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Budget Deficit Reduction

  • Rescind the Bush and Reagan Tax Breaks for top 1% (over $200,000)- $450 Billion Annual Gain

  • Simplify Income Tax Code and Eliminate Loopholes - $150 Billion Annual Gain

  • Savings from Reduced Government Health Costs

  • Savings from Restructured War on Terror

  • Higher Revenues from Further Improved Economy

For Fiscal Year 2014 (October 1, 2013 -September 30, 2014) the U.S. Federal budget deficit is projected to be $280 billion. (Budgeted spending- $3.318 trillion; projected revenue- $3.034 trillion) This is the lowest deficit since the recession, and is tiny compared to the record budget deficit of $1.4 trillion set in FY 2009.

 I would support rescinding both the Reagan and Bush tax breaks for the top 1%.  That would add $450 billion to revenues.  Rescinding just the Bush tax breaks would be on the order of $100 billion.  Higher taxes on the top 1% would have little or no impact on the economy in either direction.

Simplifying the tax code and eliminating loopholes is estimated to save $150 billion per year.

Legislation allowing the government to negotiate Medicare drug prices would save about $75 billion per year. 

Reducing forces in Afghanistan will have resultant savings -  haven't found an estimate.

If we can avoid foreign wars and conduct the war on terror as an international police action, there should be considerable savings.

The improving economy should produce substantial increased revenue.

So, we could be seeing a balanced budget and then surpluses in the next couple of years.  All bets are off is the Republicans get control and pass a massive additional tax break for the rich.