Mr. Trump specifically said he would not entertain the idea right now of indexing capital gains taxes - saying that skews to the benefit of more wealthy Americans - and would not be pressing for a payroll tax cut, something President Obama did in 2011 and 2012 as a way to help with growth.
Pres. Trump says he's "not looking at a tax cut now. We don't need it. We've got a strong economy."
— ABC News (@ABC) August 21, 2019
The president said yesterday that he's considered a payroll tax cut but denied any link to recession fears. https://t.co/sGnQ1cUb5m pic.twitter.com/44nGRfCt5V
With the idea of tax cuts evidently off the table, the President instead tried to shift the burden of any economic difficulties onto the Federal Reserve, again using his bully pulpit to press the Fed to lower interest rates, complaining that interest rate hikes in 2017 and 2018 had held back on growth.
"He raised interest rates too fast, too furious," Mr. Trump said of Federal Reserve Chair Jay Powell.
“The Federal Reserve has let us down,” the President added.
New notes released by the Fed on Wednesday afternoon showed members were divided on the best course for interest rates - with some wanting larger cuts as a way to spur economic growth, and insulate the U.S. from the threat of any slowdown.
President Trump says Federal Reserve Chairman Jerome Powell "raised interest rates too fast, too furious" https://t.co/0CsADEdQJs pic.twitter.com/wvImwjgpw6
— ABC News Politics (@ABCPolitics) August 21, 2019
Some GOP lawmakers have urged the President to push for a new round of tax cuts, worried that the billions being collected in new tariffs levied by Mr. Trump have offset the benefits of Mr. Trump's 2017 tax cut package.
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