From the current discourse in Washington, DC it is important to identify the key components that are required to ensure a timely deleveraging of liabilities while ensuring that the federal, state and local governments continue to prosper. The United States of America was founded on the values of Thomas Jefferson and our Founding Fathers: life, liberty and the pursuit of happiness. To ensure these values and the free market ideals that they espouse continue in the 21st century, the United States Congress is requested to act on the following Provisions of the America 2050: Economic Action Plan.
i) Reconstruct the Federal Tax Code:
Federal income levels commensurate to tax rate:
<$30,000 - 5%
$30,001-45000 - 10%
$45,001-58,000 - 13.5%
$58,001-75,000 - 15%
$75,001-150,000 - 20%
$150,001-250,000 - 25%
>$250,000 - 35%
Family (joint income) rate reduction of 2.5%, with children 5%.
Mortgage interest deduction: Up to $5000/year reduction in taxable earnings.
Federal business income:
20%
Capital expense carry-forward tax credit of up to 10 years.
New hire carry-forward tax credit of up to 2 years.
R&D carry-forward tax credit of up to 5 years.
ii) Educate America 2035
Convert 40% of US public schools to charter schools by 2025.
Teach America program to retrain teachers and educators to: update skills in maths, sciences and technology; learn modern classroom management skills.
Limit school size to 1500 by 2020 through new construction and modernization efforts.
Provide $100 billion for state-level post-secondary education.
Require successful completion of course for eligibility of government student loans.
iii) Train America 2030
Create New Millenium Skills Program for adults 25 and older to enroll in government run computer skills, word processing, Internet and smartphone courses.
Provide $15 billion in direct funding for results-based student loans for courses/programs at accredited post-secondary institutions.
iv) Reform Welfare and Supplemental Nutrition Assistance Program (SNAP)
Limit receipt of welfare to 2 years before requiring skills training or public service.
SNAP available to individuals with income <$24,000 or families <$29,000
v) Medicaid eligibility
Individuals w/ income <$24,000 or families <$29,000
vi) Social Security
Means test benefits for individuals with eligible income >$65,000, and couples >$80,000 for Citizens younger than 55 (2012).
