Published: Tue, February 28, 2017
Economy | By Melissa Porter

First Trump Budget to Take Aim at Non-Retiree Social Safety Net

First Trump Budget to Take Aim at Non-Retiree Social Safety Net

This will inevitably include simplifying the tax code, announcing tax cuts for the middle class, putting forward a $1 trillion infrastructure spending plan and making USA companies competitive on the global market.

He said: "We are not touching those now".

The budget outline will be the first move in a campaign this week to reset the narrative of Mr. Trump's turmoil-tossed White House. "Don't expect to see that as part of this Budget".

Howard Dean, the former Vermont governor and Democratic Party leader, said today on MSNBC that for him and average Americans, Trump's budget math "doesn't make sense".

But Mnuchin again said he was only studying a House Republican border tax adjustment plan that would levy a 20% tax on imports to encourage more USA -based production and exports.

By reforming the tax code, the administration believes companies will bring back "trillions of dollars" sitting offshore and "redeploy" the money in the USA, according to Mnuchin. "And we're doing it under lightning-fast proposals". "So although there may be an absolute lower rate, that doesn't necessarily mean it's a corresponding drop in revenues".

The leadership of the Committee for a Responsible Federal Budget, an anti-deficit group, has called on Trump to discuss the importance of the national debt during his first address to a joint session of Congress.

One proposal, a border-adjustment tax, would increase levies on imports to the U.S. Critics have said the higher import costs would be passed on to consumers in the form of higher prices, potentially stoking inflation.

Steven Mnuchin, Donald Trump's nominee for Treasury secretary. The Treasury secretary explained that while the president is a proponent of free trade, he also believes in fair trade.

Amid concerns about Trump wanting to end or renegotiate worldwide trade deals, Mnuchin said the president will not be getting into "trade wars" with other countries.

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