The Balancing Act by the Congressional Progressive Caucus

As usual they have the most sensible socially and fiscally responsible proposal to handling our budget issues that would actually work. See The Balancing Act at the embedded link. The highlights are below.

Overview 

 

The Math:  

• Round 1:  $1.7 trillion in cuts

• Round 2:  $737 billion in revenue

• Round 3:  The Balancing Act 

 

Achieves 1:1 Revenue and Cuts – by replacing sequester ($948 billion) with revenue

o Achieves 1:1 Defense and Non-Defense Cuts – by eliminating $278 billion in wasteful Pentagon spending and investing it in job creation
o Job investment provisions would create over 1 million jobs  
• Total long-term deficit reduction from the three rounds of over $3.3 trillion 

Replace Sequester with Revenue:

• 28 Percent Limitation on Certain Deductions and Exclusions  ($482B)
• Close Carried Interest Loophole  ($17B)
• Close Loopholes for Jets and Yachts  ($4B) 
• Close International Tax System Loopholes  ($161B) 
• End Fossil Fuel Subsidies  ($94B)  
• Close Exclusion of Foreign-Earned Income Loophole  ($71B)  
• Close Corporate Deductions for Stock Options Loophole  ($25B)  
• Close Estate Tax Loopholes  ($23B)  
• Close S Corporation Loophole  ($13B) 
• Reduce Corporate Meal and Entertainment Deduction to 25% ($70B)  

 

Invest in Job Creation:

• Making Work Pay Extension for 1 year  ($61B) 
• Support for Teachers and School Modernization  ($55B)  
• Transportation Infrastructure Investments  ($160B) 

 

Cut Pentagon Waste:

• Rep. Markey’s Smarter Approach to Nuclear Expenditures  ($106B)  
• Limiting Excessive Contractor Compensation  ($50B) 
• Relocate Troops from Europe to the U.S.  ($3B) 
• Reduce Troop Levels 4% by Attrition  ($48B) 
• Limiting the Purchase of Virginia-class Nuclear Subs to one per year  ($22B) 
• Replacing F-35s with F-18s  ($23B) 
• Eliminate one Ford-class Carrier  ($14B) 
• End Production of the V-22 Osprey  ($9B) 
• Limit Military Bands  ($2B) 
• Reduce General & Flag Officers to Cold War Standard  ($1B)