This afternoon, Congressman Ron Paul released his “Plan to Restore America,” which would cut $1 trillion in spending during the first year of the Paul administration.

The plan “eliminat[es] five cabinet departments (Energy, HUD, Commerce, Interior, and Education), abolish[es] the Transportation Security Administration and return[s] responsibility for security to private property owners, abolishing corporate subsidies, stopping foreign aid, ending foreign wars, and returning most other spending to 2006 levels.” And the plan slashes the federal workforce by ten percent.

The Paul plan also reduces the corporate tax rate to 15 percent, extends Bush-era tax rates, abolishes the estate tax, and ends taxes on personal savings. And it repeals major regulatory acts dating back to 2002. Additionally, “to stand with the American People, President Paul will take a salary of $39,336, approximately equal to the median personal income of the American worker,” the Paul plan states.

Paul’s “Plan to Restore America” was released the day before tomorrow’s CNN debate in Las Vegas.

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