The daily business briefing: August 20, 2019

The White House considers tax cuts to boost the economy, the U.S. extends a reprieve for Huawei, and more

U.S. extends a reprieve for Huawei
(Image credit: FRED DUFOUR/AFP/Getty Images)

1. Report: White House considers tax cuts to boost economy

White House officials have discussed a temporary payroll tax cut to help boost the slowing economy as fears of a looming recession rise, The Washington Post reported Monday, citing three people familiar with the discussions. No decision has been made yet on whether to formally ask Congress to approve a reduction in the 6.2 percent that millions of Americans pay to finance Medicare and Social Security. The Obama administration cut the rate to 4.2 percent to help boost consumer spending through the effects of the financial crisis a decade ago, but the tax returned to 6.2 percent in 2013. White House economic adviser Larry Kudlow also reportedly is pushing for a capital gains tax cut, which, unlike a payroll tax cut, would mostly benefit wealthy investors.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.