DISCUSSION : US BUDGET
Week 6 Discussion: US Budget
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9 unread replies.
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10 replies.
Required Resources
Read/review the following resources for this activity:
Textbook: Chapter 10
Lesson
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
$_________________
Follow-Up Post Instructions
Respond to at least two peers or one peer and the instructor. Further the dialogue by providing more information and clarification. Are the budget changes offered by your peers’ sound? Why or why not? Minimum of 1 scholarly source, which can include your textbook or assigned readings or may be from your additional scholarly research.
Writing Requirements
Minimum of 3 posts (1 initial & 2 follow-up)
Minimum of 2 sources cited (assigned readings/online lessons and an outside scholarly source)
APA format for in-text citations and list of references
PLEASE REPLY TO THIS STUDENT ALSO ( DISCUSSIONS AND REPLY DO NOT HAS TO BE LONG)
TO TIFFANY
Tiffany Chance
Yesterday
Feb 8 at 1:58am
Manage Discussion Entry
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
$303 billion
The yellow highlighted sections in the table above would be the cuts I would propose to the President.
I would cut foreign aid to African countries. According to Williams (2020), countries that have received aid continue to have corruption, civil wars, and remain in poverty regardless of the significant amount of aid received. If we are spending the money and changes continue to be minimal, why should we continue to give such a significant amount?
The next cut I would propose would be to cut the military budget to end the “Star Wars” missile defense program and cut the number of nuclear warheads. After the 2019 Missile Defense Review was released, Representative Adam Smith stated, “A space-based interceptor layer has been studied repeatedly and found to be technologically challenging and prohibitively expensive (Harper, 2019). With this in mind, this program could be put on hold at the very least in order to better distribute funds where they are most needed.
From existing taxes, I would propose to return the estate tax to Clinton-era levels, passing on an estate worth more that $1 million to their heirs would have portions of those estates taxed and to end tax cuts for income above $250,000 a year. Economic inequality effects not only the economy but the people as well (Cobb, 2019). The higher the economic inequality the more the government will have to step in (Cobb, 2019). The rich paying more in taxes could potentially improve the amount of aid given to those who are less fortunate, help to narrow the gap between classes, and provide a substantial economic boost.
Finally, I would institute a tax on the income above $1 million, add a tax on carbon emissions, and tax banks based on their size and amount of risk they take. According to there are multiple tax loopholes available the wealthiest Americans. By implementing a fair tax rate across the board the economy would be greatly improved. Adding a tax on carbon emissions would boost economic growth by increasing revenue and would reduce emissions by motivating consumers to seek cleaner energy (Amadeo, 2020). Taxing banks based on their size and risk they take could potentially help to prevent another financial crisis like the one in 2008.
Total gap covered by this budget plan would equal $303 billion.
