Newsletter Subject

Trump's Plan to Overhaul the Government

From

thefiscaltimes.com

Email Address

newsletter@thefiscaltimes.com

Sent On

Thu, Jun 21, 2018 09:22 PM

Email Preheader Text

Plus, what the Supreme Court's sales tax decision means By Yuval Rosenberg and Michael Rainey Trump

Plus, what the Supreme Court's sales tax decision means By Yuval Rosenberg and Michael Rainey Trump Administration Proposes Sweeping Overhaul of Government The Trump administration on Thursday unveiled a sweeping proposal to [reorganize]( the federal government by merging departments, shrinking agencies, consolidating social safety net programs, selling assets and revamping the way the government provides services and benefits to Americans. What it does: The [132-page proposal]( would, among other things: - merge the departments of Labor and Education into a new Department of Education and the Workforce. The proposal says the combined department would “address the educational and skill needs of American students and workers in a coordinated way, eliminating duplication of effort;” - consolidate welfare and food assistance programs such as the Supplemental Nutrition Assistance Program (better known as food stamps) and the Special Supplemental Nutrition Program for Women, Infants, and Children (WIC) into the Department of Health and Human Services, which would be renamed the Department of Health and Public Welfare “to better capture the nature of its programs;” - reorganize federal food safety programs into a single agency called the Federal Food Safety Agency; - eliminate the Community Development Block Grant program; - fully privatize mortgage giants Fannie Mae and Freddie Mac, reduce their role in the housing market and limit government mortgage subsidies; - restructure the U.S. Postal Service or prepare it to be privatized; - shift rural housing programs from the Department of Agriculture to the Department of Housing and Urban Development. A little history: Every recent administration has sought to streamline federal bureaucracy and reduce costs, but major overhauls requiring congressional approval have tended to go nowhere. In some ways, the Trump proposal goes back to the future, [The New York Times]( notes: “From 1953 to 1979, the Department of Health, Education and Welfare housed most of the nation’s social welfare and economic support programs. It was abolished by Congress under President Jimmy Carter, and split into the Department of Health and Human Services and the Department of Education, in recognition that no single department could manage all of the old department’s functions.” Why they say they’re doing it: “This effort, along with the recent executive orders on federal unions, are the biggest pieces so far of our plan to drain the swamp. The federal government is bloated, opaque, bureaucratic, and inefficient. President Trump understands the frustration felt by hard-working Americans,” Mick Mulvaney, director of the Office of Management and Budget and chief architect of the plan, said in a statement, according to Politico. “I am eager to work with my colleagues across the Executive branch and in Congress to deliver a more trusted and efficient government that puts the American taxpayer first.” Why others say they’re doing it: Cutting back the size of the federal government has long been a conservative goal. Republicans have for years sought to eliminate the Education Department, for example — the [smallest Cabinet agency]( in terms of employees, with fewer than 4,000, and a budget of [$68 billion](. This proposal allows the Trump administration to say it’s actively pursuing that vision. And the consolidation of safety net programs under one mega-department “is part of a rebranding effort, championed by conservative think tanks and House Republicans, to link them to unpopular direct-cash assistance programs that have traditionally been called welfare,” Glenn Thrush and Erica L. Green write at [The New York Times](. “They have been using the word welfare because it is pejorative,” Elaine Waxman, a senior fellow in the Income and Benefits Policy Center at the Urban Institute, told the Times. “The programs you can call welfare are actually very small in comparison to SNAP, which is an income support necessary to help families, workers and millions of kids.” Would the plan work? Seth Harris, deputy labor secretary under President Obama, told The Wall Street Journal that merging the Labor and Education departments is a “solution in search of a problem.” Beyond eliminating one Cabinet secretary’s salary, he said, “there won’t be savings if the new department has the same mandates and programs the two need to carry out.” Will it happen? It’s more likely to wind up in the graveyard of Trump administration proposals. Much of the reorganization would require congressional approval, which makes it unlikely to happen anytime soon since Democrats and some Republicans are expected to oppose it. “Lawmakers have shown reluctance to embrace such plans in the past, and Congress has limited time for major legislation before the November midterm elections,” The Wall Street Journal [reports](. Supreme Court Lets States Force Online Retailers to Collect Sales Taxes. Here's What It Means. In a close decision delivered Thursday, the Supreme Court ruled that online retailers and other merchants can be required to collect state and local taxes even in places where they have no physical presence. The decision could result in billions of dollars in extra tax revenues at the state and local level. The background: A [1992 court decision]( exempted retailers who lacked a physical presence in a state, such as catalog merchants, from paying sales taxes. Thursday’s decision overturned that ruling, saying that the omnipresent nature of internet commerce calls for an updated tax structure. Why it matters: States had long complained that they were losing out on billions of dollars in lost tax revenues, and that the old rules failed to recognize the growing importance of the internet economy. Writing for the majority, Justice Anthony M. Kennedy [said]( that the tax rules had distorted the economy by allowing online retailers to avoid state and local taxes in the range of $8 billion to $33 billion a year. The decision will provide states with more tax revenues, but the overall impact will be small, according to Goldman Sachs. In a note Thursday, Goldman economist Blake Taylor said that most major retailers already pay sales taxes online and states may be slow to pursue the small number of retailers that do not yet do so. As a result, Taylor sees tax revenues increasing gradually by about $13 billion. The new rules could make it harder for small online retailers to remain independent, since many lack the infrastructure to handle a complex array of taxes applied in over 9,000 jurisdictions, Bloomberg [notes](. Brick-and-mortar retailers are big winners, and some big internet retailers such as Amazon may come ahead as well as they sell tax-collection services to smaller firms. Where it goes from here: Ultimately, the decision may prod Congress to act. Lawmakers have avoided the issue for years, in part because they didn’t want to be seen increasing taxes, but the court’s decision may give them cover to finally establish a coherent set of rules. Dissenting from the decision, Chief Justice John G. Roberts Jr. wrote: “E-commerce has grown into a significant and vibrant part of our national economy against the backdrop of established rules, including the physical-presence rule. Any alteration to those rules with the potential to disrupt the development of such a critical segment of the economy should be undertaken by Congress.” Stat of the Day: Baby Boomer Retirees From [The Wall Street Journal]( “By 2017, there were 25 Americans 65 and older for every 100 people in their working years, according to new census figures released Thursday that detail age and race for every county. The ratio would climb to 35 retiree-age Americans for every 100 of working age by 2030, according to census projections released earlier this year, and 42 by 2060, though currently unforeseen factors could alter that.” The long-expected surge in Baby Boomer retirees, the Journal says, “will add to strains on retirement programs such as Social Security and sharpen the national debate on the role of immigration in the workforce.” Charts of the Day A [new report]( from the Government Accountability Office warns that “the federal government’s current fiscal path is unsustainable” and calls for early action to address the long-term challenges: “The 2017 Financial Report, CBO, and GAO all make the point that the longer action is delayed, the greater and more drastic the changes will have to be.” Quote of the Day “If Congress can’t agree to save $1 billion in unspent money over a decade, we are in big, big trouble. Because that is one of the easiest fiscal decisions we will face for quite a while.” – Maya MacGuineas, president of the Committee for a Responsible Federal Budget, in an [op-ed at The Hill]( on the rescissions package that failed in the Senate Wednesday Adios, Argentina? We didn’t see this coming. Lionel Messi and Co. suffered an ugly and embarrassing [3-0 loss to Croatia]( meaning that Argentina will need to beat Nigeria and get some help to advance out of the group stage of the World Cup. Send us your tips or feedback. Email yrosenberg@thefiscaltimes.com. Connect with us on Twitter: [@yuvalrosenberg]( [@mdrainey]( and [@TheFiscalTimes](. And have your friends [sign up here]( to get their own copy of this newsletter! Tax Loophole Could Give Pensions a Boost Some companies can get an extra tax break on contributions to their pension funds this year, but they have to hurry to take advantage of a one-time rule change, according to [The Wall Street Journal](. Pension contributions made before mid-September of this year can be deducted on tax returns for 2017, before corporate tax rates were cut from 35 percent to 21 percent. “That means a company that contributes $100 million to its pension plan now can save $35 million in taxes,” the Journal says, “while a company contributing the same amount after the deadline would save just $21 million, based on the new 21% corporate tax rate.” The enhanced tax break is available only to companies that have underfunded defined-benefit plans, but that includes plenty of firms. As of last week, defined-benefit plans for S&P 500 companies are underfunded by about 10 percent, with obligations of a bit more than $2 trillion but assets of only $1.8 trillion. For companies that are falling short, “This is a no-brainer to the extent that you have the liquidity to do it,” Wharton professor Jennifer Blouin said. News - [House Passes Farm Bill That Toughens Work Requirements for Food Stamps]( – Associated Press - [The Billion-Dollar, Secretive Business of Operating Shelters for Migrant Children]( – New York Times - [Judge Rules Structure of Consumer Finance Agency Unconstitutional]( – Axios - [Trump’s Ace in the Hole in Trade War: A Strong Economy]( – New York Times - [The ‘Right to Try’ Could Cost Dying Patients a Fortune]( – Bloomberg - [Number of Drug Makers Lobbying Congress on Pricing Issues Skyrockets]( – STAT - [Skyrocketing Insulin Prices Provoke New Outrage]( – The Hill - [Key Obamacare Groups in Limbo as They Await Funding]( – The Hill - [Five Ideas That Might Steer Gawande as CEO of Amazon-Backed Health Company]( – STAT - [Fraud Fears Rise as Feds Expand Access to Association Health Plans]( – Modern Healthcare - [Trump's Mar-a-Lago Visits Cost Coast Guard Nearly $20M]( – USA Today - [Scott Pruitt Has Spent a Total of $4.6 Million on Security, New Disclosures Show — Including $1,500 on ‘Tactical Pants’]( – The Intercept - [U.S. White Population Shrinks for First Time]( – Newsweek - [America’s Charitable Giving Set a Record Last Year]( – GuideStar - [These College Students Moonlight as ‘Grandkids’ for Hire. Seniors Love It.]( – Washington Post Views - [Trustees Report Confirms: Trump's War on Immigrants Is Hurting Social Security]( – Nancy Altman, Social Security Works - [How Medicare for All Could Save the American Health-Care System]( – Ryan Cooper, The Week - [Internet Sales Tax Switch Is Good Policy Made the Wrong Way]( – Justin Fox, Bloomberg - [Does the US Need a Space Force]( – Frank A. Rose, Brookings (podcast) - [With So Much Trauma, Let’s Make Mental Health America’s No. 1 Issue]( – Jessie Tarlov and Danielle Thibodeau, The Hill - [Justice Department Made Terrible Move with Obamacare Mandate]( – Joshua Geltzer, The Hill - [Government Calls It Forfeiture, But It’s Theft]( – Noah Smith, Bloomberg Copyright © 2018 The Fiscal Times, All rights reserved. You are receiving this newsletter because you subscribed at our website, thefiscaltimes.com. Our mailing address is: The Fiscal Times 712 Fifth AvenueNew York, NY 10019 [Add us to your address book](//thefiscaltimes.us1.list-manage.com/vcard?u=40d2c5373681f5cd830b6d823&id=714147a9cf) If someone has forwarded this email to you, consider signing up for The Fiscal Times emails on our [website](. Want to change how you receive these emails? You can [update your preferences]( or [unsubscribe from this list](

EDM Keywords (214)

yet years year would workforce workers work wind well ways way war want vision using us update unsustainable unsubscribe unlikely undertaken underfunded ultimately ugly trusted trump traditionally total tips times thefiscaltimes terms tended taxes swamp subscribed strains state split spent sought someone solution snap small slow size significant sharpen see search say savings salary said rules role right revamping retailers required republicans reorganize renamed recognize recognition receiving receive range race quote quite puts pursue programs prepare preferences potential politico point plans plan places past part overhaul oppose one older office obligations newsletter need nature nation millions merging merchants medicare means mar mandates management makes make losing long list liquidity link limbo likely lawmakers lacked labor issue infrastructure income immigration immigrants hurry housing hole hill help health harder happen handle grown greater graveyard grandkids government goes get gao future functions forwarded forfeiture firms fewer far failed face extent expected example employees embrace emails email eliminate educational education economy eager drastic drain dollars distorted disrupt development departments department deliver delayed deducted decision decade day cut cover court copy contributions consolidation congress comparison company companies committee changes change ceo carry calls budget brainer boost bit billions benefits background backdrop avoided available assets argentina amount americans alteration agriculture agree advance address add actually ace abolished 42 2017 1979 1953

Marketing emails from thefiscaltimes.com

View More
Sent On

06/12/2024

Sent On

06/12/2024

Sent On

04/12/2024

Sent On

02/12/2024

Sent On

06/11/2024

Sent On

30/10/2024

Email Content Statistics

Subscribe Now

Subject Line Length

Data shows that subject lines with 6 to 10 words generated 21 percent higher open rate.

Subscribe Now

Average in this category

Subscribe Now

Number of Words

The more words in the content, the more time the user will need to spend reading. Get straight to the point with catchy short phrases and interesting photos and graphics.

Subscribe Now

Average in this category

Subscribe Now

Number of Images

More images or large images might cause the email to load slower. Aim for a balance of words and images.

Subscribe Now

Average in this category

Subscribe Now

Time to Read

Longer reading time requires more attention and patience from users. Aim for short phrases and catchy keywords.

Subscribe Now

Average in this category

Subscribe Now

Predicted open rate

Subscribe Now

Spam Score

Spam score is determined by a large number of checks performed on the content of the email. For the best delivery results, it is advised to lower your spam score as much as possible.

Subscribe Now

Flesch reading score

Flesch reading score measures how complex a text is. The lower the score, the more difficult the text is to read. The Flesch readability score uses the average length of your sentences (measured by the number of words) and the average number of syllables per word in an equation to calculate the reading ease. Text with a very high Flesch reading ease score (about 100) is straightforward and easy to read, with short sentences and no words of more than two syllables. Usually, a reading ease score of 60-70 is considered acceptable/normal for web copy.

Subscribe Now

Technologies

What powers this email? Every email we receive is parsed to determine the sending ESP and any additional email technologies used.

Subscribe Now

Email Size (not include images)

Font Used

No. Font Name
Subscribe Now

Copyright © 2019–2025 SimilarMail.