Updated: Jun 4
I am constantly asked, how do I plan to pay for some of my proposals? Fair question?
I hear the wealthy and their media puppets calling the strengthening of the American people with common sense proposals to be Socialism.
They call people like me who fight for everyday Americans Socialist.
I reject with venom allegations that strengthening the American people is Socialist and an opening to Socialism.
When Democrats and Republicans with Bipartisan support commit America's bravest into wars when America's national interest was not in threat.
Democrats and Republicans who order them into unjustified wars toss them to the curb.
Two wars that saw trillions spent.
Republicans And Democrats voted for war debt that will last for a few generations.
I heard few decrying the spending of trillions on wars that achieved America no strategic advantage.
Wars that only created destroyed infrastructures, riots, violence and death.
Wars that saw America leaving multi millions worth of equipment in the hands of our "enemies".
Since the September 11 attacks, the U.S. government has spent $2.2 trillion to finance the wars in Afghanistan and Iraq, according to figures from Brown University's Costs of War Project.
Yet that sum — which amounts to roughly 10% of the country's total gross domestic product — only reflects upfront costs.
Including the cost of interest on those wars will add an additional $2.1 trillion by 2030. And through 2050, the interest alone is forecast to top $6.5 trillion — even if war spending had theoretically stopped in 2019, according to research published last year from Heidi Peltier, director of the "20 Years of War" Project at Boston University's Pardee Center for the Study of the Longer-Range Future.
Today Democrats and Republicans involve America in yet more war and debt in Ukraine.
Since 2014, the United States has committed approximately $19 billion in security assistance to Ukraine, more than $16.2 billion since the beginning of the war with Russia.
$2.8 Billion in Additional U.S. Military Assistance for Ukraine and Its Neighbors. Sep 8, 2022
America's current debt is In FY 2022 total government spending was $6.27 trillion and total revenue was $4.90 trillion, resulting in a deficit of $1.38 trillion, a decrease of $1.40 trillion from the previous fiscal year.
The key holders of American debt are:
Japan held $1.3 trillion in Treasury securities as of May 2022.
China has $1 trillion in American Treasury holdings as of May.
British investors increased their holdings of U.S. debt to $647.4 billion as of May 2022.
The more unnecessary wars Republicans and Democrats unitedly push forward only creates more debt.
With record corporate profits. America's hard working base, you and I still have to fight to get by. Millions work paycheck to paycheck barely able to eat. Getting sick could leave them homeless. That is if they have a home now?
Corporations pay the taxes they are required to pay by law.
Calling companies greedy and selfish may be fair?
Taking advantage of the many corporate tax breaks Republicans and Democrats allow on the tax code is legal.
Democrats and Republicans could have long ago changed the corporate tax code as I plan to do.
We must look at Corporate Taxes. Raising certain corporate taxes will be there for new programs.
The U.S. income, current federal income tax and effective tax rates in 2020 for all 55 of the zero-tax companies are shown in the following table.
Food conglomerate Archer Daniels Midland enjoyed $438 million of U.S. pretax income last year and received a federal tax rebate of $164 million.
The delivery giant FedEx zeroed out its federal income tax on $1.2 billion of U.S. pretax income in 2020 and received a rebate of $230 million.
The shoe manufacturer Nike didn’t pay a dime of federal income tax on almost $2.9 billion of U.S. pretax income last year, instead enjoying a $109 million tax rebate.
The cable TV provider Dish Network paid no federal income taxes on $2.5 billion of U.S. income in 2020.
The software company Salesforce avoided all federal income taxes on $2.6 billion of U.S. income.
My proposed spending adjustments, raises and cuts.
The largest potential revenue sources would be a value-added tax (already levied in every other developed nation), a carbon tax (which would target the pollutants causing climate change), or a wealth tax. Other recent proposals include taxes on financial transactions and unhealthy foods and drinks.
Immigration reform is one way to boost economic activity. Bringing new workers into the country would expand the labor force and attract new capital; allowing unauthorized workers to enter the legal workforce would boost their productivity and taxable wages. (See my Immigration Plan).
Congress could increase the tax rates that apply to personal income, corporate income, payrolls, estates, and specific products like gasoline and cigarettes.
The federal government could strengthen enforcement.
Congress could scale back or eliminate the myriad tax breaks in the existing code.
The Urban-Brookings Tax Policy Center, typically shortened to the Tax Policy Center, is a nonpartisan think tank based in Washington D.C.
I would look to combine and fully fund programs that come out of the Discretionary Budget.
America gives billions in Foreign Aid. Foreign Aid could also be looked to cut.
Afghanistan ($4.89 billion)
Israel ($3.3 billion)
Jordan ($1.72 billion)
Egypt ($1.46 billion)
It is not leading to Socialism to support the American people towards a better tomorrow. (Please see my living wage proposal)
Keep in mind. These are me reading and learning. As my campaign grows I will bring Tax Accountants and Lawyers to help me better develop my plans.
Much of it is reading and either agreeing or I moved on. I am comfortable with the way the plans stand today.