Among their recommendations, the commission co-chairs would:
- Try to make Social Security more solvent by reducing annual cost-of-living increases for many recipients; raise the regular retirement age to 68 years by 2050 from the current 66, and to 69 by 2075; and make benefits more progressive to help Americans in lower-earning tax brackets. But changes would only benefit the Social Security program, not broader budget deficits.
- A gradual 15-percent a gallon increase in the federal gasoline tax from the current 18.4 cents.
- Reform cost-of-living increases for early civilian and military retirees.
- Reduce Congressional and White House budgets by 15 percent; freeze federal salaries, bonuses, and other compensation at non-Defense agencies for three years; cut the federal workforce by 10 percent; and slow the growth of foreign aid.
- Eliminate all congressional earmarks.
- Eliminate funding for commercial spaceflight.
- Sell excess federal property.
- Consolidate the tax code into three individual rates and one corporate rate; eliminate the alternative minimum tax and some expense-write-off programs; increase the federal gas tax and some other user fees.
- Reduce farm subsidies by $3 billion per year by reducing direct payments and other subsidies.
- Make scores of other changes, including an end to payments to states and tribes for abandoned mines; an extension of the Federal Communications Commission's authority to auction radio spectrum licenses; a requirement that the Tennessee Valley Authority impose transmission surcharge on electricity sales.
