Here are recommendations to cut spending and raise revenue to start paying down the $22T Debt
Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200 (about half)
4. Cut education $20b (state responsibility)
US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion Say $600b + veterans & no foreign aid
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion
Raise Taxes: [Raise $900b new revenue a year]
To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year
If the above recommendations are implemented the $22T Debt would be reduced by about $600b a year. Which would reduce the "interest payment on the Debt", then after 10-years new infrastructure would be affordable.
Cut Spending: [CUT $625b a year]
1. Cut defense to 2017 levels $600b until the Debt is reduced, saving $150b
2. Cut foreign aid $55b (until Debt is paid we can't borrow to give money away)
3. Cut Welfare $200b & Medicaid $200 (about half)
4. Cut education $20b (state responsibility)
US Government Defense Spending History with Charts - a www.usgovernmentspending.com briefing
Current US Defense Spending
Year Military Veterans Foreign Aid Total Defense
2017 $598.70 billion $178.00 billion $46.30 billion $823.00 billion Say $600b + veterans & no foreign aid
2018 $631.20 billion $180.40 billion $49.00 billion $860.50 billion
2019 $684.60 billion $202.10 billion $54.30 billion $941.00 billion
2020 $737.90 billion $219.20 billion $53.10 billion $1.00 trillion
Raise Taxes: [Raise $900b new revenue a year]
To cover the $900b budget deficit the following taxes need to be raised:
1. Raise the top tax rate about 7% above 2016 levels +$400b
2. Implement a new 3% Fed sales tax +$400b
3. Implement a new transaction tax on all stocks & bonds Impose a Tax on Financial Transactions | Congressional Budget Office +$100b
4. Implement a new remittances tax/fee on all money sent out of the US https://www.americanthinker.com/articles/2018/05/tax_remittances_can_build_the_wall.html 2% of $140b is +$3b a year
If the above recommendations are implemented the $22T Debt would be reduced by about $600b a year. Which would reduce the "interest payment on the Debt", then after 10-years new infrastructure would be affordable.