President Donald Trump said on Saturday, Aug. 24, that he would adopt a “significant top revenue tax cut” if the Republicans keep the Senate, presidency, and take back the House in elections for the next year.
“If Republicans take back the House, and keep the Senate and Presidency, one of our first acts will be to approve a major middle income Tax Cut!” Trump tweeted Saturday morning. “Democrats only want to raise your taxes!”
“Face It, You Probably Got A Tax Cut!” This was a New York Times headline, and it is very true. If Republicans take back the House, and keep the Senate and Presidency, one of our first acts will be to approve a major middle income Tax Cut! Democrats only want to raise your taxes!
— Donald J. Trump (@realDonaldTrump) August 24, 2019
The president also said on Aug. 22 that he will not rule out possible tax cuts to promote economic growth.
“Payroll tax is something that we think about and a lot of people would like to see that, and that very much affects the workers of our country,” the president said.
He added, “We’re looking at various tax rate deductions but I’m looking at that all the time … that’s one of the reasons we’re in such a strong economic position.”
The payroll tax consists of a 6.2% deduction on workers’ paychecks, and those funds are often used to fund social programs like Social Security and Medicare.
However, President Trump downplayed any talk of a recession when he talked with reporters on Aug. 20, at the White House.
“I think the word ‘recession’ is inappropriate because it’s just a word that certain people, I’m going to be kind, certain people in the media are trying to build up because they’d love to see a recession,” Trump said.
“We’re in such a strong economic position. We’re, right now, the number one country anywhere in the world by far … Europe’s got a lot of problems. Asia’s got a lot of problems,” he said.