Budget Proposal that Cuts $1 Trillion in First Year

Tuesday October 18th, 2011 • Posted by Stephanie Freedman at 11:04am PDT •

Here at MyGovCost we are dedicated to keeping our followers updated on current topics regarding government spending. I think it is fine time to start highlighting proposed solutions as well. Presidential candidate Ron Paul released his “Plan to Restore America” which proposes savings of $1 trillion the first year alone:

SPENDING:
Cuts $1 trillion in spending during the first year of Ron Paul’s presidency, eliminating five cabinet departments (Energy, HUD, Commerce, Interior, and Education), abolishing the Transportation Security Administration and returning responsibility for security to private property owners, abolishing corporate subsidies, stopping foreign aid, ending foreign wars, and returning most other spending to 2006 levels.

ENTITLEMENTS:
Honors our promise to our seniors and veterans, while allowing young workers to opt out. Block grants Medicaid and other welfare programs to allow States the flexibility and ingenuity they need to solve their own unique problems without harming those currently relying on the programs.

CUTTING GOVERNMENT WASTE:
Makes a 10% reduction in the federal workforce, slashes Congressional pay and perks, and curbs excessive federal travel. To stand with the American People, President Paul will take a salary of $39,336, approximately equal to the median personal income of the American worker.

TAXES:
Lowers the corporate tax rate to 15%, making America competitive in the global market. Allows American companies to repatriate capital without additional taxation, spurring trillions in new investment. Extends all Bush tax cuts. Abolishes the Death Tax. Ends taxes on personal savings, allowing families to build a nest egg.

REGULATION:
Repeals ObamaCare, Dodd-Frank, and SarbanesOxley. Mandates REINS-style requirements for thorough congressional review and authorization before implementing any new regulations issued by bureaucrats. President Paul will also cancel all onerous regulations previously issued by Executive Order.

MONETARY POLICY:
Conducts a full audit of the Federal Reserve and implements competing currency legislation to strengthen the dollar and stabilize inflation.