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Politics

Trump ‘thinking about’ payroll tax cut after admin said no

A day after the White House said a payroll tax cut was not on the table, President Trump asserted Tuesday he was considering one.

“Payroll taxes is something I have been thinking about. Many people would like to see that,” the president told reporters at the White House before a sit-down with Romanian President Klaus Iohannis.

Multiple reports said Monday that the administration was considering a payroll tax cut to prod the economy and forestall a possible slowdown or recession — but officials denied it.

“As Larry Kudlow said yesterday, more tax cuts for the American people are certainly on the table, but cutting payroll taxes is not something under consideration at this time,” a White House official told The Post on Monday, referring to Trump’s top economic adviser.

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

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

The payroll tax was cut during the Obama administration to 4.2 percent to encourage consumer spending during the Great Recession, but went back up to 6.2 percent 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, experts say.

Trump also slammed the Federal Reserve for not cutting interest rates as fast as he would like.

“If the Fed would do its job, we’d have a tremendous spurt of growth,” he asserted.