Trump expects US economy to grow at 20% pace, supports middle-income tax cut
Trump touts economic moves before and after White House safety incident
President Trump said Monday that he expects the U.S. economy to grow at a record pace in the coming weeks and is considering cutting taxes on capital gains and for middle-income families during the coronavirus pandemic.
“There is no reason the economy can’t grow at a 20 percent pace in the third quarter,” Trump said during a press conference at the White House briefing room. “That would be a record and interestingly, it’ll be a number that’s going to be announced before November 3.”
STOCKS EXTEND WINNING STREAK AS TRUMP SIGNS EXECUTIVE ORDERS FOR CORONAVIRUS RELIEF
Trump said a capital gains tax cut would “create a lot more jobs.” The president said he would provide more details on his plan, including an income tax cut for middle-income families, within the next few weeks.
U.S. President Donald Trump talks with a secret service agent before leaving a coronavirus disease (COVID-19) pandemic briefing at the White House in Washington, U.S., August 10, 2020. REUTERS/Kevin Lamarque - RC2ABI9OH3H4 (Associated Press)
Trump began the briefing touting Monday's stock market gains in the wake of his executive orders over the weekend. However, just a few minutes into the briefing, the Secret Service briefly escorted Trump out of the press room. The president returned and said there had been a shooting near the White House fence but had few other details to share.
Upon his return, the president noted that the Dow Jones Industrial Average closed 350 points higher on Monday after he announced executive orders that provided unemployed workers with an extra $400 per week, put a moratorium on evictions and deferred the payroll tax through the end of the year. Trump noted the Dow Jones Industrial Average and S&P 500 “are 50 percent above March levels”
TRUMP ESCORTED OUT OF WHITE HOUSE BRIEFING ROOM
Trump also extolled the strength of the U.S. auto and housing markets, adding that unemployment was “falling faster than nearly anyone thought.”
President Donald Trump leaves the James Brady Press Briefing Room by a member of the Secret Service during a news conference at the White House, Monday, Aug. 10, 2020, after a security incident outside the fence of the White House. (AP Photo/Andrew H (Reuters)
Trump took executive action after talks stalled between Democratic and Republican lawmakers on a coronavirus relief bill. The president criticized Democratic leadership, who he said was focused on “a bailout of poorly run states” rather than extending benefits for struggling Americans.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Trump took a series of questions about the shooting and his departure from the briefing room. Asked about his personal safety Trump said, “I feel very safe with the Secret Service. They’re fantastic people, they’re the best of the best.”