Here is a short list I've put together for federal spending cuts:
1) Department of Education
2) Federal diversity coordinators
3) Smithsonian Channel
4) National Public Radio (NPR)
5) Public Broadcasting System (PBS)
6) The Corporation for Public Broadcasting ($1.2 billion)
7) Federal ad campaigns
8) Earmarks ($28 billion)
9) Eliminate the drug enforcement budget allocated for fighting marijuana
10) National Endowment for the Arts
11) All ceremonial military organizations and expositions (including air force flyovers)
12) Some military bases
13) White House Social Secretary and White House social events
14) Congressional private jets
15) Reduced White House travel
16) Corn-based ethanol tax breaks/subsidies ($7.7 billion in 2009)
17) The Office of Safe and Drug Free Schools ($1.8 billion)
And some other ideas:
1) Privatizing the postal service
2) Privatizing the national park service
3) Fully privatizing the GSEs (Fannie Mae, Freddie Mac) as well as privatize the FHA, FDIC, Ginnie Mae, Sallie Mae, FHFA, and maybe HUD (supported by premiums paid by banks, etc.), but have effective government regulation and oversight
4) Scaling back deployment of troops overseas and consider closing some foreign military bases
5) Implementing 4-day work week for federal employees (i.e. employees work 10 hours per day, 4 days per week). This saves vacation costs, will allow all federal buildings to be completely shut down for 3 days, and will drastically reduce traffic congestion in Washington, DC on Fridays and in the evenings M-F.
a. Also eliminate 3 federal holidays
6) Increasing federal salaries to essentially market rate but make the workforce nimble, which means that layoffs will be allowed
There are a ton more. The federal government is robust with inefficiency and waste.
I also like how the ones signing this letter are so wealthy that an increase of the top marginal rate will have virtually no impact on their lives. Also, let me point out that "millionaire" has ZERO to do with income and EVERYTHING to do with net worth. You can earn $300,000 per year and not be a millionaire.