White House considering new tax cut announcement before the elections
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Published: October 26
In desperation, The White House is weighing the idea of a tax cut that it believes would lift Americans’ take-home pay and boost a still-struggling economy, according to people familiar with the administration’s thinking, as the presidential candidates continue battling over whose tax policies would do more for the country.
Obama administration officials have concluded that the economy is not doing well and is still fragile enough that it may need another bout of stimulus. The tax cut could replace the payroll tax cut championed by President Obama in 2011 and 2012, which was designed to take more from the middle class as a buffer against economic shocks such as the financial crisis in Europe and high oil prices. It expires at year’s end.
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