One day after saying the White House was considering new tax cuts to boost the economy, President Trump reversed course, telling reporters he isn't contemplating reducing capital gains or payroll taxes.
"I just don't see any reason to," he said Wednesday. "We don't need it. We have a strong economy." Trump and his aides have been pushing this narrative, saying there is no recession in sight and dismissing warning signs like an inverted yield curve last week and the growth in economic output dropping to a 2.1 percent annual rate in the second quarter, well below the 3.1 percent growth rate in the first three months of 2019.
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