You’re not going to see $2 trillion in cuts during Trump’s second term.
DC politicians think it’s $2 trillion annually of ‘free’ money from the national credit card.
The way to get big spending cuts is by big tax increases.
I suggest an 8% Value-Added-Tax payable by corporations, payable in year one by multi-nationals, in year two by multi-state corporations as well, and thereafter by all corporations and partnerships.
The corporate income tax rate might be increased annually by the percentage the national debt is.
Wall Street will understand what that could mean.
It would take two to three years for corporate tax rates to reach pre-Trump levels, then without balanced budgets the corporate tax rate would climb annually, roughly 29%, 31%, 33%, 35%, 37%, 39%, 41%, etc.
The $2T proposed spending cuts are over 10 years. Reporters are either told to not report that or they choose not to.
And that 10 yrs is not divided equally. It’s not $200B/yr. It’s back loaded so that it never happens.
And btw, the priority of the budget talks are making permanent the Trump 2017 tax cuts. Tax cuts, not a new VAT imposition.
The concept is, of course, a consumption tax, levied evenly on all levels of income — including those paying with SNAP or welfare.
That can just be put to bed. It is no more likely to happen than the real solution — execution of huge portions of the populace and confiscating their estate assets to pay down the debt.