Wednesday, 18 October, 2017

Budget plan faces uncertain fate after clearing House panel

Under Donald Trump's Tax Plan, the Rich Would Get Richer and the Poor Poorer, Report Shows 20% corporate tax rate being mulled in US
Lance Thomas | 21 July, 2017, 00:12

The House Budget Committee was conducting a markup of the resolution as of production deadline Wednesday. However, Trump has favored even larger tax cuts, which add to the deficit despite the mathematical camouflage.

Instead, to most Republicans on Capitol Hill, the most important element of the plan is the procedural pathway it would clear to allow Republicans to pass their top priority - an overhaul of the tax code - later this year without fear of a blockade by Senate Democrats. "But now with a Republican Congress and a Republican administration, now is the time to put forward a governing document with real solutions to address our biggest challenges".

"We've seen how this plays out before, when you vote for a budget thinking it's going to be one thing, on health care reform, and it's something different", said Rep. Jim Jordan, the former Freedom Caucus chairman. "Resulting policies restricted lending for small business and maintain the "too big to fail" ethos that nearly brought down the American financial sector", the budget statement asserts.

Republicans need to pass a budget and then use budgetary reconciliation to pass a tax code overhaul. This budget will reverse that bad leadership with a combination of pro-growth policies, including comprehensive tax reform, welfare reform, healthcare and regulatory reform.

This resolution for fiscal year 2018 would cut mandatory spending by more than $200 billion, while also aiming to balance the budget in a decade.

The Daily Signal previously reported that participation in Alabama's food stamp program dropped by 85 percent in 13 counties after officials said able-bodied adults without dependents must work, look for work, or get approved job training in exchange for food stamps.

Democrats have long dubbed Ryan's plan "the end of Medicare as we know it", but to hear Collins tell it, that's not true.

"It embraces the worst extremes of the Trump budget, sacrificing almost every investment that helps American families get ahead", said top Budget Committee Democrat John Yarmouth of Kentucky. Currently, lawmakers are operating under spending mandate for 2017-which includes instructions to pass health care through the fast-track process.

Republicans easily rejected Democratic attempts to protect the Obama health law, restore Medicaid, and increase spending for domestic programs renewed by Congress each year.

The plan appears set to ease through the GOP-controlled panel, which is stocked with hard-core conservatives, some of whom said the measure is too loose on spending.

The budget includes $621.5 billion in defense spending and $511 billion on non-defense discretionary spending in 2018. The Tax Policy Center estimated that once the plan was fully implemented, 96 percent of the tax relief it offered would go to households making $1 million or more a year. That's more than the $574 billion in base defense spending recently proposed by the White House.

In addition to Ways and Means' $52 billion deficit reduction target, the other committees and their targets are: Agriculture, $10 billion; Armed Services, $1 billion; Education and the Workforce, $20 billion; Energy and Commerce, $20 billion; Financial Services, $14 billion; Homeland Security, $3 billion; Natural Resources, $5 billion; Judiciary, $45 billion; Oversight and Government Reform, $32 billion; and Veterans, $1 billion.

The House budget assumes 2.6 percent growth and says economic feedback would cut the deficit by $1.5 trillion over a decade (and does not double-count that growth). Another $700 billion in savings would come from a crackdown on "improper payments" such as tax credits and Social Security and Medicare benefits going to people who don't qualify for them.

But in the immediate future, the GOP measure is a budget buster.

Much like the GOP's health care reform, Trump's tax cut proposal is not popular.

Recommended

  • Lucky Whitehead's dog is back safely

    Lucky Whitehead's dog is back safely

    Dallas Cowboys wide receiver Lucky Whitehead's dog has been returned safely after being stolen and held for ransom , he said. The 25-year-old Whitehead tried to get detectives on the case, but they were unable to trace the dognappers' phones.

    Tour de France: Michael Matthews wins stage 16, Froome still in yellow

    Jack was killing it at the end. "We worked so hard to be in this position but it's not over". He said: "You are obviously very angry if you can not go for the victory".
    IIFA 2017 Honors Neerja, Udta Punjab

    IIFA 2017 Honors Neerja, Udta Punjab

    His " Udta Punjab " co-actress, Alia Bhatt won the Best Actor (Female ) Award for the film and both recorded a boomerang. The actors were given away the prestigious IIFA Awards for their brilliant performance in " Udta Punjab ".
  • Under 45? You will now have to work longer before you retire

    Under 45? You will now have to work longer before you retire

    Labour said in its manifesto it would not implement the Cridland proposals, and would instead consult on varying retirement ages. Mr Gauke told the Commons the move would save the Treasury £74 billion by 2045/46 compared with the previous proposals.
    Mayawati resigns from Rajya Sabha membership

    Mayawati resigns from Rajya Sabha membership

    The numbers do not bode well for the BSP's chances to its supremo back to Rajya Sabha when her term would end in April next year. He stressed that the party's next move would be to take this issue to the people and expose the BJP's doublespeak on Dalits .
    Live Crew's Fresh Kid Ice dies

    Live Crew's Fresh Kid Ice dies

    A native of the island of Port of Spain, Trinidad, Fresh Kid Ice grew up in Brooklyn, New York. His real name was Chris Wong Won and he was considered a pioneer for Asian rappers.
  • Will the Nevada Board of Parole grant OJ Simpson his freedom?

    Will the Nevada Board of Parole grant OJ Simpson his freedom?

    Officials in Florida said in a statement that "if Nevada's request meets all criteria, Florida must accept the transfer". Neither prosecutors nor victims of the crimes for which Simpson was convicted in 2008 are expected to oppose his parole.
    Congressional committee approves amendment that would grant citizenship to Charlie Gard

    Congressional committee approves amendment that would grant citizenship to Charlie Gard

    Mr Justice Francis is due to read a transcript of the meeting at Gosh before the next hearing, likely to be this Friday. They apparently failed to be persuaded by American neuroscientist Dr Michio Hirano , who flew back to NY last night.
    Disney offers a first look at Star Wars land

    Disney offers a first look at Star Wars land

    So guests will actually get to pilot the Millennium Falcon , which has been a fantasy at some point for every Star Wars fan. The progress on the Star Wars-inspired lands was updated by the amusement park and resort giant earlier this year in March.
  • Blues complete AS Monaco midfielder Tiemoue Bakayoko's signing

    Blues complete AS Monaco midfielder Tiemoue Bakayoko's signing

    Asked what his ambitions were for the upcoming season, Bakayoko added: 'I have the ambition to play as many matches as possible. Chelsea are a big club", the 24-year-old said at a promotional event in Tokyo.

    Feng takes early lead in US Women's Open

    Because of the delayed start of the second round, those with afternoon tee times , such as Korda's older sister, Jessica, may not. NOTES: Defending champion Brittany Lang of the United States, one of 10 Women's Open champions in the field, shot an even-par 72.
    CBO says Trump budget would reduce deficit but not balance budget

    CBO says Trump budget would reduce deficit but not balance budget

    But under current law, the CBO expects economic growth to be about 1.8% on average over the next decade. The White House is likely to take the CBO projection of Trump's budget proposal with a grain of salt.

Treasury fines Exxon $2 million for violating Russian Federation sanctions Treasury fines Exxon $2 million for violating Russian Federation  sanctions The same month that Exxon signed the deals, Tillerson said the company generally opposes sanctions and finds them "ineffective". And a May 2014 report from the Wall Street Journal said that BP's CEO, an American, "may participate in board meetings with Mr.

Trump Administration Takes Initial Steps To Renegotiate NAFTA Trump Administration Takes Initial Steps To Renegotiate NAFTA Unless the USA starts saving more or investing less, that deficit won't decline - regardless of this or any other trade agreement. The most important fact to keep in mind as the administration renegotiates NAFTA is that the agreement has been a success.

Twitter Is Losing It Over This Offensively Bad Beyonce Wax Figure Twitter Is Losing It Over This Offensively Bad Beyonce Wax Figure When the curtain came down revealing the waxwork after a countdown, Kylie admitted that she was taken aback by how it looked. Sometimes the wax figurines at Madame Tussauds' tourist traps are spot-on, looking like actual twins of their namesakes.

Jalen Rose suggests LeBron James is 'as good as gone' in Cleveland Jalen Rose suggests LeBron James is 'as good as gone' in Cleveland Adding to his frustration was the fact that Griffin was very close to landing Jimmy Butler when Gilbert chose to shake things up. Despite being courted by James himself, Crawford signed with the Wolves on a deal worth $US4.4 million per season.

Oklahoma's Inhofe to lead Senate panel in McCain's absence Oklahoma's Inhofe to lead Senate panel in McCain's absence John McCain revealed over the weekend that he had surgery to remove a blood clot from above his eye (more on his condition below). Collins said she's been in touch with members of the Trump administration about the bill, which she calls "a work in progress".

Kingdom Hearts III gets new trailer, and a 2018 release window Kingdom Hearts III gets new trailer, and a 2018 release window It's the first time Pixar has joined the Kingdom Hearts universe - and with it comes a whole new Toy Story , erm, story. Since then, Square Enix has been trickling news about what they plan to include in the third installment.

Delta hits back at Ann Coulter after 'public attack' on Twitter Delta hits back at Ann Coulter after 'public attack' on Twitter Coulter also tweeted that she was still waiting for an explanation. "Here's the woman given my PRE-BOOKED seat". Delta Airlines' seating policy can be found on their website.

Action Aladdin casts Will Smith, Naomi Scott, Mena Massoud Action Aladdin casts Will Smith, Naomi Scott, Mena Massoud There's still no release date for Aladdin , but we are following the story and will update as soon as a date is revealed. The duo join the only other talent cast for the Disney musical, Will Smith , who will be playing the Genie .

Kaalakaandi Movie Teaser Released, Saif Ali Khan, Sobhita Dhulipala Kaalakaandi Movie Teaser Released, Saif Ali Khan, Sobhita Dhulipala The film is about six characters, set in one night, and encompasses the dark and bright side of life in Mumbai. Going by the teaser, Saif Ali Khan is doing craziest things which even he does not know why he is doing.

Beyonce unveils photo of twins Sir and Rumi Beyonce unveils photo of twins Sir and Rumi Beyonce already holds that crown with her Instagram pregnancy announcement in February. "We have been blessed two times over". The picture showed the 35-year-old mother-of-three and the twins draped in a purple floral sheet, while she wore a blue veil.

Sinkhole swallows two homes, continues to grow in Florida Sinkhole swallows two homes, continues to grow in Florida Pasco Fire Rescue, Emergency Management, Duke Energy and a Pasco building inspector are responding to the scene. Whited said after the home collapsed into the sinkhole, the only thing they could see was the home's roof.

Washington at loggerheads over Russian Federation sanctions Washington at loggerheads over Russian Federation  sanctions Republicans say House Democrats are responsible for the current holdup due to their opposition to the changes. Democrats countered that the administration has only itself to blame for the slow pace of filling vacancies.

Google Play Music's New Release Radio Station is Now Available to All Google Play Music's New Release Radio Station is Now Available to All Support for purchased and uploaded songs on Google Play Music is rolling out now to all countries where Google Home is sold. Google Play Music allows you to store up to 50,000 songs in its cloud that could be streamed "anywhere for free".

European Union chiefs urge China to free political prisoners after Xiaobo's death European Union  chiefs urge China to free political prisoners after Xiaobo's death But the government warned repeatedly against interference and said Liu was being treated by renowned Chinese cancer experts. Instead, Liu's absence at the prize-giving ceremony in Oslo, Norway, was marked by an empty chair .

BurgerFi Deal: FREE fries with purchase TODAY BurgerFi Deal: FREE fries with purchase TODAY You can go basic and eat these crispy, fried gems on their own or with ketchup (or any other insane sauce). National French Fry Day is the ideal excuse to indulge in the fried, golden goodness.