Political science

User Generated

Rxbov

Writing

Description

Required Resources
Read/review the following resources for this activity:

  • Textbook: Review Chapter 2, 3 (pp. 56-59), 13
  • Additional scholarly sources you identify through your own research

Question

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. Explain why you chose those cuts. You can also add new taxes, and/or cut existing taxes as well.

Note: These are not true US budget numbers.

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

$_________________

Use evidence (cite sources) to support your response from assigned readings, and at least one outside scholarly source.

User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Explanation & Answer

Hi buddy, here is the answer for this..contact me in case of anything..😎 Feel free to ask any questions😀

Running head: BUDGET PLAN

1

Budget Plan
Student’s Name
Institution Affiliation
Date

BUDGET PLAN

2
Budget Plan

A budget plan is critical for the smooth operations of a government. According to
(Magstadt, 2017), a budget deficit is prone to happen in the government; thus there is a need
to stimulate massive pay cuts. Magstadt (2017) further notes that budget cuts support a
budget plan; thus encouraging economic and social goals, which ensure the greater public
good. Budget cuts are crucial in providing a stable economic government.
The Budget Adjustments
Adding new taxes would be a huge budget cut for the federal government. Institu...


Anonymous
Great! Studypool always delivers quality work.

Studypool
4.7
Trustpilot
4.5
Sitejabber
4.4

Similar Content

Related Tags