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


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

 

2020-02-09T195746Z_1_LYNXMPEG180RG_RTROPTP_4_USA-TRUMP.JPG

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)

 

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-- © Copyright Reuters 2020-02-10
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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! 

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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.

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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".

 

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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. 

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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

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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

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