A payroll tax cut to add money to workers’ pockets was taken off the table Wednesday by President Trump — who said the economy was healthy enough without it.
“We don’t need it. We have a strong economy,” the president told reporters at a White House press briefing.
Trump also squashed a plan he floated earlier in the week to lower capital-gains taxes by indexing gains to inflation, which would slash what investors pay on profits from the sale of assets.
“I’ve studied indexing for a long time and I think it will be perceived — if I do it — as somewhat elitist. I don’t want to do that,” Trump said.
Word of the potential tax cuts first emerged Monday in news reports claiming the White House was scrambling for ways to avoid an economic slowdown ahead of the 2020 election. White House officials denied the reports, but Trump on Tuesday said he was considering both the payroll tax move and the changes to taxation of capital gains.