Paulonomics: Ron Paul’s plans for taxes, spending and Social Security

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If you know anything about Ron Paul’s economic views, it’s probably that he’s not a big fan of the Federal Reserve system, or that he loves the gold standard. But those are hardly the only noteworthy planks in his platform. The Republican congressman from Texas, who now looks to have a real chance of winning the Iowa caucuses in less than two weeks, also wants to abolish five Cabinet departments, drastically lower corporate taxes, and allow younger workers to opt out of the Social Security system.

Here are they key components of Paul’s economic plan, “Restore America,” released in October:

Spending: Paul proposes cutting $1 trillion from the federal budget during his first year in office, and balancing the budget by his third year. He would do this in part by eliminating five cabinet departments: Energy; Housing and Urban Development; Commerce; Interior; and Education. (Paul has not offered specifics on what would happen to some of the functions currently performed by the departments he wants to abolish–maintaining our nuclear weapons, administering our intellectual property system, and conducting the Census, for instance.)

He would also scrap the Transportation Security Administration, which is part of the Department of Homeland Security, eliminate corporate subsidies, end foreign aid, and return most other federal spending to 2006 levels.