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Reuters: No cuts to entitlement/welfare programs in trump budget
Posted on 2/26/17 at 4:29 pm
Posted on 2/26/17 at 4:29 pm
quote:
U.S. President Donald Trump's first budget proposal will spare big social welfare programs such as Social Security and Medicare from any cuts, Treasury Secretary Steven Mnuchin said in an interview broadcast on Sunday.
Mnuchin said Trump would also use a major policy speech to a joint session of Congress on Tuesday night to preview some elements of his sweeping plans to cut taxes for the middle class, simplify the tax system and make American companies more globally competitive with lower rates and changes to encourage U.S. manufacturing.
Speaking on Fox News Channel's "Sunday Morning Futures" program, Mnuchin, who has acknowledged that tax reform is his top policy priority, said the budget plan would not seek cuts to federal benefits programs known as "entitlements."
"We are not touching those now. So don't expect to see that as part of this budget, OK," Mnuchin said of the programs, according to a transcript provided by Fox. "We are very focused on other aspects and that's what's very important to us. And that's the president's priority."
Trump during his election campaign promised not to cut Social Security, Medicare healthcare for seniors nor Medicaid healthcare for the poor. Preservation of these programs, coupled with a middle-class tax cut, would aid the retirees and working class Americans who make up a significant portion of Trump's political base.
In a transcript of the Fox News Channel interview, Mnuchin said Trump will be "touching on tax reform" in his speech. Mnuchin said the plan would cut the number of tax brackets and "create a level playing field for U.S. companies to be able to compete in the world."
But Wall Street, which has sent stocks to record highs on anticipation of Trump's tax cut plans, has grown impatient and could react negatively to a lack of substantive details about the plan in Trump's speech, financial analysts said.
With both chambers of the U.S. Congress in Republican hands, Trump has the potential to enact major elements of his legislative agenda.
But divisions with the Republican Party over the approach on Obamacare and taxes could prove to be an obstacle. Some Republican lawmakers have urged Trump to lay out more specifics on his policy plans, saying that more White House engagement is needed to build momentum in Congress for his agenda.
'RECIPROCAL TAX'
Mnuchin offered little new information and said key tax plan elements were not yet settled. He said Trump was looking at a "reciprocal tax" that would help create more trade parity with other countries. Trump administration officials have complained that many countries charge value-added taxes on imports while exempting exports from taxation.
But Mnuchin again said he was still "studying very carefully" a House Republican border tax adjustment plan that would levy a 20 percent tax on imports to encourage more U.S.-based production and exports. That plan aims to raise more than $1 trillion in revenue over a decade to offset lower tax rates for businesses.
"There are certain aspects that the president likes about the concept of a border-adjusted tax, there are certain aspects that he's very concerned about," Mnuchin said.
He added that the Trump administration would work with the House of Representatives and Senate to craft "a combined plan that takes the best of all of this when we bring it forward."
In a comment suggesting that Trump's budget and tax plans may use aggressive revenue assumptions, Mnuchin said the administration "fundamentally believes in dynamic scoring," a budget calculation method that assumes that a lower tax burden boosts revenues by encouraging economic activity.
The Congressional Budget Office has previously used mainly "static" scoring methods that assume very conservative economic effects of tax and budget changes.
LINK
Posted on 2/26/17 at 4:31 pm to HailHailtoMichigan!
If he thinks anything can be accomplished without touching those, he is just as delusional as Bernie.
Posted on 2/26/17 at 4:31 pm to HailHailtoMichigan!
quote:
In a comment suggesting that Trump's budget and tax plans may use aggressive revenue assumptions, Mnuchin said the administration "fundamentally believes in dynamic scoring," a budget calculation method that assumes that a lower tax burden boosts revenues by encouraging economic activity.
The Congressional Budget Office has previously used mainly "static" scoring methods that assume very conservative economic effects of tax and budget changes.
Interesting. Didn't know this went on. The corollary to the labor market participation rate chicanery.
Posted on 2/26/17 at 4:31 pm to HailHailtoMichigan!
And the NeverTrump crowd clutches their pearls and gets out the pitchforks...
...when during the Obama years, they told us we can't cut out anything because we have to win the mid terms, or have to win the presidency, or we only control 1/2 of 1/3 of congress, or some other kick the can down the road excuse
...when during the Obama years, they told us we can't cut out anything because we have to win the mid terms, or have to win the presidency, or we only control 1/2 of 1/3 of congress, or some other kick the can down the road excuse
Posted on 2/26/17 at 4:32 pm to HailHailtoMichigan!
I'd personally like to see the tax reform be issued prior to any welfare reform.
Posted on 2/26/17 at 4:32 pm to HailHailtoMichigan!
The reality is no one's going to touch Social Security or Medicare until it's too late, because the American people don't want to do it. And so we'll bump along until 20 years from now, an 85-year-old woman sees her Social Security benefits cut or taxed and asks, "what have these damn politicians been doing?"
Posted on 2/26/17 at 4:34 pm to goldennugget
quote:
And the NeverTrump crowd clutches their pearls and gets out the pitchforks...
...when during the Obama years, they told us we can't cut out anything because we have to win the mid terms, or have to win the presidency, or we only control 1/2 of 1/3 of congress, or some other kick the can down the road excuse
Really? I suspect there's a lot of overlap between NeverTrumpers and people who were enthusiastic about the Paul Ryan plan. The very Republicans who weren't enthusiastic about the Ryan plan (working-class whites) were the same people who propelled Trump to the nomination.
Posted on 2/26/17 at 4:35 pm to HailHailtoMichigan!
Not a conservative, that's for sure. He should have at least fiddled with the rules for qualifications to decrease costs.
Posted on 2/26/17 at 4:36 pm to goldennugget
quote:I'm not seeing how the second half of this post addresses the first, since the Republicans actually DO have full control of the government now.
And the NeverTrump crowd clutches their pearls and gets out the pitchforks...
...when during the Obama years, they told us we can't cut out anything because we have to win the mid terms, or have to win the presidency, or we only control 1/2 of 1/3 of congress, or some other kick the can down the road excuse
Posted on 2/26/17 at 4:39 pm to maine82
quote:
an 85-year-old woman sees her Social Security benefits cut or taxed
Social Security benefits are already taxed.
Posted on 2/26/17 at 4:40 pm to texashorn
quote:
Social Security benefits are already taxed.
They'll be taxed even more, or cut, but something like that will happen.
Posted on 2/26/17 at 4:41 pm to maine82
The favored term is "means tested."
Posted on 2/26/17 at 4:42 pm to maine82
quote:
Really? I suspect there's a lot of overlap between NeverTrumpers and people who were enthusiastic about the Paul Ryan plan. The very Republicans who weren't enthusiastic about the Ryan plan (working-class whites) were the same people who propelled Trump to the nomination.
The Paul Ryan/NeverTrump wing of the GOP is all talk, no action when it comes to cutting spending and entitlements
They use it to rile up their voting base and get re-elected but have no intentions of actually following through
Just like Obamacare repeal.
Posted on 2/26/17 at 4:43 pm to HailHailtoMichigan!
quote:
No cuts to entitlement/welfare programs in trump budget
That's something Hitler would do
Posted on 2/26/17 at 4:44 pm to goldennugget
quote:
The Paul Ryan/NeverTrump wing of the GOP is all talk, no action when it comes to cutting spending and entitlements
They use it to rile up their voting base and get re-elected but have no intentions of actually following through
Just like Obamacare repeal.
You need to re-read the Constitution. Big things usually require unified government, which didn't exist in the last six years.
What did you expect, that if Paul Ryan just yelled at Barack Obama and threw a chair at him, that Obama would say, "OK, OK, I'll abandon my political principles!"
Posted on 2/26/17 at 4:54 pm to HailHailtoMichigan!
Social Security shouldn't be cut but actual welfare should take hits.
We pay into Social Security all of our adult lives. It's our money. It isn't entitlement or welfare.
We pay into Social Security all of our adult lives. It's our money. It isn't entitlement or welfare.
Posted on 2/26/17 at 4:58 pm to dmjones
quote:
We pay into Social Security all of our adult lives. It's our money. It isn't entitlement or welfare.
Fatties and drug-addicted "disabled" people have not paid in for a lifetime.
Neither have illegals getting SSI benefits.
The gov might say that SSI comes from general revenue taxes and NOT from the Social Security Trust Fund, but that's hogwash because there is nothing in the Social Security Trust Fund.
Social Security, in the past few years, has needed increasing general revenue taxes to pay out full benefits.
Posted on 2/26/17 at 5:03 pm to HailHailtoMichigan!
quote:
Reuters: No cuts to entitlement/welfare programs in trump budget
This shouldn't be a surprise. This is what Trump ran on.
Posted on 2/26/17 at 5:09 pm to HailHailtoMichigan!
Maybe if we can get the illegals off social benifits the people that have contributed to the social services system their entire lives can benifit from it without it going bankrupt.
Posted on 2/26/17 at 5:17 pm to dmjones
quote:
Social Security shouldn't be cut but actual welfare should take hits.
To the extent that SSI operates as a welfare program, it needs to be reformed to make sure beneficiaries are actually disabled.
But that's not going to be enough to save Social Security. Not enough younger workers paying into the system to sustain it in its current form - same with Medicare. Likewise, cutting food stamps won't fix the budget either. Social Security, Medicare, Medicaid and interest on the debt are close to 80% of the budget and that's what's driving the debt.
quote:
We pay into Social Security all of our adult lives. It's our money. It isn't entitlement or welfare.
Math doesn't care how you feel. And math will eventually win.
This post was edited on 2/26/17 at 5:19 pm
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