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"We are far from recession," Trump told reporters in the Oval Office. He and his team have consistently stressed that the fundamentals of the U.S. economy are solid.
But Trump, who knows that the recession will be extremely detrimental to his re-election campaign in 2020, has been considering various options for stimulating the economy behind his back.
Trump discussed with advisers the possibility of reducing payroll taxes. This tax cut will immediately increase the spending power of the American people, but will inevitably expand the deficit spending of the United States.
This option was presented at a meeting between Trump and the economic team on Monday. A government official said it was not taken seriously by the participants because it was difficult for Congress to pass it.
Millions of American workers have to pay salary taxes as a source of funding for government health insurance and social welfare programs.
Trump said Tuesday that another option he was considering was the indexation of capital gains, which would reduce the profit tax on asset sales such as stocks, but he said he did not want to take immediate action.
Some conservatives, such as Grover Norquist, who strongly opposes tax burden, argue that Trump has regulatory power to add an inflation adjustment to the calculation of capital gains tax.
Such a move could be seen by Democrats as an attempt to circumvent the U.S. Congress and could lead to court proceedings.
Kudrow, Trump's senior economic adviser, has privately argued that the United States should return tax revenue from tariffs on Chinese goods to taxpayers, an official said.


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