When Trump’s budget proposal goes live, Trump’s aides scramble to figure out how to pay for it
The White House is bracing for a Trump administration budget that will likely include a significant tax cut.
The president’s proposed budget proposal is expected to include an $8 billion increase in the child tax credit, which the White House has previously claimed will boost wages and create millions of jobs.
But the plan also would likely require a massive expansion of the Earned Income Tax Credit.
“It’s going to have to be some combination of those two things,” White House budget director Mick Mulvaney told Axios.
“And if it’s not, we’ll see.”
Mulvray said that the Trump administration will also have to find a way to pay the cost of the plan, a challenge that will be exacerbated by the administration’s inability to provide a detailed budget to Congress.
“We’re going to be able to tell you how much that’s going up, how much we’re actually paying for it,” Mulvay said.
The plan could also include cuts to other programs, including SNAP, which has been criticized for its cost-cutting. “
So the real challenge is getting the money to our people.”
The plan could also include cuts to other programs, including SNAP, which has been criticized for its cost-cutting.
“I think SNAP, SNAP will be in jeopardy,” Mulrvray told Axio.
“They’re not doing as well as they could be doing.”
Trump has repeatedly claimed that the child credit would spur job creation and that it would pay for itself.
“If we can do that, the country’s going, and I don’t think it would be a good thing,” Trump told supporters in North Carolina on Saturday.
“A lot of it is a consequence of the fact that we’re not paying for the child care benefit, which I think is a good idea.”
The president has also proposed raising taxes on the middle class, saying he would cut the top marginal rate for the highest earners from 35 percent to 21 percent.
Mulvays plan would likely cost the government $3 billion in tax cuts, according to Axios, though Mulvaries office has not yet provided the White Senate Office of Management and Budget with a specific estimate of the cost.
Mulrays plan includes $2 billion in spending cuts, including $3.6 billion for Medicaid, the federal health care program for the poor.
The plan also includes $1.4 billion for the Deferred Action for Childhood Arrivals program, a controversial amnesty program that Trump and congressional Republicans have threatened to roll back under the guise of helping the nation’s youth.
“In the coming weeks, we will work to identify additional additional savings that are needed to fully implement President Trump’s first budget and address some of his priorities,” a White House spokesperson told Axos.
“Once we have a better understanding of the specifics, we can offer more details in the coming days.”
Mulranes plan would also likely increase the minimum wage from $7.25 an hour to $10.10 an hour, and would eliminate tax credits for child care, food stamps, Medicaid and unemployment insurance.
Mulbays proposal would also increase the federal minimum wage to $13.50 an hour by 2020.
“He has already proposed eliminating or significantly reducing Social Security, Medicare, and Medicaid benefits, including a $2,500 cap on benefits and the elimination of eligibility for Social Security disability payments,” a spokesperson for the White HOUSE Office of Budget and Policy Priorities said.