Required Resources
Read/review the following resources for this activity:
- Textbook: Review Chapters 2, 3 (pgs 56-59), 13
- Lesson
- Additional scholarly sources you identify through your own research
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. Explain why you chose those cuts.
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 or online lessons, and at least one outside scholarly source.
Solution:
Budgeting is regarded as one of the primary components of successful governance (Magstadt, 2017). Taking this into consideration, as a presidential advisor, I would consider cutting on the following components;
$17 billion- Cut some foreign aid to African countries. Although foreign aid to African countries is a great move, I believe that cutting on these expenses is good for the interest of the country.
$40 billion- Add tax on carbon emissions. Carbon emissions have hugely lead to environmental degradation and global warming. Therefore, adding tax on carbon emissions will increase revenue while discouraging these emissions.
$50 billion- Institute a millionaires tax on income above $1 million. This will play a critical role in ensuring that there is social equity, where low income earners will be at an advantage….Please click the Paypal icon below to purchase full solution for only $5