Discussion US Budget Required Resources Read review the following resources for this activity Textbook Chapter 10 Lesson Minimum of – Get help from top-rated tutors 2024

Discussion: US Budget        

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