Chairman Ryan's Budget Resolution Changes America's Course

Chairman Ryan's Budget Resolution Changes America's Course

blog.heritage.org

House Budget Committee Chairman Paul Ryan’s (R–WI) budget proposal, for the first time in recent memory, sets our nation on a different and better path. It tackles the massive spending excesses of the recent past and the entitlement crisis that is beginning to command our fiscal future. It rejects the politics of government dependence, massively higher taxes and the inevitability of national decline. No budget in decades has had the potential for so fundamentally improving the nation’s prosperity and restoring its vast promise. This is a monumental budget proposal for monumental times, a

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Place a 1% surtax on assets excluding personal residences and retirement accounts. This would be a
1% tax per year on stocks, bonds, CDs, money market accounts, etc. At present these assets probably exceed $100 trillion in the United States. This would bring in $1 trillion per year and the
$15 trillion debt would be paid off in 15 years as the interest on the debt is included in the year to year federal budget expenditures. This way, those that have the financial ability to pay the debt off will be paying it. No one else is going to pay it off but those that can afford to whether it is by increases in income taxes or an asset surtax. If anyone thinks that a debt of this magnitude can be paid off by cutting expenses, think again. It is just too huge. The interest on the debt alone is $500 billion per year. The proceeds of the surtax would be allocated STRICTLY to paying off the national debt and could not be used for any other purposes. While the national debt is being paid off by the asset surtax, the year to year budgets of the federal government which are funded by income taxes will have to be balanced by budget cuts preferably and/or income tax increases. As the debt is paid off this will free $500 billion per year over time by reducing the amount of interest we are paying on the debt each year. This extra money could be used to either fund programs or be used for tax cuts. After the national debt is paid off the asset surtax would be eliminated. The effect on consumer spending would not be as great as some might think because there would be no income tax increases associated with the asset surtax. It is also interesting to note that two thirds of the national debt is owed to our own citizens and entities and not to foreign citizens and entities so two thirds or $10 trillion of the $15 trillion when paid off will remain right here in the United States.
Even Freeloaders should like this!

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Awe.... but then the dollar doesn't default and that's no fun! Quick someone come in and post some doom and gloom before I get too optimistic!

I don't doubt that his proposal would save more money than Obama, nor do I doubt a 12th grader in the honors program could beat Obama, but I do wonder if this Ryan has enough influence to actually make it happen, or if it will be more "change we are used to"

edit: did I say 12th grader? I meant 12 year old.

The best way to get rid of the debt is:

1: default on the loans
2: kill the Fed
3: start printing money
4: stop all wars (foreign and domestic)
5: fire all the members of congress (except maybe for Ron Paul)
6: remove the president and all of his cohorts from power

and this list is just a beginning....

PS: I am not an American but this is just an outside view on current affairs in the US.

Originally posted by lagenese
The best way to get rid of the debt is:

1: default on the loans
2: kill the Fed
3: start printing money
4: stop all wars (foreign and domestic)
5: fire all the members of congress (except maybe for Ron Paul)
6: remove the president and all of his cohorts from power

and this list is just a beginning....

PS: I am not an American but this is just an outside view on current affairs in the US.

Well, i am an american and i agree with on most of that but #1 were we should start is House resolution 1, passed by the house of representatives earlier this year....
Full-Year Continuing Appropriations Act, 2011

Seems that we could easily take 15,000,000,000 from this budget proposal and wipe the debt clean rather than defaulting on it.....
then we could probably get away with another 15,000,000,000 to invest in our countries infrastructure, education, heathcare programs, ect.
Then we can continue with your list with one more change... #5 & #6 come first

reply to post by RadicalRebel


I hear you