Raise the income tax rate on income amounts of $250,001 and over to 39.6%. Keep the tax rate of 35% income $250,000 and below and retain the current tax rates for all other lower tax brackets.
Charge an investment transaction tax of one-half of one percent of the value of the transaction. Thus every stock sold or purchased would be taxed; every bond or derivative would be taxed. Therefore, any financial transaction, with the exception of some retail banking transactions, such as checking and transfers that most middle-class consumers use, will be taxed the .5% tax.
Eliminate carried interest, tax capital gains as ordinary income, see paragraph 1 above. Eliminate corporate welfare. Any special investment stimulus tax cost must have sunset dates and requires a CBO markup if it is needed to continue to stimulate the economy. Failure to meet the minimum standard for continuation, it will automatically stop on the sunset date, if not before, if the CBO determines it is no longer needed.
Reduce defense spending to $500 billion dollars annually. Separate the defense budgets into two sections. 1) Maintenance of current weapons systems deployed, personnel and facilities. 2) New weapons development. Reform the armed forces into smaller reactionary units rather than occupiers of large real estate. Today our enemies are small terrorist factions, not large standing armies. We need specialized equipment and training for various types of black ops or special ops operations to neutralize these enemies without the need to overthrow governments and occupy their land. Get in and get out, taking out the target. Before a target can be eliminated, we must establish a court made up of Senators, Congressmen, and Attorney General of the US, Intelligent officers, and a member of the Supreme Court and a member of the Administration who must hear the evidence why a target should be executed. If the majority votes for such action, then when it is completed, the transcript and video of the tribunal must be made public within 72 hours of the operations completion. A federal judge, rotating around the different federal districts in all 50 or soon to be 51 states, must review the transcript and actions to determine that it was performed within the law and that there was an immediate necessity to take such action without a trial, if the target was not able to be captured and tried in a US civil/criminal court.
If we are able to reduce the size of our military by having these special operations units, we could reduce the defense budget to around $300 billion and still have plenty of war ships protecting the seas, aircraft to perform any needed mission and other equipment to perform the mission. We are rapidly moving into unmanned robotic fighting units that naturally reduces the need for large standing armies of humans. Expand the reserve and National Guard programs so we have a semi-trained ground troops if such massive human manpower is needed.
With the improving economy and shifting our economy from an industrial revolution model to a cyber-revolution model, revenue increases should then exceed spending again to create annual surpluses and thus pay down the debt.
Medicare must be socialized in order to control actual costs and recover the money spent on profit, management and marketing. This would make Medicare viable for another century.
Raise the income cap on Social Security tax. That alone would sustain it for another century at least.
All other government spending must be analyzed to determine of cost effective or just plain needed.
Of course underlying all of this requires those who continue to want eliminate centralized government so that each state can oppress its people as it see fit but abandon that idea. We are now in the 21st century and having 50 or soon maybe 51 little fiefdoms no longer works. People move frequently, their rights and laws should not be so dramatically different just because they moved for a job. We are a nation of ONE, not 50 nations. Give it up already.
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