White House has reportedly discussed a Fed governor rotation to curb Powell’s power

The White House is reportedly discussing a variety of options to try to juice U.S. economic growth ahead of the 2020 election, including a rotation of Federal Reserve governors that would make it easier to check the power of Chairman Jerome Powell . The White House did not immediately respond to CNBC’s request for comment. The Post said White House aides do not have a firm idea of which of these policies President Donald Trump would seriously consider. Central to the president’s criticism of the


The White House is reportedly discussing a variety of options to try to juice U.S. economic growth ahead of the 2020 election, including a rotation of Federal Reserve governors that would make it easier to check the power of Chairman Jerome Powell . The White House did not immediately respond to CNBC’s request for comment. The Post said White House aides do not have a firm idea of which of these policies President Donald Trump would seriously consider. Central to the president’s criticism of the
White House has reportedly discussed a Fed governor rotation to curb Powell’s power Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: thomas franck
Keywords: news, cnbc, companies, powells, fed, rates, powell, tax, trump, rate, reportedly, governor, discussed, report, presidents, house, white, curb, power, rotation


White House has reportedly discussed a Fed governor rotation to curb Powell's power

Other ideas pitched by top economic advisors range from a currency transaction tax that could devalue the dollar and make U.S. exports less expensive as well as reducing the corporate tax rate to 15%, according to interviews with more than 25 current and former administration officials conducted by The Washington Post .

The White House is reportedly discussing a variety of options to try to juice U.S. economic growth ahead of the 2020 election, including a rotation of Federal Reserve governors that would make it easier to check the power of Chairman Jerome Powell .

The proposals come as top administration officials grow nervous about a growing number of internal reports suggesting that the American economy could pull back over the next 12 months and hamper the president’s path to reelection, the report said.

The White House did not immediately respond to CNBC’s request for comment. The report came just before Powell was set to give a major policy speech on Friday from Jackson Hole, Wyoming, where investors are hoping the Fed chief will signal further rate cuts are ahead.

The Post said White House aides do not have a firm idea of which of these policies President Donald Trump would seriously consider.

The chance to check the Fed chair’s influence over the U.S. economy could be especially enticing to Trump, who appointed Powell and has used Twitter to lambaste him for almost his entire tenure.

Central to the president’s criticism of the Fed is the level of interest rates in the U.S., which remain high when compared with those of several European countries like Germany. Trump argues that lower interest rates abroad help weaken foreign currencies and make imports more attractive to American consumers, accentuating the current U.S. trade deficit.


Company: cnbc, Activity: cnbc, Date: 2019-08-23  Authors: thomas franck
Keywords: news, cnbc, companies, powells, fed, rates, powell, tax, trump, rate, reportedly, governor, discussed, report, presidents, house, white, curb, power, rotation


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Larry Kudlow says there could be a tax cut before Election Day

Top White House economic advisor Larry Kudlow said Thursday that President Donald Trump could put forward a tax cut before the 2020 presidential election. “You very may well see a new rollout of additional middle-class tax relief and small-business tax relief,” Kudlow said in an interview on Fox Business Network. On Wednesday, Trump said that he’s “not looking at a tax cut now. When asked Thursday to provide more details about the possible preelection tax cut, Kudlow said, “I don’t want to get i


Top White House economic advisor Larry Kudlow said Thursday that President Donald Trump could put forward a tax cut before the 2020 presidential election. “You very may well see a new rollout of additional middle-class tax relief and small-business tax relief,” Kudlow said in an interview on Fox Business Network. On Wednesday, Trump said that he’s “not looking at a tax cut now. When asked Thursday to provide more details about the possible preelection tax cut, Kudlow said, “I don’t want to get i
Larry Kudlow says there could be a tax cut before Election Day Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: kevin breuninger
Keywords: news, cnbc, companies, tax, white, kudlow, washington, election, scott, day, trump, house, cut, payroll, taxes, larry


Larry Kudlow says there could be a tax cut before Election Day

Top White House economic advisor Larry Kudlow said Thursday that President Donald Trump could put forward a tax cut before the 2020 presidential election.

“You very may well see a new rollout of additional middle-class tax relief and small-business tax relief,” Kudlow said in an interview on Fox Business Network.

Kudlow stressed that “there is nothing in the near term” because “we believe the economy is quite healthy.” “But longer run, why not?” he added.

Kudlow also confirmed to CNBC that he supported a tax cut proposal floated earlier Thursday by Sen. Rick Scott, R-Fla.

“Had a great conversation with my friend @larry_kudlow yesterday about our economy,” Scott tweeted Thursday morning.

“When we get back from recess, we should immediately start working on a plan to reduce taxes for middle-class families & workers by the amount the Treasury is collecting in tariffs,” the senator said.

In a text message, Kudlow told CNBC, “I do support the proposal” put forward by Scott in their meeting. Kudlow did not say if he had asked the president about the plan.

A spokeswoman for the Florida senator said that Scott “has not yet spoken to the president on this proposal, but is urging the Administration to start immediately cutting fees to help American families.”

Kudlow made similar comments to reporters at the White House shortly after his television interview.

Kudlow also told Fox that he still expected Chinese negotiators to meet with Trump administration officials in Washington in September to continue trade talks.

The deputies for Washington and Beijing had a “productive conference call” Wednesday, he said.

The remarks from the top economic aide came amid a week of mixed messaging from the White House about possible tax cuts and other proposals to stimulate the economy.

On Wednesday, Trump said that he’s “not looking at a tax cut now. We don’t need it.”

That statement appeared to be completely at odds with the president’s comments from just a day earlier, when he said in the Oval Office that he has “been thinking about payroll taxes for a long time.”

Less than a day before those comments, a White House official had denied that a payroll tax cut was being considered: “More tax cuts for the American people are certainly on the table, but cutting payroll taxes is not something under consideration at this time.”

And that denial came in response to The Washington Post’s report that White House officials have been floating a payroll tax cut as a way to head off a possible economic slowdown.

When asked Thursday to provide more details about the possible preelection tax cut, Kudlow said, “I don’t want to get in a lot of detail on this because, I don’t want to get ahead of the curve.”

But he did say that “the idea of some short-term payroll tax cut fix — it doesn’t work, it never works, it has no lasting impact.”

He added: “The personal tax rates could easily be lowered, and probably the brackets could be shrunk. That’s a thought.”

And “we might even kind of work through a way to help our friends in some of the state who are concerned about the shrinkage of the tax deductions there … the SALT taxes,” Kudlow said.

But he cautioned not to take those suggestions as promises. “I’m just — these are for examples, OK? For examples,” he said.


Company: cnbc, Activity: cnbc, Date: 2019-08-22  Authors: kevin breuninger
Keywords: news, cnbc, companies, tax, white, kudlow, washington, election, scott, day, trump, house, cut, payroll, taxes, larry


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Uber rival Bolt launches food delivery service in Europe

Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more


Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more
Uber rival Bolt launches food delivery service in Europe Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: elizabeth schulze
Keywords: news, cnbc, companies, delivery, taxes, food, uber, white, thinking, housetrump, recessionpoliticsread, rival, payroll, tax, trump, bolt, long, hes, europe, launches, service


Uber rival Bolt launches food delivery service in Europe

Trump says he’s considering payroll tax cut day after White House…

Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.”

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Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: elizabeth schulze
Keywords: news, cnbc, companies, delivery, taxes, food, uber, white, thinking, housetrump, recessionpoliticsread, rival, payroll, tax, trump, bolt, long, hes, europe, launches, service


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What a payroll tax cut would actually mean for your wallet

RyanJLane | Getty ImagesPresident Donald Trump has considered new payroll tax cuts to let American workers take home bigger pay checks. The president told reporters on Tuesday that he is “thinking about” cutting payroll taxes. How payroll taxes workPayroll taxes are withheld from workers’ wages and are used to fund government programs, notably Social Security and Medicare. Jeffrey Levine CEO, BluePrint Wealth AllianceFor Social Security, employee wages are currently subject to a 6.2% tax up to $


RyanJLane | Getty ImagesPresident Donald Trump has considered new payroll tax cuts to let American workers take home bigger pay checks. The president told reporters on Tuesday that he is “thinking about” cutting payroll taxes. How payroll taxes workPayroll taxes are withheld from workers’ wages and are used to fund government programs, notably Social Security and Medicare. Jeffrey Levine CEO, BluePrint Wealth AllianceFor Social Security, employee wages are currently subject to a 6.2% tax up to $
What a payroll tax cut would actually mean for your wallet Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: lorie konish
Keywords: news, cnbc, companies, tax, payroll, taxes, security, social, pay, trump, wallet, mean, wages, workers, medicare, cut, actually


What a payroll tax cut would actually mean for your wallet

RyanJLane | Getty Images

President Donald Trump has considered new payroll tax cuts to let American workers take home bigger pay checks. But such a move could have negative consequences for both individuals and the economy, a number of experts warn. The president told reporters on Tuesday that he is “thinking about” cutting payroll taxes. The move, however, would have nothing to do with talk of a looming downturn, he said. “Payroll tax is something we think about, and a lot of people would like to see that, and that very much affects the workers of our country,” Trump said. On Wednesday, however, the president said the economy is still too strong to warrant such a move.

How payroll taxes work

Payroll taxes are withheld from workers’ wages and are used to fund government programs, notably Social Security and Medicare.

You don’t use your best play in the second quarter. You wait until you really need it at the end of the game. Jeffrey Levine CEO, BluePrint Wealth Alliance

For Social Security, employee wages are currently subject to a 6.2% tax up to $132,900. Workers also pay a Medicare tax of 1.45%. Employers match what workers contribute by also kicking in 6.2% toward Social Security and 1.45% for Medicare. Workers who earn more than $200,000 individually, or $250,000 if they are married and filing jointly, pay an additional 0.9% Medicare tax. Self-employed individuals pay 12.4% toward Social Security and 2.9% for Medicare. They also are subject to the Medicare surtax for wages over $200,000.

What a tax cut would mean


Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: lorie konish
Keywords: news, cnbc, companies, tax, payroll, taxes, security, social, pay, trump, wallet, mean, wages, workers, medicare, cut, actually


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Trump reverses course, says he’s not considering tax cuts, because of ‘strong economy’

President Donald Trump speaks to the media as he departs the White House in Washington, DC, on August 21, 2019. A White House official first denied a report Monday that the administration would consider a payroll tax reduction. But the president backtracked on Wednesday, tamping down talk about either trimming payroll taxes or indexing capital gains to inflation. “I’m not looking at a tax cut now. We have a strong economy,” the president told reporters on the White House lawn when asked if he wo


President Donald Trump speaks to the media as he departs the White House in Washington, DC, on August 21, 2019. A White House official first denied a report Monday that the administration would consider a payroll tax reduction. But the president backtracked on Wednesday, tamping down talk about either trimming payroll taxes or indexing capital gains to inflation. “I’m not looking at a tax cut now. We have a strong economy,” the president told reporters on the White House lawn when asked if he wo
Trump reverses course, says he’s not considering tax cuts, because of ‘strong economy’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: jacob pramuk
Keywords: news, cnbc, companies, tax, payroll, taxes, strong, consider, hes, trump, president, cuts, course, recession, reverses, considering, house, economy, cut, white


Trump reverses course, says he's not considering tax cuts, because of 'strong economy'

President Donald Trump speaks to the media as he departs the White House in Washington, DC, on August 21, 2019.

President Donald Trump insisted Wednesday that his administration will not cut taxes to turn aside an economic slowdown — only a day after he said he would consider tax policy changes.

It follows several days of mixed messaging from the White House on whether it would respond to growing concerns about a potential recession. Trump has spent the week arguing the U.S. has the strongest economy in the world — while urging the Federal Reserve to chop interest rates, a step typically taken during cycles of economic weakness.

A White House official first denied a report Monday that the administration would consider a payroll tax reduction. By Tuesday, Trump said he was “thinking about” cutting the levies — though he stressed that “whether or not we do something now, it’s not being done because of a recession.”

But the president backtracked on Wednesday, tamping down talk about either trimming payroll taxes or indexing capital gains to inflation. Trump’s comments continue the president and his administration’s struggle to clarify whether and how it would change U.S. tax policy in the face of recession fears.

“I’m not looking at a tax cut now. We don’t need it. We have a strong economy,” the president told reporters on the White House lawn when asked if he would consider a payroll tax cut.


Company: cnbc, Activity: cnbc, Date: 2019-08-21  Authors: jacob pramuk
Keywords: news, cnbc, companies, tax, payroll, taxes, strong, consider, hes, trump, president, cuts, course, recession, reverses, considering, house, economy, cut, white


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Trump: Any Jew voting Democratic is uninformed or disloyal

Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more


Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more
Trump: Any Jew voting Democratic is uninformed or disloyal Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20
Keywords: news, cnbc, companies, thinking, taxes, payroll, uninformed, democratic, disloyal, jew, white, tax, hes, voting, recessionpoliticsread, trump, housetrump, long


Trump: Any Jew voting Democratic is uninformed or disloyal

Trump says he’s considering payroll tax cut day after White House…

Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.”

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Company: cnbc, Activity: cnbc, Date: 2019-08-20
Keywords: news, cnbc, companies, thinking, taxes, payroll, uninformed, democratic, disloyal, jew, white, tax, hes, voting, recessionpoliticsread, trump, housetrump, long


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Despite tax overhaul, marriage penalty still hits many couples

“The Tax Cuts and Jobs Act attempted to eliminate the marriage penalty but it only pushed it out farther,” Savage said. Under the new rules, which took effect last year, the marriage penalty kicks in for married couples with combined income of about $600,000 or more. At that point, married couples hit the top 37% federal income tax bracket. There are other tax implications for married couples, as well, including a Medicare surtax of 0.9% and a net investment income tax of 3.8%. Similarly, the ne


“The Tax Cuts and Jobs Act attempted to eliminate the marriage penalty but it only pushed it out farther,” Savage said. Under the new rules, which took effect last year, the marriage penalty kicks in for married couples with combined income of about $600,000 or more. At that point, married couples hit the top 37% federal income tax bracket. There are other tax implications for married couples, as well, including a Medicare surtax of 0.9% and a net investment income tax of 3.8%. Similarly, the ne
Despite tax overhaul, marriage penalty still hits many couples Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jessica dickler
Keywords: news, cnbc, companies, despite, penalty, couples, unmarried, hits, single, married, file, tax, marriage, income, overhaul, kicks


Despite tax overhaul, marriage penalty still hits many couples

Two can live as cheaply as one, the old saying goes. Except for some high-income taxpayers.

Although the Tax Cuts and Jobs Act mostly eliminated the so-called — and hated — marriage penalty, some taxpayers, particularly high-income couples, could still end up paying more in taxes as a married pair than they would if they were each single.

The penalty typically kicks in when two individuals with equal incomes marry, bumping them into a higher tax bracket than they would be otherwise, said Mike Savage, a certified public accountant and CEO of 1-800Accountant.

“The Tax Cuts and Jobs Act attempted to eliminate the marriage penalty but it only pushed it out farther,” Savage said.

Under the new rules, which took effect last year, the marriage penalty kicks in for married couples with combined income of about $600,000 or more. At that point, married couples hit the top 37% federal income tax bracket. In contrast, a single filer reaches the 37% bracket at around $500,000, meaning an unmarried couple could enjoy income of $1 million before reaching the top bracket.

There are other tax implications for married couples, as well, including a Medicare surtax of 0.9% and a net investment income tax of 3.8%.

For example, an individual can have up to $200,000 in income before the Medicare surtax kicks in, but the limit for married couples is only $250,000.

Similarly, the net investment income tax also starts at $200,000 for single taxpayers, and $250,000 for married couples who file jointly.

In addition, long-term capital gains rates are 15% for single individuals up to $434,550 of taxable income and then rise to 20%. But for married couples, the 15% rate goes up to $488,850 of taxable income and jumps to 20% from there.

In every case, the penalty is not a specific tax, but rather the result of reaching a certain threshold sooner as a couple filing their taxes jointly. As the percentage of women in the workforce increases, along with their earnings in relation to men, more couples experience that tax hit.

More from Personal Finance:

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Here’s why Jeffrey Epstein likely paid little in the way of taxes

These people don’t mind overpaying the IRS

No matter when you get married during the year, come April, you’ll need to file your 2019 tax return as a married couple.

On the flipside, if you get divorced at any time, you’ll file as single in the spring.

“Your marital status for tax purposes is whatever your status is on Dec. 31 of each year,” said Robert Rehm, a vice president of tax services at Mariner Wealth Advisors. “If you get divorced on the last day of the year, for tax purposes, you are treated as being unmarried for the entire year.”

However, splitting up to avoid the penalties rarely makes sense, since there are other tax advantages that come with filing jointly.

“If you were going to get unmarried, you are throwing away other benefits” said Dave Stolz, a CPA and member of the American Institute of CPAs’ personal financial specialist committee. These include spousal individual retirement accounts, which let couples double up on retirement savings even if only one spouse works, and tax exemptions on estate transfers, also known as the “unlimited marital deduction.”

“It’s a step over a dollar to pick up a dime kind of thing,” Stolz said.

Subscribe to CNBC on YouTube.


Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jessica dickler
Keywords: news, cnbc, companies, despite, penalty, couples, unmarried, hits, single, married, file, tax, marriage, income, overhaul, kicks


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Bank of America says buy these two high-yield transport stocks as rates fall

Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more


Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more
Bank of America says buy these two high-yield transport stocks as rates fall Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, thinking, bank, america, taxes, long, buy, payroll, hes, stocks, white, highyield, tax, recessionpoliticsread, fall, trump, rates, housetrump, transport


Bank of America says buy these two high-yield transport stocks as rates fall

Trump says he’s considering payroll tax cut day after White House…

Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.”

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Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: maggie fitzgerald
Keywords: news, cnbc, companies, thinking, bank, america, taxes, long, buy, payroll, hes, stocks, white, highyield, tax, recessionpoliticsread, fall, trump, rates, housetrump, transport


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Beyond Meat surges after JP Morgan says sell-off has gone on long enough, upgrades stock to buy

Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more


Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more
Beyond Meat surges after JP Morgan says sell-off has gone on long enough, upgrades stock to buy Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: michael bloom, amelia lucas
Keywords: news, cnbc, companies, gone, thinking, taxes, selloff, buy, payroll, stock, hes, jp, white, tax, upgrades, surges, trump, recessionpoliticsread, morgan, meat, housetrump, long


Beyond Meat surges after JP Morgan says sell-off has gone on long enough, upgrades stock to buy

Trump says he’s considering payroll tax cut day after White House…

Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.”

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Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: michael bloom, amelia lucas
Keywords: news, cnbc, companies, gone, thinking, taxes, selloff, buy, payroll, stock, hes, jp, white, tax, upgrades, surges, trump, recessionpoliticsread, morgan, meat, housetrump, long


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VMware acquires security start-up Intrinsic in ongoing cloud push

Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more


Trump says he’s considering payroll tax cut day after White House…Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.” Politicsread more
VMware acquires security start-up Intrinsic in ongoing cloud push Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jordan novet
Keywords: news, cnbc, companies, taxes, intrinsic, thinking, housetrump, vmware, white, recessionpoliticsread, ongoing, payroll, tax, trump, long, hes, acquires, security, push, startup, cloud


VMware acquires security start-up Intrinsic in ongoing cloud push

Trump says he’s considering payroll tax cut day after White House…

Trump said he has “been thinking about payroll taxes for a long time” — and he cautioned that “whether or not we do something now, it’s not being done because of recession.”

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Company: cnbc, Activity: cnbc, Date: 2019-08-20  Authors: jordan novet
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