Trump to propose $4.8 trillion U.S. budget with large cuts in safety nets - WSJ

 

FILE PHOTO: U.S. President Donald Trump speaks to reporters as he departs for travel to North Carolina from Washington, U.S. February 7, 2020. REUTERS/Jonathan Ernst

 

(Reuters) - U.S. President Donald Trump will release a $4.8 trillion (3.72 trillion pounds) budget on Monday that will propose steep cuts to social safety net programs and foreign aid, the Wall Street Journal reported https://on.wsj.com/37hXtbj on Sunday.

 

The budget will raise military spending by 0.3% to $740.5 billion for the fiscal year 2021, starting Oct. 1, the Journal reported, citing a senior Trump administration official.

 

It will also propose higher outlays for defence and veterans, according to the report.

 

Trump, a Republican, on Monday planned to release his budget, a blueprint for administration spending proposals that is unlikely, again, to be passed by the Democratic-controlled House of Representatives, particularly in an election year.

 

According to the Journal, the White House proposes to slash spending by $4.4 trillion over 10 years. The Trump budget targets $2 trillion in savings from mandatory spending programs, the newspaper said.

 

That includes $130 billion from changes to Medicare prescription-drug pricing, $292 billion from cuts in safety net programs - such as work requirements for Medicaid and food stamps - and $70 billion from tightening eligibility rules for federal disability benefits, the Journal reported.

 

(Reporting by Kanishka Singh in Bengaluru; Editing by Nick Zieminski)

 

-- © Copyright Reuters 2020-02-10

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Hey ya gotta finanace those tax breaks for the rich ya know you can’t expect rich folks or company’s to pay their fair share do ya?

Enough with the Free Stuff already. About time people pulled their own selves up. Whatever happened to self determination? 

A troll post containing comments of a personal nature toward the other member has been removed. 

1 hour ago, Tug said:

Hey ya gotta finanace those tax breaks for the rich ya know you can’t expect rich folks or company’s to pay their fair share do ya?

Well, no you don't which is why he will get re-elected easily.

I am enjoying my tax cut thank you very much.

Remember: Its all about the money.  

Any civilised nation would protect its vulnerable and poor by taxing the wealthy and redistributing that money. Poverty can happen to anyone and in the cut throat world of commerce and big business many high earners can be reduced to nothing overnight! Health care should be available for everyone, not just the rich! 

Edited February 10, 20206 yr by graemeaylward

1 minute ago, bkk6060 said:

I am enjoying my tax cut thank you very much.

Great,  you are the only person in my circle of acquaintances that gained anything from this corporate giveaway disguised as a tax cut

 

Please elaborate ! 

48 minutes ago, Boon Mee said:

Enough with the Free Stuff already. About time people pulled their own selves up. Whatever happened to self determination? 

That's simple.  It got rich or born rich and/or stupid and then voted for Trump!!!!

30 minutes ago, bkk6060 said:

Well, no you don't which is why he will get re-elected easily.

I am enjoying my tax cut thank you very much.

Remember: Its all about the money.  

His (tax cut) cost me 9 thousand dollars last year I’m just a working guy it certainly dident benefit regular folk with the anemic growth under trump they are looking for ways to pay for their (rich folks and corporate) tax giveaway just another nail in trumps ouster come November imo 

6 hours ago, webfact said:

The budget will raise military spending by 0.3% to $740.5 billion for the fiscal year 2021

740 billion US dollars military budget ? Is that meant for defense only ? Seems to be so high to allow them to attack about everybody else in the world ...?

If America wants to rule the world , they need to bear the responsability of their acts as well . And the consequences , too .

For sure it will not always work out the way they want it to , in an ever and more fast changing world .

Be careful for what you wish , you might get supremacy by suppression , ( for a while ) , but there will be a high price to pay for that .

Edited February 10, 20206 yr by nobodysfriend

54 minutes ago, Crazy Alex said:

The top 10% of earners pay 70% of the federal income tax burden.

The bottom 50% pays 3% of the federal income tax burden.

 

https://www.ntu.org/foundation/tax-page/who-pays-income-taxes

 

I'm sorry, who isn't paying their fair share again?

 

The top 10% earn a huge amount more than the bottom 50%.

1 hour ago, Crazy Alex said:

Yes, the US does that. The top 10% of earners pay 70% of the income tax burden. And Obama fixed health care, didn't he?

I love this argument.

 

Take it to its conclusion! Tax code stays the same, and the top earners pay 99% of the income tax burden. 

 

You can't see what that means?! Hint: massive and worsening income inequality. 

 

The absolutely ludicrous part is that the rich are able to work the tax code in their favor, so the number is even more indicative of income inequality than it appears. 

 

So yes, keep on making this argument. 

1 hour ago, Crazy Alex said:

The top 10% of earners pay 70% of the federal income tax burden.

The bottom 50% pays 3% of the federal income tax burden.

 

https://www.ntu.org/foundation/tax-page/who-pays-income-taxes

 

I'm sorry, who isn't paying their fair share again?

 

Very funny and appealing idea to those who do not, or do not have, the ability to think. And now would you like to show who has the most income? At least there are some, like Warren Buffett who states that his Secretary pays a larger percentage of her income than he does. 

Edited February 10, 20206 yr by wwest5829

4 hours ago, Tug said:

Hey ya gotta finanace those tax breaks for the rich ya know you can’t expect rich folks or company’s to pay their fair share do ya?

Finance tax cuts for the rich!!!????.  Well, Donald & the GOP say it will be paid for through this-and-that over 10 years like higher tax revenues due to greater GDP....but really it's financed by more public debt.    

2 hours ago, bkk6060 said:

Well, no you don't which is why he will get re-elected easily.

I am enjoying my tax cut thank you very much.

Remember: Its all about the money.  

I'm alright, Jack - sod you!

1 hour ago, Crazy Alex said:

The top 10% of earners pay 70% of the federal income tax burden.

The bottom 50% pays 3% of the federal income tax burden.

 

https://www.ntu.org/foundation/tax-page/who-pays-income-taxes

 

I'm sorry, who isn't paying their fair share again?

 

After their very clever accountants and lawyers have manipulated their very cleverly worded tax accounts - I would say the top 10% of earners are those who aren't/don't pay their share - of every country.

The 3%'s get screwed every time -

AND YOU KNOW IT! 

3 hours ago, Boon Mee said:

Enough with the Free Stuff already. About time people pulled their own selves up. Whatever happened to self determination? 

Sure, my sister will grab a pole and lift herself out of her wheelchair and get a job. Unfortunately no-one will employ a paraplegic with degraded mental capability. Just let Wall Street have more tax breaks and engage in more wars. Good thinking.

2 hours ago, Tug said:

His (tax cut) cost me 9 thousand dollars last year I’m just a working guy it certainly dident benefit regular folk with the anemic growth under trump they are looking for ways to pay for their (rich folks and corporate) tax giveaway just another nail in trumps ouster come November imo 

Unfortunately for you and I imagine many more, the ‘tax cuts’ that  apply to his fact devoid base are time limited. After this next election those people - the not Uber wealthy - will see what little relief was incorporated into the mess of loss of deductibles disappear. I don’t doubt your $9,000 will increase.

A typically right wing budget. 

Who would have expected anything else. 

Dems have handed a win to Trump in November. What a useless bunch they are. 

An off topic post trolling about healthcare in Thailand has been removed. 

Happy to see socialism is not winning everywhere in the world. Not many places left.

4 hours ago, graemeaylward said:

Any civilised nation would protect its vulnerable and poor by taxing the wealthy and redistributing that money. Poverty can happen to anyone and in the cut throat world of commerce and big business many high earners can be reduced to nothing overnight! Health care should be available for everyone, not just the rich! 

So true! A CIVILIZED nation would do that.... More proof usa is NOT civilized ????

53 minutes ago, Thingamabob said:

Dems have handed a win to Trump in November. What a useless bunch they are. 

Republicans are Cringe Worthy, talk about Useless 

3 hours ago, Crazy Alex said:

The top 10% of earners pay 70% of the federal income tax burden.

The bottom 50% pays 3% of the federal income tax burden.

 

https://www.ntu.org/foundation/tax-page/who-pays-income-taxes

 

I'm sorry, who isn't paying their fair share again?

 

 

Those people who no longer "earn" and simply invest their capital making money off the sweat of others. Even you aren't naive enough to believe that the elite rich pay the same percentage in taxes as the top "earners".

 

Don't  forget, you all pay thousands of dollars every time Trump flies, with the two B747 jets, and sometimes a cargo jet for the helicopter and his cars.  What a waste of money! Do enjoy the tax break! I am surprised that a news channel has not done a story on this.

Geezer

9 hours ago, webfact said:

social safety net programs

The liberals are such wordsmiths.  Taxes are contributions.  Government spending is investments Abortion is choice Taxing at confiscatory rates is your fair share. Confiscation and banning is "sensible gun control"  People in the country illegally are Dreamers now we have government handouts called a "safety net"  

In todays economy any willing and able bodied person can find a job. Those truly too mentally or physically unable to work need to be provided for however in 2008, 27 million Americans are on Food Stamps.  Today it is 36.5 million.  There is no way that in todays economy that 10 million more people require assistance than 2008 which was the beginning of the financial meltdown. 

One of the reasons the USA has such a problem with illegal immigration is that the "safety net" they are provided gives them a life superior to 99% of the people in the world.  Helping someone is when you assist them in securing a way to provide a better life for themselves.  Enabling and servitude is when you provide so much that the person is both beholden and has to will to provide for themselves.  When asked Warren Buffet said he was going to leave his children enough money so they could do something with their lives and not so much that they would do nothing.  The same should be true of our Safety Nets.  They should be a pathway to a better life, not a permanent way of life. 

5 hours ago, graemeaylward said:

Health care should be available for everyone, not just the rich! 

I completely agree..
But there are too many humans on earth;
8 billion currently and maybe 10 billion in a few years ...

The "rich" as you write and of which I am not a part want to keep a livable ground.
To do this, they have found a simple way and will certainly find others, more sophisticated.
We can trust them.
This simple way: to make progress in medicine increasingly difficult to obtain for 99% of the population who are not "them";
gradually return to the Middle Ages when life expectancy was around 25 years.
And if it doesn't go fast enough, make coronaviruses on an industrial scale

 

Man is a wolf to Man ;
except that the wolf only kills when it is hungry not when it is full
Man is the most harmful of animals; he doesn't deserve to survive

6 hours ago, Boon Mee said:

Enough with the Free Stuff already. About time people pulled their own selves up. Whatever happened to self determination? 

that's right just tell them to pray more and eat cake

Edited February 10, 20206 yr by malibukid

22 minutes ago, Stargrazer9889 said:

Don't  forget, you all pay thousands of dollars every time Trump flies, with the two B747 jets, and

sometimes a cargo jet for the helicopter and his cars.  What a waste of money! Do enjoy

the tax break! I am surprised that a news channel has not done a story on this.

Geezer

100 days of golf so far