Week 6 Discussion: US Budget
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Required Resources Read/review the following resources for this activity:
· Textbook: Chapter 10
· Minimum of 1 scholarly source (in addition to the textbook)
Initial Post Instructions You are an advisor to the President tasked with cutting at least $300 billion from the budget. The president wants your recommendations to cut lines, not large categories. Submit your recommendations and your reasoning for such recommendations using these guidelines:
– Use evidence (cite sources) to support your recommendations from assigned readings or online lessons, and at least one outside scholarly source.
– Use the format provided below to present your numbers and totals followed by an explanation below the chart.
– Please note that these are not true US budget numbers, but are reasonable hypothetical numbers to help us consider the budget processes complexities.
|DOMESTIC PROGRAMS AND FOREIGN AID||Cut some foreign aid to African countries||$17 billion|
|Eliminate farm subsidies||$14 billion|
|Cut pay of civilian federal workers by 5 percent||$14 billion|
|Reduce the overall federal workforce by 10%||$12 billion|
|Cut aid to states by 5%||$29 billion|
|MILITARY||Cut the number of nuclear warheads, and end the “Star Wars” missile defense program||$19 billion|
|Reduce military to pre-Iraq War size and further reduce troops in Asia and Europe||$25 billion|
|Cancel or delay some weapons programs||$19 billion|
|HEALTHCARE||Enact medical malpractice reform by reducing the chances of large malpractice verdicts||$ 8 billion|
|Increase the Medicare eligibility age to 68||$ 8 billion|
|Raise the Social Security retirement age to 68.||$ 13 billion|
|EXISTING TAXES||Return the estate tax to Clinton-era levels, passing on an estate worth more than $1 million to their heirs would have portions of those estates taxed.||$ 50 billion|
|End tax cuts for income above $250,000 a year||$ 54 billion|
|End tax cuts for income below $250,000 a year||$ 172 billion|
|Payroll tax increase for people making over $106,000 annually contributing more to Social Security and Medicare.||$ 50 billion|
|NEW TAXES||Institute a Millionaire’s tax on income above $1 million||$ 50 billion|
|Add a national 5% sales tax||$ 41 billion|
|Add a tax on carbon emissions||$ 40 billion|
|Tax banks based on their sizes and the amount of risk they take.||$ 73 billion|
|Total gap covered by your budget plan||$_____________|