Posted on 07/18/2011 12:38:25 PM PDT by gwjack
Sen. Tom Coburn's deficit-reduction plan
Details of Sen. Tom Coburn's $9 trillion plan to balance the budget
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Sen. Tom Coburn's plan:
Would save about $9 trillion over 10 years, including $3 trillion from entitlements, $3 trillion from government departments and agencies, $1 trillion from defense, $1 trillion from ending or modifying tax breaks and deductions, and $1 trillion in interest on the debt.
Would reduce the size of government by 25 percent over 10 years.
Would balance the budget within 10 years.
Read more: http://newsok.com/details-of-sen.-tom-coburns-9-trillion-plan-to-balance-the-budget/article/3586676#ixzz1SUBIXa8X
(Excerpt) Read more at newsok.com ...
I am no longer fooled by these “10 year” plan budgets. They are bogus. They are a lie. They are fraud. They are deciet.
Caps the home mortgage tax deduction to $500,000 in home value.
This would be a serious problem for some areas of the U.S. A modest 1,200 sq ft, 40 year old home in San Diego was over $500,000 just a few years ago.
$500,000 homes might be mansions in Coburn's midwest but it's an old tract house in places like Southern California.
Agreed. That the radical version of the radical version of the limited-government party’s plan doesn’t even propose a balanced budget 9 years out just goes to show how lost as a country we are.
This is why the Balance (Budget Amendment) part of Cut, Cap, Balance is so important.
It's like having a debt ceiling crisis every year without risking a downgrade of the United States' credit rating.
Any cuts past this year are meaningless. Does anyone care what Congress agreed to do in 2001?
Cut them off. Put them in rehab. Enough is enough. Cut it all off.
You got that right. We don’t have 10 years. They need to cut at least $1.5 trillion by next year.
The voters can't remember what was happening last month! Congress has never left anything alone for 10 years. 10 years from now, the U.S. may be a third world country.
Even the Soviet Union used the '5 year plan'.
If Washington can't get the job done within 2 years, they're stalling and passing the buck!!!
How many billions in new spending would we save if the entire light rail system (trains to no where) were scrapped?
How many billions would be saved if all school kids brown bagged it and ate at their desk, with the teacher over seeing them, instead of using a school lunch room, with crappy food they just throw away and no supervision?
Amen.
Until they put themselves under Medicare, term limits, and where they won’t take home 3/4th of their salary even if they only serve 1 term, we get no where.
Until they ‘fix’ the 40+ years of back room donor palm greasing in each entitlement program we get no where.
Congress must live under the SAME laws they force on us SERFS.
A balanced budget amendment is meaningless for two reasons.
1. All that has to happen for the government to maintain it's profligate spending is for there to be an increase in taxes. That's the Democrats plan already.
2. The government completely ignores the Constitution now. Why would it not also simply ignore the BBA?
“Would reduce the size of government by 25 percent over 10 years. “
This by itself is an immensely GOOD thing.
It is superior to any plan that keeps Government larger than that.
Bravo to Senator Coburn for putting it out there.
As for things like the mortgage interest deduction, I can tell you right now it rewards debt and punishes thrift. Do we want that incentive in our tax code?
Cutting workforce by 15% is probably not enough, but it beats the pants off of Obama’s grow the government ideas.
I'd agree with you on principle, but whenever I hear of flat taxes, I never see the subject of FICA addressed. With your 10% flat tax, along with your 7.2% FICA tax, that would end up being a %17.2 total tax right off of the top. For me and my modest income, mortgage, and a family of four, it would equate to a 70% tax increase. If my 7.2% portion of FICA is included in your 10% figure, then my total federal tax payments would stay the same, but that would mean that everything other than Social Security and Medicare would have to be funded with a 2.8% income tax.
The “fair” tax national sales tax crowd is always throwing out the figure of 23%, and that is completely unacceptable at any level.
“How many billions in new spending would we save if the entire light rail system (trains to no where) were scrapped?”
Also imperative we ditch this fiscal Trojan Horse.
http://www.cato-at-liberty.org/obamacares-cost-could-top-6-trillion/
Coburn’s Plan “Repeals 2010 health care law provisions that would add millions more people to Medicaid.”
Is this a back door repeal of Obamacare?
Thoughts? We lost Coburn. He’s for tax increases, just like all the rest of the old pols.
Why are you shouting?
“US$ 9 Trillion is LITERALLY THE ROUNDING ERROR IN THE CURRENT CBO PROJECTION FOR REVENUES AND OUTLAYS over the next 10 years.”
Not true. the Obama budget has about $44 trillion in 10-year outlays. So this is a 25% cut from that.
Far from insignificant!
It’s the largest deficit reduction plan out there so far. If you have a plan to do more, lay it out there.
And stop shouting.
Bingo. You nailed it. Congress cannot control future Congresses. It's a rule. Only a Constitutional Amendment can bind future Congresses. Anything short of that is a "Pledge," which is just another brand of furniture polish.
How does this save $1 trillion in interest?
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