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Domestic Programs and Foreign Aid: Cut some foreign aid to African countries-17 billion
Military: Cut the number of nuclear warheads, and end the “Star Wars” missile defense program-19 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
New Taxes: Institute a Millionaire’s tax on income above $1 million-50 billion
Tax banks based on their sizes and the amount of risk they take-73 billion
Add a tax on carbon emissions-40 billion
Total gap covered by my budget plan: 303 billion
“Although certainly not an absolute rule, a government cannot long be successful if its citizens suffer economic hardships and poor quality of life” (Whitman, 2020). For this reason, I have primarily chosen to reduce tax cuts on those making over $250,000 annually. The United States has contributed a lot to other countries, but how are we helping others when our own people are suffering? I have opted to cut some funding to other countries as well as to add a tax for those causing. Lastly, I chose to reduce the number of nuclear warheads. “Beginning in the 1980s, ballooning defense spending and sweeping tax cuts ushered in a new period of rising debt. During the 1990s, a combination of tax increases, defense cuts, and an economic boom reduced the debt as a percentage of GDP and, starting in 1998, brought four consecutive years of budget surpluses—the first such streak in forty years” (McBride, Chatzky, Siripurapu, 2020).
REFERENCES
McBride, J., Chatzky, A., Siripurapu, A. (2020). The national debt dilemma. Council on Foreign
Relations. Retrieved from https://www.cfr.org/backgrounder/national-debt-dilemma
Whitman Cobb. W.N. (2020). Political Science Today. SAGE. CQPRESS
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