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U.S. Senator Sherrod Brown...
Reducing the Deficit
Ohio families are finding new ways to save money. Whether it’s seniors
buying generic prescription drugs, families investing in fuel-efficient
cars that get more miles to the gallon, or homeowners refinancing into
more affordable mortgages, Ohioans are taking action to spend less.
It’s time for the federal government to do the same.
Washington needs to find new ways to reduce spending as well. But
instead of cutting Medicare or raising the retirement age for Social
Security, there are important steps we can take to reduce the deficit
that strengthen our economy. Here are five commonsense ways we can
reduce spending or shore-up the deficit – without harming our economic
recovery:
Cut $20 billion in spending by ending taxpayer-funded subsidies for the
five biggest oil companies. The Big Five oil companies made a record
$137 billion in profits last year and made more than $1 trillion in
profits over the past decade. Every penny more at the pump increases
their profits by another $200 million. Meanwhile, taxpayers spend
billions each year giving handouts to these mega-corporations. I’m
fighting to pass the Close Big Oil Tax Loopholes Act, which would end
tax subsidies for big oil companies that are reaping record profits
while you pay more at the pump.
Save $19.5 billion by closing tax loopholes for companies that ship
jobs overseas. Too many Ohioans have seen their jobs shipped overseas.
What they don’t realize is that the U.S. tax code provides incentives
to companies that outsource. I’m fighting to pass the Offshoring
Prevention Act, which closes a costly tax loophole that rewards
companies for moving factories overseas.
Save $2.3 billion by allowing timely access to generic prescription
drugs. Generic versions of biologic drugs – the most expensive subset
of drugs on the market – aren’t available until at least 12 years after
the patent for a brand-name drug is issued. I’m fighting to shorten
this window so that consumers, and the government, can spend less on
drug costs.
Cut $20 billion in spending by streamlining the farm safety net. There
are more than five farm safety net and direct payment programs that are
meant to protect farmers against volatile growing conditions or drops
in yield. But these resources are not always used where they are most
needed, and are not always based on crops that are actually planted.
I’ve introduced a bipartisan bill with Sen. John Thune (R-SD) to
improve the farm safety net. Our proposal consolidates five separate
programs while making the farm safety net program more efficient by
reducing overlap with crop insurance, and cutting down on paperwork.
Save $23 billion by ending special tax breaks for Wall Street hedge
fund managers. Wealthy hedge fund managers can make more than $2
billion each year, yet pay a lower tax rate than most middle-class
Ohioans because of a special tax break. If hedge fund managers paid the
regular income tax rate, we could reduce the deficit by $23 billion
over the next decade.
Collectively, these simple actions would save nearly $85 billion over
the next 10 years.
Ohio families are making tough choices with their household budgets.
It’s time the government does the same for the federal budget.
Sincerely,
Sherrod Brown
U.S. Senator
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