GOP presidential candidate Rep. Ron Paul will unveil his economic plan Monday afternoon, calling for a lower corporate tax rate, cutting spending by $1 trillion during his first year in office and eliminating five cabinet-level agencies, including the Education Department, according to excerpts released to Washington Wire.

Mr. Paul’s “Restore America” plan calls for a drastically reduced federal government to help spur American business — a familiar theme for the Texas Republican and many of the GOP White House hopefuls. But unlike some of his Republican rivals who have released economic plans, the libertarian congressman mostly avoids the weeds of tax and trade policy, according to excerpts.

But Mr. Paul does get specific when he calls for a 10% reduction in the federal work force, while pledging to limit his presidential salary to $39,336, which his campaign says is “approximately equal to the median personal income of the American worker.” The current pay rate for commander in chief is $400,000 a year.

The Paul plan would lower the corporate tax rate to 15% from 35%, though it is silent on personal income tax rates, which Mr. Paul would like to abolish. The congressman would end taxes on personal savings and extend “all Bush tax cuts.”…