White House officials are weighing the possibility of implementing a temporary payroll tax cut as a way to boost the economy as concerns about a possible slowdown mount, The Washington Post reports. Specific details regarding the payroll tax cut have reportedly not been reached, and discussions are in their early stages. Officials are also considering other tax breaks as a means to boost the economy, though they have not formally approached Congress about any of the potential moves. In a statement to the Post, the White House denied that a payroll tax cut is being discussed. “As (National Economic Council Director 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,” the statement read. The payroll tax currently sits at 6.2 percent tax. The money is used to finance social security programs. The rate was last temporarily cut to 4.2 percent during the Obama era to promote consumer spending in the economic downturn. It reset in 2013.
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