The debt is too high. It is a drag on our economy. It stifles small business and shrinks our middle class. We must cut spending to balance the budget, and raise taxes to allow a surplus to pay down the debt. If every interest group shares in the burden, the benefit to each group will be higher than the moderate sacrifice each group must make. The Budget Simulator at crfb.org/stabilizethedebt allows the user to see the effect of policy changes. The following summary of 46 budget proposals taken from GAO and OMB will immediately balance the budget and cut the debt in half in eight years. 1. Reduce Troop Levels to 45,000 by 2015 Savings: 840 Billion 2. All the Tax Cuts Expire except AMT and Estate Cost: 1,130 Billion 3. Adopt the Bowles-Simpson SGR for MD payments Cost: 280 Billion 4. Replace Joint Strike Fighter with F-16s Savings: 80 Billion 5. Cut Foreign Economic Aid in Half Savings: 90 Billion 6. Reduce Veteran Income Security Benefits Savings: 60 Billion 7. Reduce Spending on the Nuclear Arsenal Savings: 80 Billion 8. Reduce US Navy Fleet to 230 Ships Savings: 170 Billion 9. Reverse "Grow the Army" Initiative Savings: 110 Billion 10. Limit Highway Funding to gas tax Savings: 130 Billion 11. Block Grant Food Stamps to 2008 Levels Savings: 180 Billion 12. Reduce Temporary Assistance to Needy Savings: 30 Billion 13. Cut Federal K-12 Education by 25% Savings: 80 Billion 14. Eliminate the New Markets Tax Credit Savings: 30 Billion 15. Cut School Breakfast Programs Savings: 40 Billion 16. Raise the Social Security Age to 68 Savings: 160 Billion 17. Reduce SSI, Protect LIow Income Savings: 90 Billion 18. Use an Alternate Measure of Inflation Savings: 110 Billion 19. Increase Years Used to Calculate Savings: 50 Billion 20. Repeal ObamaCare, Keep Medicare Cuts Savings: 700 Billion 21. Raise Medicare Premiums to 35% of Costs Savings: 190 Billion 22. Drug Rebate for Low-Income Beneficiaries Savings: 110 Billion 23. Enact Medical Malpractice Reform Savings: 50 Billion 24. Increase Medicare Retirement Age to 67 Savings: 140 Billion 25. Block Grant Medicaid Savings: 300 Billion 26. Use the Chained CPI Savings: 70 Billion 27. Cap Increases in Military Pay Savings 60 Billion 28. Minimum Out-of-Pocket Under TRICARE Savings: 50 Billion 29. Reform Federal Retiree Benefits Savings: 70 Billion 30. Reform Fannie Mae and Freddie Mac Savings: 30 Billion 31. Reduce Farm Subsidies Savings: 100 Billion 32. Reduce Funding for the Arts & Humanities Savings: 10 Billion 33. Raise Tax Rates on Capital Gains Savings: 60 Billion 34. Sell Certain Government Assets Savings: 80 Billion 35. Impose a Financial Responsibility Fee Savings: 80 Billion 36. Repeal LIFO Accounting Methods Savings: 150 Billion 37. Enact Carbon Tax or Cap-and-Trade Savings: 410 Billion 38. Increase Gas Tax by 10 Cents per Gallon Savings: 120 Billion 39. Enact Five Percent VAT with Rebate Savings: 490 Billion 40. Impose a 5.6% Surtax Above $1 Million Savings: 540 Billion 41. Raise Cap to Cover 90% of Earnings Savings: 410 Billion 42. Index Tax Code to Alternate Inflation Savings: 50 Billion 43. Improve Tax Collection (Reduce Tax Gap) Savings 10 Billion 44. Tax Fringe Benefits as Regular Income Savings: 80 Billion 45. Phase Out Mortgage Interest Deduction Savings: 240 Billion 46. Curtail State and Local Tax Deductions Savings: 590 Billion No one in the U.S. deserves to have there legitimate government support cut. No one deserves to have to pay more in taxes. But to put our country on a firm financial foundation, we must do both, to everyone.
Posted on: Fri, 30 Aug 2013 02:40:09 +0000
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