The White House is considering tax cuts that would incentivize U.S. households to invest in the stock market, according to a CNBC report.
One of the incentives could see households that earn up to $200,000 a year allowed to invest $10,000 tax-free outside a 401(k) retirement account.
The tax break, if enacted, would represent “a pretty substantial amount of money for people” to have for retirement, according to Stephen Moore, an economist at the conservative Heritage Foundation.
The development comes as President Donald Trump seeks re-election this fall amid allegations that his opponents are “socialists”.
President Trump has bragged before about how terrific the stock market has performed since he got into office, saying at some point that the market rally under his leadership “far outpaced past U.S. presidents”.
But while the stock market has performed well under Trump, it is not the best ever as he claims. The market performed better under Barack Obama and even under Bill Clinton at this point in their first terms, according to analysts.
Trump rolled out a tax plan in 2017 that he and his allies have claimed is responsible for the economic gains the U.S. has had.
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Previous tax breaks under Trump have gone to rich GOP donors instead of the poor.
The market is now under pressure and a recession is anticipated in the next year. Trump wants the masses to help him win re-election and buy stock. Many believe that if the market crashes, he won’t be re-elected.