Medicare and Medicaid
Saves $2.64 trillion from the two health care programs over 10 years.
Creates a combined $550 annual deductible for Medicare’s Part A (hospitalization) and Part B (physician services).
Caps out-of-pocket spending at $7,500 annually.
Prevents “Medigap” policies from covering first $500 of expenditures and limits coverage to 50 percent of next $5,000.
Gradually raises Medicare eligibility age to 67 by 2027, then to 69 by 2080.
Increases premiums for Medicare Part B by 2 percent a year for five years for all recipients.
Requires wealthier recipients to pay full premium costs for Medicare Part B and Part D (prescription drugs).
Repeals 2010 health care law provisions that would add millions more people to Medicaid.
Gives states more flexibility to manage programs.
Social Security
Would save $17 billion over 10 years and keep the retirement program solvent for 75 years.
Changes formula to give less benefits to wealthier taxpayers.
Gradually raises early and normal retirement ages; a person born in 2010 would have an early retirement age of 64 and normal retirement age of 69.
Changes the method by which cost-of-living increases are computed, resulting in lower increases.
Reforms Social Security disability program.
Tax breaks
Ends all benefits, subsidies and tax breaks for those with adjusted gross income more than $1 million.
Caps the home mortgage tax deduction to $500,000 in home value.
Ends the home mortgage tax deduction for second homes and equity lines of credit.
Puts a five-year limit on claiming the Earned Income Tax Credit.
Ends the Additional Child Tax Credit for people without a valid Social Security number.
Makes employer contributions to health insurance premiums taxable above $7,500 for singles coverage and $15,000 for family coverage.
Collects more taxes from U.S. citizens working in other countries.
Eliminates numerous energy-related tax breaks, including ones for ethanol, clean coal, alternative vehicles, marginal wells and energy efficiency.
Eliminates numerous economic development tax breaks, including New Markets, Empowerment Zones and the Indian lands tax break in Oklahoma.
Freezes federal employee salaries and bonuses for three years, freezes locality pay for five years.
Reduces federal workforce by 15 percent, or 300,000 people.
Reduces federal contract employee slots by 15 percent.
Reduces civilian agency travel budgets by 75 percent.
Caps sick time and leave for federal employees and restricts how much can be carried over.
Agriculture
Ends all direct payments to farmers (those that aren’t based on crops grown and commodity prices).
Ends all countercyclical payments (those based on market prices for certain crops).
Reduces conservation programs by 60 percent
Reduces food stamp spending by $10 billion a year and puts new requirements on eligibility.
Department of Defense
Reduces the U.S. Army’s active duty personnel authorization to pre-2007 level of 482,400.
Freezes salaries of civilian workers and cuts workforce by 5 percent.
Cuts personnel in Europe and Asia by one-third.
Requires military retirees to pay more for private health care coverage and limits TRICARE Prime to active duty soldiers and dependents.
Delays or cancels some weapons systems, including Army’s Ground Combat Vehicle.
Closes elementary schools on domestic military bases.
Transportation
Cuts $97 billion over 10 years from the Federal Highway Administration for low-priority projects.
Read more: http://newsok.com/details-of-sen.-tom-coburns-9-trillion-plan-to-balance-the-budget-released/article/3586676#ixzz1SUnJPUeF
