Trump retracts from tax cuts in the wake of US recession fears


 

Trump puts off plans for tax cuts amidst changes expected in wake of US recession fears-global-annal-bhavesh-kumarAs global markets are witnessing a slowdown and ongoing trade war between US and China, on the other hand, changes in US tax policy are expected to contain the damage, which may affect the US economic outlook in the future.

After much speculation however on expected changes in the US tax policy front, President Trump has finally cleared the air and retracted on payroll tax cuts and indexing of capital gains – with none going through at the moment. The reasoning for the same has been shared to be strong economic fundamentals.

President Trump also criticized Federal Reserve Jerome Powell several times for hiking interest rates throughout 2017 and 2018, while comparing him to a golfer “who can’t putt”.

Source: CNBC

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