Administration

Trump says he is ‘seriously’ considering a capital gains tax cut

President Trump on Monday said he is considering a capital gains tax 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 to reduce the payroll tax after negotiators were unable to reach an agreement on a coronavirus relief package.

“We’re looking at also considering a capital gains tax cut, which will create a lot more jobs,” Trump said Monday during a briefing. 

“Looking 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 faces a slew of polls showing him trailing presumptive Democratic nominee Joe Biden in the race for the White House. The president has sought to show off his executive actions while blaming Democrats for the stalemate in Congress. 

He said the nation can expect to hear more about his plans in the weeks ahead.

“I think it will be very exciting. A capital gains tax is going to be a lot of people put to work, and it will be a cut in the capital gains tax and also a cut in the middle-income tax,” the president added. 

Questions have been raised about how effective Trump’s orders will be. A $600 increase in unemployment benefits expired at the end of last month. Trump’s order extends $300 in benefits, but the funds for the extension will run out in December. States are asked to come up with another $100 in benefits per week. 

Trump also praised new job creation, highlighting a dip in the unemployment rate after it reached record highs during the course of the pandemic and subsequent shutdowns. 

He said the country is seeing a housing and automobile boom, specifically calling out the creation of auto plants he said are popping up in Michigan and Ohio — two key swing states crucial to Trump’s bid for reelection. 

“We’re doing rebuilding like nobody’s ever seen. It’s a big plus for manufacturing and construction. So construction is getting close to record territory. Manufacturing is doing very well. The car companies are doing very great. I’m very happy for Michigan, the state of Michigan. We have a lot of car companies moving in. Plants are being built and expanded in Michigan and Ohio,” Trump said. 

Trump also predicted the economy can grow at a 20 percent pace in the third quarter. 

“Theres is no reason why the economy can’t grow at a 20 percent pace in third quarter. That will be record, and, interestingly, it will be a number that’s going to be announced before Nov. 3. It gets announced probably around Nov. 1, which is very interesting,” the president said, referring to Election Day. 

“But it’s going to grow at a very substantial pace based on all the numbers we’re looking at and probably a lot more substantial than we originally thought,” he added. 

Tags Capital gains tax Coronavirus Donald Trump Joe Biden

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File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)
File - A Chevrolet Bolt is displayed at the Philadelphia Auto Show, Jan. 27, 2023, in Philadelphia. Electric vehicles are far less reliable than gasoline-powered cars, trucks and SUVs, mainly because most automakers are still learning how to build a completely new power system, according to this year's auto reliability survey by Consumer Reports.(AP Photo/Matt Rourke, File)

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In this photo released by the Governor of Sevastopol, Mikhail Razvozhayev telegram channel, a rescuer gestures as he helps people during an evacuation after storm and flooding in Sevastopol, Crimea, Monday, Nov. 27, 2023. A storm in the Black Sea took down power grids and left almost half a million people without power after it flooded roads, ripped up trees and damaged buildings in Crimea, Russian state news agency Tass said. (Governor of Sevastopol Mikhail Razvozhayev's telegram channel via AP)

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