President Trump
Donald John TrumpTeachers Union launches 0K ad purchase and calls for education funding in relief FDA pledges ‘we will not cut corners’ on coronavirus vaccine Let’s protect our values COVID-19 liability MAY on Monday said it was considering a capital gains cut in an effort to create more jobs.
The statement comes days after Trump signed executive orders to extend unemployment benefits and an eviction moratorium and reduce the tax burden after negotiators were unable to reach an agreement on a coronavirus delivery package.
“We are also considering a capital gains tax cut, which will create many more jobs,” Trump said in a briefing Monday.
“Look very seriously at a capital gains tax cut and also at an income tax cut for middle-income families,” he added.
The action comes as Trump opposes a number of polls showing him running for Democratic nominee Joe Biden
Joe BidenTrump says he’s ‘serious’ about considering a capital gains tax cut Why Joe Biden is in trouble Harris favored as Biden ranks closer to VP pick MORE in the race for the White House. The president has tried to show his executive actions while the Democrats blame him for the theft in Congress.
He said the nation can expect to hear more about its plans in the coming weeks.
‘I think it will be very exciting. A capital gains tax will put a lot of people to work, and it will be a cut in the capital gains tax as well as a cut in the middle income tax, ‘the president added.
Questions have been raised about how effective Trump’s orders will be. An increase of $ 600 in unemployment benefits expired at the end of last month. Trump’s order expands $ 300 in benefits, but funds for the expansion will run out in December. States are asked to come up with another $ 100 in benefits per week.
Trump also praised new job creation, marking a dip in unemployment levels after reaching record highs during the course of the pandemic and subsequent shutdowns.
He said the country sees a housing and auto boom, and specifically calls for the establishment of auto plants, which he said will take place in Michigan and Ohio – two key swing states that are crucial to Trump’s bid for re-election.
‘We are rebuilding like no one has ever seen before. It is a big plus for manufacturing and construction. That construction comes close to record highs. Manufacturing does it very well. The car companies are doing great. I’m very happy for Michigan, the state of Michigan. We have a lot of car companies in motion. Plants are being built and expanded in Michigan and Ohio, ”Trump said.
Trump also predicted that the economy could grow by 20 percent in the third quarter.
“There is no reason why the economy can not grow by 20 percent in the third quarter. That will be a record, and interestingly, it will be a number that will be announced before November 3rd. It will probably be announced on November 1, which is very interesting, “said the president, referring to election day.
“But it will grow at a very substantial pace, based on all the numbers we are looking at and probably a lot more substantial than we originally thought,” he added.
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