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Trump admits to looking at possible tax cuts

Credit: Reuters Studio
Published on August 20, 2019 - Duration: 01:41s

Trump admits to looking at possible tax cuts

President Trump on Tuesday said his administration was considering tax cuts, amid media reports the White House is working on a contingency plan to stave off the possibility of an economic recession, but only if needed.

Conway G.

Gittens reports.

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Trump admits to looking at possible tax cuts

SOUNDBITE (ENGLISH) PRESIDENT DONALD TRUMP, SAYING: "I think the word recession is inappropriate....We're very far from a recession." President Trump once again Tuesday tried to beat back concerns the U.S. economy is slowing down and heading toward a possible recesssion.

But he did confirm his team is looking at possible tax cuts including lowering capital gain and payroll taxes … though not in the immediate future.

SOUNDBITE (ENGLISH) PRESIDENT DONALD TRUMP, SAYING: "Yes, we're looking at various tax reductions but I'm looking at that all the time anyway.

Tax reductions: that's one of the reasons why we are in such a strong economic position." Trump is doing a bit of a balancing act.

Several media outlets have reported that underneath his robust view of the economy, his team behind the scenes is putting together an emergency plan to stave off a recession if the economy continues to slow.

The manufacturing sector continues to crater despite Trump's efforts to use tariff's to force companies to restart American factories and bring back jobs.

Those very tariffs are being blamed in part for making a global factory slowdown even worse.

But in what has become a daily attack on the Federal Reserve, Trump claims it is the Fed, led by Chairman Jerome Powell - - not his "America First" tariffs that are holding back this economy.

SOUNDBITE (ENGLISH) PRESIDENT DONALD TRUMP, SAYING: "In fact, If the Fed would do its job, I think we would have a tremendous spurt of growth.

The Fed is psychologically very important.

And if the Fed would do its job, which it has done very poorly over the last year and a half, you would see a burst of growth like you've never seen before." The White House wants a total reduction of full percentage point in the Fed's key lending rate.

We'll find out whether the Fed cuts rates again at its next meeting in September.

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