rick Scott of Florida has offered legislation on this point. There has been no clarity on how such a move would be carried out since China does not pay tariffs directly to the U.S. Treasury. The tariffs are paid by American companies when Chinese products enter the United States. Trade tensions with China have stoked concerns that the U.S. economy is heading for a downturn, which could dampen Trump's prospects for re-election in 2020. Trump said he would not need the approval of Congress to link the tax on profits from asset sales, known as capital gains, to inflation. According to tax code experts, investors would pay far less capital gains tax under an inflation index. "I'm not talking about doing anything at this moment, but indexing is something that a lot of people have liked for a long time. And it's something that would be very easy to do," he said."It is something I am certainly thinking about." (Reporting by Steve Holland; Writing by Lisa Lambert; Editing by Rosalba O'Brien and Lisa Shumaker) Source: Reuters Read more: CNA

US and China seeking to revive trade talks: Trump advisor[WASHINGTON] Washington and Beijing are working to revive pivotal talks aimed at ending the trade war that has roiled world markets, Donald Trump's chief economic advisor said on Sunday. Read more at The Business Times.

US President Trump does not want to do business with China's HuaweiU.S. President Donald Trump on Sunday said he did not want the United States to do business with China's Huawei even as the administration weighs ...

PM Modi tells Trump hopeful India, US will meet soon to discuss tradeIndian Prime Minister Narendra Modi told U.S. President Donald Trump that he is hopeful that representatives from the two countries will meet ...

PM Modi tells Trump hopeful India, US will meet soon to discuss tradeNEW DELHI (REUTERS) - Indian Prime Minister Narendra Modi told US President Donald Trump that he is hopeful that representatives from the two countries will meet again soon to discuss trade issues, the government said in a statement on Monday (Aug 19).. Read more at straitstimes.com.

Trump tweets picture of Trump Tower looming over GreenlandWASHINGTON (AP) - US President Donald Trump is making light of his own idea of buying Greenland from Denmark, tweeting a doctored photo of Trump Tower looming over a small village in the Arctic territory.. Read more at straitstimes.com.

No Trump hotel for Greenland, US president promisesUS President Donald Trump jokingly promised on Monday that he would not build one of his eponymous hotels in Greenland, the day after he confirmed his interest in buying the Danish territory. Trump tweeted a meme depicting the golden Trump International Hotel Las Vegas towering over modest, primary-colored



Scotland to approve free sanitary products for all women

S'pore PR who travelled to China loses residency status, barred from re-entering for breaching stay-home notice

Indonesia pressured to do more to detect coronavirus amid zero reported cases

Japanese woman reinfected with coronavirus weeks after initial recovery

Johor's Pakatan Harapan state government falls, new coalition to take over

Coronavirus: Switzerland confirms its first case

14% of patients who recovered from Covid-19 test positive again in Guangdong: Report

Write Comment

Thank you for your comment.
Please try again later.

Latest News

News

21 August 2019, Wednesday News

Previous news

American Airlines to pay US$22.1 million US fine over mail delivery times: Justice Department

Next news

Trump offers to mediate 'explosive' Kashmir standoff
Bullied Australian boy to donate $633,000 to charity Coronavirus cases in Singapore can rise anytime, premature to say worst is over, says MOH's chief health scientist Muslim travel agents in Singapore call for patience after Saudi Arabia suspends entry for pilgrims Discharged coronavirus patients here no longer have viable virus and will not spread disease: NCID South Korea reports 334 additional Covid-19 cases, raising total to 1,595 Shincheonji: the secretive sect in South Korean virus outbreak Saudi Arabia suspends entry for pilgrims over coronavirus Man fined for importing more than 450kg of coriander without proper permit Shenzhen prepares ban on eating cats and dogs after COVID-19 outbreak Coronavirus: Iran's death toll reaches 26, says health ministry Two more COVID-19 cases in UK bring total to 15 Covid-19 far more likely than Sars to bond to human cells due to HIV-like mutation, scientists say
Scotland to approve free sanitary products for all women S'pore PR who travelled to China loses residency status, barred from re-entering for breaching stay-home notice Indonesia pressured to do more to detect coronavirus amid zero reported cases Japanese woman reinfected with coronavirus weeks after initial recovery Johor's Pakatan Harapan state government falls, new coalition to take over Coronavirus: Switzerland confirms its first case 14% of patients who recovered from Covid-19 test positive again in Guangdong: Report Man loses PR status, barred from re-entering Singapore after breaching Stay-Home Notice Covid-19: Foreign couple to be charged for giving false information of whereabouts during contact tracing, quarantine 4 more COVID-19 patients discharged in Singapore, 2 new confirmed cases: MOH SMRT to cut pay, bonus as coronavirus crisis continues China city offers US$1,400 reward for COVID-19 patients who report to authorities