Ron Paulâs opinions about cutting the budget are well-known, but on Monday, heâll get specific: the Texas congressman will lay out a budget blueprint for deep and far-reaching cuts to federal spending, including the elimination of five cabinet-level departments and the drawdown of American troops fighting overseas.
There will even be a symbolic readjustment of the presidentâs own salary to put it in line with the average American salary.
During an afternoon speech in Las Vegas ahead of Tuesdayâs debate, Paul will say that his plan for $1 trillion in cuts will create a balanced federal budget by the third year of his presidency.
âDr. Paul is the only candidate with a plan to cut spending and truly balance the budget,â says an executive summary of the plan, which POLITICO obtained, along with detailed spending and taxation levels, ahead of its release. âThis is the only plan that will deliver what America needs in these difficult times: Major regulatory relief, large spending cuts, sound monetary policy, and a balanced budget.â
Many of the ideas are familiar from Paulâs staunch libertarianism, as well as tea party favorites like eliminating the departments of education and energy. But Paul goes further: heâll propose immediately freezing spending by numerous government agencies at 2006 levels, the last time Republicans had complete control of the federal budget, and drastically reducing spending elsewhere. The EPA would see a 30 percent cut, the Food and Drug Administration would see one of 40 percent and foreign aid would be zeroed out immediately. Heâd also take an ax to Pentagon funding for wars.
Paul would also make far-reaching changes to federal tax policy, reducing the top corporate income tax rate to 15 percent, eliminating capital gains and dividends taxes, and allowing for repatriation of overseas capital without tax penalties. All Bush-era tax cuts would be extended.
Read more: http://www.politico.com/news/stories/1011/66114.html#ixzz1b2syqnjl
There will even be a symbolic readjustment of the presidentâs own salary to put it in line with the average American salary.
During an afternoon speech in Las Vegas ahead of Tuesdayâs debate, Paul will say that his plan for $1 trillion in cuts will create a balanced federal budget by the third year of his presidency.
âDr. Paul is the only candidate with a plan to cut spending and truly balance the budget,â says an executive summary of the plan, which POLITICO obtained, along with detailed spending and taxation levels, ahead of its release. âThis is the only plan that will deliver what America needs in these difficult times: Major regulatory relief, large spending cuts, sound monetary policy, and a balanced budget.â
Many of the ideas are familiar from Paulâs staunch libertarianism, as well as tea party favorites like eliminating the departments of education and energy. But Paul goes further: heâll propose immediately freezing spending by numerous government agencies at 2006 levels, the last time Republicans had complete control of the federal budget, and drastically reducing spending elsewhere. The EPA would see a 30 percent cut, the Food and Drug Administration would see one of 40 percent and foreign aid would be zeroed out immediately. Heâd also take an ax to Pentagon funding for wars.
Paul would also make far-reaching changes to federal tax policy, reducing the top corporate income tax rate to 15 percent, eliminating capital gains and dividends taxes, and allowing for repatriation of overseas capital without tax penalties. All Bush-era tax cuts would be extended.
Read more: http://www.politico.com/news/stories/1011/66114.html#ixzz1b2syqnjl
