An efficient budget is important for economic growth (Cobb, 2020, p.232). Appropriate spending and some cuts are necessary, as the country is currently having huge national debts.
Recommended cuts for more than $300,000: Domestic programs and foreign aid: reducing foreign aid, farm subsidies, federal workforce, and state aid; Existing taxes: reinstituting Clinton-era estate tax, increase payroll tax for Social security and Medicare, and ending tax cuts for income over $250,000; New taxes: Millionaire's tax, sales tax, carbon emissions tax.
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New taxes, existing taxes reduced cuts, and exemptions generate revenue to reduce the national deficit and encourage economic growth. The carbon tax promotes environmental sustainability, reduces climate change implications and, recovers some funding for environmental programs. The 5% sales tax provides additional revenue, and excluding taxation of essential goods and services such as health care, education, housing, financial services, and groceries ensures the general public meets most of the basic wants without extra cost (CRFB, 2021). The millionaire tax, ceasing tax cuts for income higher than $250,000, increasing payroll tax for income above $106,000 for Medicare and social security, and reinstituting the estate tax help in bridging income inequality, which has been on the rise over the years (Stokes, 2011). Reducing subsidies and aids promotes independence and growth while reducing spending used for political clientelism.
References
Cobb, W.N. W. (2020). Political Science Today . [VitalSource Bookshelf]. Retrieved from https://online.vitalsource.com/#/books/9781544358314/
CRFB. (2021). Debtfixer . Committee for a Responsible Federal Budget. Retrieved 5 April 2021, from https://www.crfb.org/debtfixer/.
Stokes, S. (2011). Political Clientelism. The Oxford Handbook of Political Science . Retrieved from https://www.oxfordhandbooks.com/view/10.1093/oxfordhb/9780199604456.001.0001/oxfordhb-9780199604456-e-031
