Trump overthrows, says he's not considering any tax cuts

President TrumpDonald John Trump, former US ambassador: "Denmark is not a big fan of Donald Trump and his politicians" Democrat senators advocate arms control in the defense policy bill Detroit County Sheriff Approves Booker as President MORE On Wednesday, he reversed his interest in a series of tax cuts he had just had the day before the press day, said the White House was discussing.

"I do not think of tax cuts now," he told reporters before leaving the White House to travel to Kentucky. "We do not need it. We have a strong economy. "

Trump's remarks Wednesday differed from those of Tuesday, when he said he would consider a temporary reduction in payroll and suggested indexing capital gains on inflation, thereby reducing the tax burden. investors.

"We are considering various tax cuts. But I look at it all the time anyway, "he said at the time.

On Wednesday, Trump moved away from this stance, saying he was not trying to change capital gains taxes because it would be "probably better" for high earners and that he wanted help the middle class.

"I do not seek to index," he said. "I've been studying indexing for a long time. I think it will be perceived if I do it as a little elitist. I do not want to do that. "

He added that if he wanted to unilaterally index capital gains on inflation, he thought he could do it, but that he would need a letter from the Attorney General.

In 1992, the Office of the Legal Counsel of the Department of Justice decided that capital gains could not be indexed by regulation. Conservatives who want Trump to index capital gains argue that he has the power to do so because the Supreme Court has since ruled in a telecommunications case that the term "cost" was ambiguous. But Democrats continue to believe that Trump does not have the power to unilaterally index capital gains and that such a change would require congressional action.

Trump's inconsistent comments on taxes this week come as the recession approaches. The president and his aides have publicly rejected the idea that a recession could loom on the horizon. But the Washington Post and the New York Times reported on Monday that White House officials were considering reducing payroll taxes to counter the economic downturn.