Move over, Magneto (The Newsroom)

AP Photo/Eric Gay, Pool

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.

Paul says he would cut the federal workforce by 10 percent, and accept a presidential salary of $39,336- roughly equal to what the average American makes. The president currently makes $400,000.

Paul, who opposes almost all American military intervention overseas, also says he would save money by ending foreign wars.

Taxes: Paul has said in the past that he'd like to abolish personal income tax rates, but his plan doesn't suggest that. It does propose lowering the corporate tax rate to 15 percent, from 35 percent. And it would extend the Bush tax cuts and eliminate the estate tax. Paul's campaign has said elsewhere that he supports eliminating the capital gains tax, which, as we've written, would be a boon for, among others, private-equity managers on Wall Street.

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Source: http://us.rd.yahoo.com/dailynews/rss/yahoonewsroom/*http%3A//news.yahoo.com/s/yblog_newsroom/20111221/od_yblog_newsroom/move-over-magneto

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