Drone strikes attacked an oil processing facility at Abqaiq and the nearby Khurais oil field on Saturday.Marketsread more
Saudi Aramco is aiming to restore by Monday about a third of its crude output that was disrupted after drone attacks on two key oil facilities, The Wall Street Journal...Marketsread more
Apple's new iPhones can still send texts, download apps, and make video calls, but the company spends a lot of time and effort marketing its new phones as powerful photography...Technologyread more
The trucking industry is worth hundreds of billions of dollars per year. Uber is going after this market with Uber Freight, an online platform that matches truckers with...Technologyread more
Some U.S. manufacturers say tariffs, if targeted, will help address longstanding unfair trade practices like intellectual property theft.Traderead more
Supporters of a $15 minimum wage ballot initiative in Florida argue the state's inflation-tied pay hikes have not gone far enough.2020 Electionsread more
Saudi Arabia shut down half its oil production Saturday after drone strikes hit the world's largest oil processing facility in an attack claimed by Yemen's Houthi rebels.Politicsread more
Trusii's hydrogen water machines were supposed to help users with their health problems, but customers claim the company is involved in a giant scam.Technologyread more
The decoupling of the world's two weightiest economies seems as inescapable as its extent and global impact remains incalculable.Politicsread more
BlackBerry has reinvented itself to become a leader in securing mobile communications and in embedded communications. Next year it plans to roll out new products. CEO John...Evolveread more
President Donald Trump on Tuesday said he was "thinking about" cutting payroll taxes, less than a day after the White House denied that a payroll tax cut was under consideration.
"Payroll tax is something we think about, and a lot of people would like to see that, and that very much affects the workers of our country," Trump told reporters at the White House.
Trump went on to say that he has "been thinking about payroll taxes for a long time" — and he cautioned that "whether or not we do something now, it's not being done because of recession."
His remarks were at odds with a White House official's statement to CNBC on Monday evening: "More tax cuts for the American people are certainly on the table, but cutting payroll taxes is not something under consideration at this time."
That denial came in response to The Washington Post's report that White House officials have been floating a payroll tax cut as a way to head off a possible economic slowdown.
When asked about the discrepancy between the official's statement and the president's remarks, a White House representative declined to comment.
The president has pushed back strongly on reports that investors fear an economic recession may be on the horizon. In a tweet Monday, he accused Democrats of "trying to 'will' the Economy to be bad for purposes of the 2020 Election."
In the Oval Office on Tuesday afternoon, Trump said, "I think the word recession is a word that's inappropriate because it's just a word that certain people, I'm going to be kind, certain people and the media are trying to build up because they would love to see a recession. We are very far from a recession."
But in his nearly 30-minute exchange with the press, ahead of a meeting with Romanian President Klaus Iohannis, Trump floated a number of possible ways to stimulate the economy. He slammed the Federal Reserve for raising interest rates and called for a full percentage-point cut in rates "over a period of time."
He also discussed multiple proposals to reduce taxes, including a payroll tax cut and indexing capital-gains taxes to inflation.
"I'm not talking about doing anything at this moment, but indexing is something a lot of people have liked for a long time," Trump said. "It is something I'm thinking about."
If Trump attempts to pass a payroll tax cut through Congress, he's almost certain to face strong opposition from Democrats. The 6.2% tax helps to fund social welfare programs that Democrats have vowed to protect.