During an afternoon speech in Las Vegas ahead of Tuesday’s debate, Paul will say that his plan for $1 trillion in cuts will create a balanced federal budget by the third year of his presidency.
“Dr. Paul is the only candidate with a plan to cut spending and truly balance the budget,” says an executive summary of the plan, which POLITICO obtained, along with detailed spending and taxation levels, ahead of its release. “This is the only plan that will deliver what America needs in these difficult times: Major regulatory relief, large spending cuts, sound monetary policy, and a balanced budget.”
◼ Ron Paul’s Economic Plan: Cut 5 Cabinet Agencies, Cut Taxes, Cut President’s Pay - Wall Street Journal
Mr. Paul’s “Restore America” plan calls for a drastically reduced federal government to help spur American business — a familiar theme for the Texas Republican and many of the GOP White House hopefuls. But unlike some of his Republican rivals who have released economic plans, the libertarian congressman mostly avoids the weeds of tax and trade policy, according to excerpts.
But Mr. Paul does get specific when he calls for a 10% reduction in the federal work force, while pledging to limit his presidential salary to $39,336, which his campaign says is “approximately equal to the median personal income of the American worker.” The current pay rate for commander in chief is $400,000 a year.
The Paul plan would also lower the corporate tax rate to 15% from 35%, though it is silent on personal income tax rates, which Mr. Paul would like to abolish. The congressman would end taxes on personal savings and extend “all Bush tax cuts.”
Ron Paul
