PRESIDENT CALLS ON CONGRESS TO PULL BACK $15 BILLION IN PREVIOUS “APPROVED” SPENDING AS THE GOP TAX PLAN WOULD AMOUNT TO A TAX DEFICIT THAT EXCEEDS $1 TRILLION BY 2020
15 MAY 2018

Posted by robbie Categories: TAXES Comments: Post closed for comments

WHAT’S IMPACTED

  • Half of the proposed cuts would come from two accounts within the Children’s Health Insurance Program (CHIP)
  • CHIP is governmental funding to help states cover expenses for children’s health care, primarily to low-income children.
  • These cuts are to offset a proposed 25% increase in spending ($768 BILLION for border control of which $18 BILLION would be for the wall; patrol agents and ICE officers, $716 BILLION for Defense, among other items)
  • In 2017 the government spent $3.98 TRILLION and bought in $3.32 TRILLION, leaving a deficit of $665 BILLION, 2018 deficit is estimated to widen to $804 BILLION, $919 BILLION in 2019 and $1 TRILLION BY 2020
  • The proposal includes $1.5 TRILLION for Infrastructure; however, the Federal Government is only kicking in $200 BILLION (less than 15%) of this total. The state and local governments will have to foot the remaining 86.7%.
 

Let us know your thoughts on this matter!!!!!

This GOP series of information will continue – stay tuned!!!!

 

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