Why are we worrying about the deficit? $5 Trillion of the $19.7 Trillion deficit is a cushion against US losses. The rest could be eradicated by clever taxation that targets everyone, not just the Middle Class.
1. Increase the income level for payroll deductions to infinity or the first $500,000 earned and you’ll capture a minimum of $4Trillion.
2. Take away the special exemption from employers and enforce that they match the payroll deductions of their employees. Small businesses have to match employee funds , why not large businesses, too?
3. Cut back on farm and oil subsidies and generate revenue for the real economy. $684 Billion.
4. Cut out 10% waste in the defense budget and you’d have the money for Defense modernization.
5. Tax Risk by Taxing Derivatives and millisecond trades 6% . Collect another $600 Billion to a Trillion Dollars. Derivatives could be substituted with an insurance product decreasing their risk to the Banking and Bank like industries.
6. Provide Quantitative Easing for the Middle Class instead of bailing out Wall Street. Give 154,000,000 $12,000 each.
Lives count. Restore the American spirit and our dignity. We can do it by slight revenue adjustments. Austerity doesn’t work.
All these revenue generation ideas would create new jobs now and negate the need for cuts to our institutions. We save the people from poor health and return their dignity thru better jobs and better wages. No need to suffer! Generate revenue and invest in American R&D and Americans.
Politics afftects us!