My proposals:
1. Social Security: Increase full eligibility age to 70. Increase income subject to Social Security tax to $150,000. Reduce benefits to high-net-worth recipients via means-testing.
2. Medicare and Medicaid: Repeal mandatory insurance provisions of Obamacare. Limit insurance coverage of selected high-cost, low-return procedures for those 85 and over. Means-test benefits and increase eligibility age for Medicare.
3. Tax reform: Eliminate deductions and broaden the base. Lower individual and corporate rates to be competitive with other countries. Install business tax incentives to stimulate investment and growth. Impose a $1 per gallon federal gasoline tax to be used to develop domestic energy sources.
4. Defense: Close U.S. bases overseas. Re-prioritize force levels to reflect modern asymmetric warfare. Declare a moratorium on high-cost defense systems pending achievement of a balanced budget.
5. Eliminate subsidies (ethanol, tobacco, etc.). Eliminate all federal block grants, leaving states to prioritize their own spending and revenue requirements. Cut foreign aid. Institute a 20 percent across-the-board cut to all non-defense agencies.
6. Revise the federal budgeting and accounting system to reflect capital investments vs. ongoing operational expenses, depreciation, reserves, etc. Eliminate all continuing budget resolutions. Require balanced budgets under realistic, consistent accounting rules.
Robert Glenn, Gaithersburg
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