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Ron Paul Proposes $1 Trillion In Cuts; Would Cut President’s Salary By 90%

Submitted by on October 21, 2011 – 6:16 pm2 Comments

Republican presidential candidate Ron Paul unveiled an ambition plan to balance the budget with $1 trillion in spending reduction, tax cuts, and government reorganization. The Paul campaign calls it the “Plan to Restore America.”

Key points include:

  • Eliminating the Departments of Energy, Interior, Housing and Urban Development, Commerce and Education.
  • Eliminating all foreign aid.
  • Drastically reducing funding to the Environmental Protection Agency, the Food and Drug Administration and the Defense Department (ending all war funding).
  • Reducing the top corporate income tax rate from 35% to 15%; eliminating taxes on capital gains and dividends (investments), and extending the Bush-era tax cuts.
  • Repealing the Obama Healthcare Act.
  • Repealing recent financial regulations.
  • Reducing the president’s salary from $400,000 a year to $39,336, which is “approximately equal to the median personal income of
    the American worker,” according to the plan.

According to the announcement, a Paul presidency would expect a balanced budget in its third year.

This could be an effort by Paul take back the “favorite underdog” position from Herman Cain, who is neck-and-neck with front runner Mitt Romney in some polls. Cain gained momentum with his catchy 9-9-9 tax plan, though he was bashed in the last debate by his fellow candidates for the plans lack of details.

That same debate also saw Paul and Cain spar over the Federal Reserve.

What do you think? Is Paul’s Plan To Restore America headed in the right direction?

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