Trump administration officials are reportedly looking into a payroll-tax cut as certain market indicators and economists signal a recession could be around the corner.
The Obama administration reduced the payroll tax in 2011 and 2012, as part of its effort to stimulate recovery from the Great Recession, lowering the rate to 4.2% from 6.2%; that administration used money from the Social Security Trust Fund to compensate for lost revenue.
Now Trump administration officials say they are considering a cut after initially denying such plans. “Many people would like to see that,” President Donald Trump said Tuesday. Continue reading.