US President Donald Trump
US President Donald Trump has confirmed he is considering a new, temporary payroll tax cut to help boost the US economy despite dismissing fears of a recession.
US workers pay payroll taxes on their earnings to finance health insurance, social security, and pensions.
Mr. Trump has been talking up the US economy in recent days amid growing unease about a potential recession saying the country is very far from a recession.
A strong economy is seen as key to his re-election prospects in 2020, but continuing trade tensions with China have sparked concerns about an imminent slowdown.
The president said his administration was looking at possible cuts in capital gains tax, but emphasised that nothing has been decided.
Such a move would likely face challenges from Democrats in Congress.
Tax cuts when the president took office helped boost the economy and sparked a surge in share prices on Wall Street.
However, many economists think the impact of those cuts is starting to wane.
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