Political advisor: budget cuts recommendations

DOMESTIC PROGRAMS AND FOREIGN AID

Cut some foreign aid to African countries

 $17 billion

Eliminate farm subsidies

 $14 billion

Cut pay of civilian federal workers by 5 percent

 $14 billion

Reduce the overall federal workforce by 10%

 $12 billion

Cut aid to states by 5%

 $29 billion

MILITARY

Cut the number of nuclear warheads, and end the “Star Wars” missile defense program

 $19 billion

Reduce military to pre-Iraq War size and further reduce troops in Asia and Europe

 $25 billion

Cancel or delay some weapons programs

 $19 billion

HEALTHCARE

Enact medical malpractice reform by reducing the chances of large malpractice verdicts

 $ 8 billion

Increase the Medicare eligibility age to 68

 $ 8 billion

Raise the Social Security retirement age to 68.

 $ 13 billion

EXISTING TAXES

Return the estate tax to Clinton-era levels, passing on an estate worth more than $1 million to their heirs would have portions of those estates taxed.

 $ 50 billion

End tax cuts for income above $250,000 a year

 $ 54 billion

End tax cuts for income below $250,000 a year

 $ 172 billion

Payroll tax increase for people making over $106,000 annually contributing more to Social Security and Medicare.

 $ 50 billion

NEW TAXES

Institute a Millionaire’s tax on income above $1 million

 $ 50 billion

Add a national 5% sales tax

 $ 41 billion

Add a tax on carbon emissions

 $ 40 billion

Tax banks based on their sizes and the amount of risk they take.

 $ 73 billion