Trump’s budget cuts DOL funding by 21%, requests $15 billion in IRS funding

On February 12, 2018, the White House released President Trump’s proposed budget for fiscal year 2019, entitled “Efficient, Effective, Accountable An American Budget,” which seeks a 21% reduction in funding at the Department of Labor from the Agency’s 2017-enacted level. Trump’s 2019 request for the DOL is $9.4 billion, $2.6 billion less than the 2017-enacted level. Among the reforms and changes, the proposed budget targets the Pension Benefit Guaranty Corporation’s (PBGC’s) multiemployer plan program.
The PBGC’s multiemployer program, which insures the pension benefits of ten million workers, is at risk of insolvency by 2025. The budget would add new premiums to the multiemployer program, raising about $16 billion in premiums over the ten-year window. At this level of premium receipts, the program is more likely than not to remain solvent over the next 20 years, helping to ensure that there is a safety net available to workers whose multiemployer plans fail, according to the proposed budget.

IRS funding

The Administration’s budget proposal calls for $15 billion in IRS funding. “By investing in the modernization of Internal Revenue Service (IRS) systems, the Budget would help make the implementation of tax reform successful and support the President’s vision of making tax filing simpler for hardworking Americans,” the proposal reads.
Note that presidential budget requests are not binding; rather, the requests offer a legislative proposal for congressional lawmakers.

Source: “Efficient, Effective, Accountable An American Budget.”
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