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Showing posts from August 21, 2019

Trump looking at possible tax cuts, asset sale amid economic recession fear

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. Speaking to reporters during a White House visit by Romanian President Klaus Iohannis, Trump said "we're looking at various tax reductions," adding that a "payroll tax is something that we think about." Recession fears were stoked last week when bond investors briefly demanded a higher interest rate on 2-year Treasury bonds than for 10-year Treasury bonds, a potential signal of lost faith in near-term economic growth. Trump dismissed fears of a slowdown, extolling low unemployment and a rising stock market over his tenure. "I think the word "recession" is a word that's inappropriate...We're very far from a recession," he said. The Washington Post reported a temporary payroll tax cut was unde…