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Restoring America's Future

Restoring America's Future

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Reviving the Economy, Cutting Spending and Debt, and Creating a Simple, Pro-Growth Tax System
Reviving the Economy, Cutting Spending and Debt, and Creating a Simple, Pro-Growth Tax System

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Published by: Bipartisan Policy Center on May 29, 2012
Copyright:Attribution Non-commercial

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04/15/2014

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Bipartisan Policy Center
 
I
 
{INSIDE FRON COVER BLANK}
 
Bipartisan Policy Center
 
III
CONTENTS
AN OPEN LETTER TO THE AMERICAN PEOPLE .................................................IVTASK FORCE MEMBERS ................................................................................... 2EXECUTIVE SUMMARY .....................................................................................5SUMMARY OF RECOMMENDATIONS .........................................................12
RESTORING AMERICA’S FUTURE: THE PLAN
REVIVE THE ECONOMY AND CREATE NEW JOBS .............................................17REDUCE AND STABILIZE THE DEBT ................................................................21CREATE A SIMPLE, PRO-GROWTH TAX SYSTEM ..............................................23RESTRAIN RISING HEALTH CARE COSTS .........................................................37STRENGTHEN SOCIAL SECURITY ....................................................................57FREEZE DOMESTIC DISCRETIONARY SPENDING ..............................................67FREEZE DEFENSE SPENDING ...........................................................................77OTHER SAVINGS ........................................................................................891. REDUCE FARM SPENDING ....................................................................912. REFORM CIVILIAN RETIREMENT ............................................................923. REFORM MILITARY RETIREMENT ..........................................................934. INCREASE FEES FOR AVIATION SECURITY .............................................945. ACTUARIALLY ADJUST FLOOD INSURANCE SUBSIDIES FOR RISK ............946. ADJUST PENSION BENEFIT GUARANTEE CORPORATION FEES TO BETTER COVER UNFUNDED LIABILITIES ................................................957. USE A MORE ACCURATE COST-OF-LIVING ADJUSTMENT (COLA) FOR ALL FEDERAL BENEFIT PROGRAMS ................................................96ENFORCE THE BUDGET, REFORM THE PROCESS .............................................97BUDGET ESTIMATES THROUGH 2040...........................................................100
APPENdICES
A. TAX REFORM QUICK SUMMARY .........................................................104B. TAX EXPENDITURES RETAINED IN NEW STRUCTURE ............................105C. ACTUARIAL SCORING OF SOCIAL SECURITY PLAN ..............................106D. ILLUSTRATIVE REDUCTIONS AND TERMINATIONS ..............................107E. ILLUSTRATIVE LIST OF FEES ...............................................................110F. SPENDING BASELINE AND POLICY PATH .............................................111ENDNOTES ..................................................................................................112ABOUT THE BIPARTISAN POLICY CENTER .....................................................117ACKNOWLEDGEMENT ..................................................................................118

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