Well, we finally have a real “The problem is not revenue, the problem is spending” non-Mitt GOP plan,
So we eliminate 5 cabinet departments (Energy, HUD, Commerce, Interior, and Education), abolishing the Transportation Security Administration via returning responsibility for security to private property owners, abolishing corporate subsidies, stopping foreign aid, ending foreign wars, and returning most other spending to 2006 levels, with entitlements (Medicare and Social Security) more or less ended except for current seniors and veterans via allowing younger workers to opt out. Block grants replace Medicaid and other welfare programs (the way Reagan killed Federal help for the mentally ill in the name of flexibility and the better programs that we know States will invent for those needs). He does a 10% reduction in the federal workforce, cuts Federal pay for Elected, administrative, and staff of the government with the President getting a salary equal to the country’s median personal income of $39,336.
Taxes are reduced with the 35% corporate tax becoming 15% (“making America competitive in the global market”), ends worldwide corporate tax with credit for tax paid elsewhere and replaces with the “just lets companies say the value was added outside the US so there is no US tax” plan – permanent hiding of tax replaces our current deferred tax on overseas earnings, but then we also have zero tax on current deferred taxes via letting American companies repatriate capital without additional taxation (because this would result in investment in new jobs in the US – DON’T THINK TOO HARD ABOUT THE LOGIC). He also would abolish the estate tax (“death” tax – normal capital gains taxable transfer of assets no longer has a capital gains tax or estate tax in lieu thereof because he killed the capital gains tax elsewhere – at least it is logical), extend all Bush tax cuts, end all investment taxes (because they are the major source of revenue for the rich I guess – but he says it will allow the poor that can find money for food to set up that nest egg they do not have now).
Of course regulation cuts that created the financial crisis are restored with the end of ObamaCare, Dodd-Frank, and Sarbanes-Oxley, with all new regulation having REINS-style requirements for thorough congressional review and authorization, as he cancels all prior regulations issued by Executive Order (freeing business to create jobs).
So we have an economic plan that cuts $1 trillion off the federal budget, eliminates no fewer than five federal departments, including the venerable Department of the Interior, slashes Environmental Protection Agency funding by 30 percent, and ends funding of foreign wars – and moves us into a world of opt in social safety net – if your state makes one you get lucky – and a 15.5% of GDP revenue/spending balanced budget world from our traditional 20-22% revenue past and Obama’s “I can not let the Clinton rates return” world of 25% of GDP spending and 16% of GDP revenue.