Team Trump eyes payroll tax cut to spur economy: report

Team Trump is considering a temporary payroll tax cut to stimulate the economy and avoid a slowdown — or even a recession, a new report said Monday.

The plans reveal the administration’s top economic aides’ growing concerns about a possible slowdown as the 2020 election nears — despite President Trump’s glowing reviews of the US economy, The Washington Post reported.

A White House spokesperson denied a payroll tax cut is under consideration “at this time.”

The Washington Post reported that talks were still in their early stages, and officials have not decided whether to ask Congress to approve the cut.

Most working Americans pay a “payroll tax” on their earnings, a 6.2% levy pays for Social Security programs.

The payroll tax was cut during the Obama administration to 4.2% to encourage consumer spending during the Great Recession but went back up to 6.2% in 2013.

Americans only pay the tax on income up to $132,900, so a payroll tax cut would give many middle-class families relief they didn’t see under Trump’s tax cuts.

Payroll tax cuts also add to the deficit and can take billions from Social Security.

The administration’s discussions about a new payroll tax cut have only begun in the past few days, the paper reported. Specific details about the design have not been reached yet, it said.

The talks follow a weekend blitz in which the president and his top economic advisers touted the economy — and blamed Democrats for talking it down.