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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