The White House isn’t considering an executive order to carry out President Donald Trump’s call for a cut in the capital gains tax because Congress probably would have to change the rate, administration officials said.
President Donald Trump is tapping his presidential authority to make tax changes that Congress is refusing to do, but his limited power means he could end up over-promising and under-delivering on his pledge to slash IRS bills.
President Donald Trump said he’s “very seriously” considering a capital gains tax cut, a move he decided against last September after saying it wouldn’t do enough to help the middle class.
The moves were criticized by Democrats and some Republicans as, variously, providing little real help, an unconstitutional power grab from Congress, and a backhanded way to defund Social Security and Medicare.
President Donald Trump’s move to halt the collection of taxes that fund America’s main support programs for the elderly spurred a wave of political opposition and threatens to generate tension between employers and workers.
President Donald Trump said he is “talking about” doing a payroll-tax cut through an executive action, but doing so could result in hefty tax bills for employers later if the idea doesn’t get mired in legal challenges before then.
Any boost for workers from a payroll tax cut that President Donald Trump favors would take weeks to kick in and the effects could be distributed unevenly.
Republicans crafting their own plan for a new U.S. virus-relief bill broadly endorsed a fresh round of stimulus checks to individuals, extended supplemental jobless benefits and more money for testing while voicing doubts over President Donald Trump’s desired payroll tax cut.
The White House is signaling to Congress that President Donald Trump could reject a new coronavirus aid bill if it doesn’t include a payroll tax cut, adding a new complication to already contentious negotiations between Republicans and Democrats on the next round of stimulus.
President Donald Trump said he’ll ask Congress to pass more economic stimulus, including a payroll tax cut, even after the government reported a surprise improvement in U.S. unemployment on Friday.