The Mike Ballantine Rebuild America Plan
Over the past three years America hasgone through one of our worst periods in livingmemory and it is not over. Republicans want toimpose Greek-like austerity measures on thenation which will deepen the crisis not improve theeconomy. The Democrats do not know which wayto go so they choose a middle of the road plan thattakes us nowhere. However, the Occupy WallStreet movement, the tea party, and others havemade it plain. They want change in Washingtonand here is what they want. They want good governance,accountability, job creation, debt relief, and betterschools. The Republican plan imposes austeritywhich kills jobs; it does not create them. TheDemocrats give us a placebo and hope we cureourselves naturally. Congressman Ron Paul likeany good country doctor tells us to take ourmedicine, it tastes bad going down but in a coupleof years you’ll feel better. We maintain that wecannot wait a couple of years or decades like Japan.
Our plan delivers a balanced budget in 30months. Whereas, we will reduce the deficitsignificantly during the first and second year, untilwe achieve full-employment in the 30
month, wewill not see a balanced budget. Unlike other plans,our plan does not depend on cutting entitlementsto achieve success.
Our plan proposes spending cuts duringthe first year of $500 billion. These cuts will comealmost entirely from defense, military foreign aid,the TSA, and rationalization of the Department of Homeland Security. We will consolidate severaldepartments into the department of Commerce.We show all departments to in our analysis toprovide comparative data.
Cutting Government Waste:
We will review all laws and regulationsissued prior to 1980 and eliminate those that areno longer relevant during the first year. We willeliminate all education legislation from Title I to Title VII and consolidate in a new Educationinitiative. We will review the current EPArequirements and look for ways to streamline themto promote jobs. We will consolidate the FederalPension scheme into Social Security and offer anew investment vehicle for Americans. We willconsolidate Federal Health Insurance and VeteransHospitals under Medicare without reducing VAbenefits. We will propose cutting Executive andCongressional salaries by 50%.
We will lower the corporate tax rate forcompanies that are 50%+ employee owned to 25%while raising the corporate tax rate for othercompanies to 50%. Corporations will face taxpenalties if Executive pay is more than 10 timesthe average wage of employees.
We will eliminateall deductions and raise the minimum taxableincome to $50,000 per person and extend aprogressive tax rate from 5% to 50% on individualsearning between $50,000 and $500,000 or more.Individuals earning above $1 million per year willpay a surtax on the earnings of up to 95% to yieldan additional $100 billion a year to the treasury.Long-term capital gains will have a separate taxstructure to encourage savings, whereas short-term capital gains will be taxed as ordinaryincome. Interest on savings will not be taxed.
We will propose legislation to reinstate theGlass-Stegall act with certain modifications forInternet banking. There will be a size limit onfinancial institutions and the too big to fail bankswill be broken up. All new regulations will have a20-year sunset provision to require reauthorization.
We will use the authority of the FederalReserve to implement a consumer debt relief package in the amount of $5 trillion employingassets held on account at the FED. We will allocate$3 trillion to underwater mortgages to reducebalances and refinance them under FHA styleprovisions. We will allocate $550 billion to reducesub-prime mortgages by 50% allowinghomeowners to reoccupy homes if they chooseunder new FHA style loans. We will allocate $575billion to reduce the first $10,000 owed by studentsand 50% of the remainder. The balance of ourfunds will be available for Medical debt relief, credit
Refinement ver 1.1
Prepared by the Committee to Elect Mike