U.S. corporations currently have 2 or 3 trillion dollars in oversea accounts that would be taxed if brought back to the U.S. (at 35%).We should stop negotiations that would allow them to bring it back taxed at 6% rate. Instead, pass a law to return all of the money and use the 35% tax to fund needed infrastructure improvements, creating millions of jobs in the process.
Military is 55,5% of our budget. That make us THE country of war. OUR BUDGET IS BIGGER THAN THE 10 COUNTRIES THAT FOLLOW US COMBINED! We have to stop this now. Reduce military spending by 2% per year, until it reaches 25% of our budget. Still ours will be the biggest military budget in the world (by far), but we will have no more deficit. And relocating part of those savings we can have the best free education and health for all, and the best retirement system in the world.
To save Social Security: 1) Eliminate the cap. Pay SSI based on entire income. 2) Create a limit above which Social Security checks are not sent out. For example, individuals over 65 whose annual income exceeds a certain amount -- say, $150,000 (needs to be adjustable for inflation) -- do not draw their SS checks unless their income dips below the cutoff. Their money will be there for them when they actually need it. That should do it!
Congress should keep their hands off Social Security and medicare/medicaid.. Social Security is a forced saving account, which belongs to the individuals that have paid into it. There should be no cutting it, not privatizing or redistributing of these funds with out the vote of the American People. If anything, it should be expanded as a one source health program for all. It has worked quite well for many, many years. Why reinvent the wheel to cover our people with healthcare benefits. .
Tax corporations based on a system that better measures their true net income without the special subsidies and loopholes. Further, if a company gets government contacts, subsidies or benefits from government sponsored research have them taxed fairly without the ability to take advantage of loopholes that reduce their taxes to 0.
Because Federal tax revenue is never recycled to fund federal government expenditures, the Federal government can order the Federal Reserve to pay the $1.3 trillion in student loan debt without costing taxpayers a single dime. Bernanke issued by computer key stroke, $13-$29 trillion to bailout banks, auto and other industries. It can do the same for student loan debt.
Outlaw foreign tax shelters & all other means of offshoring money to avoid taxes. Individuals fined the entire amount & jailed for 5-20 years, depending on the amount of money & degree of evasiveness. Ditto for the CEO, CFO of both a corporation & of its Accounting firm. Corporations pay an additional fine of 25% of the amount & forfeit rights to bankruptcy. Individuals & corporations which expatriate to avoid taxes lose citizenship & pay stiff tariffs if they do business w/U.S. from abroad.
If corporations are legally defined as "people", then they should be taxed at the same tax rate as "people". Tax reform for big business would curb a huge amount of the social and economic stagnation in this country. Hard-working individuals and families would have a chance to make fair and livable wages. Upsurge minimum wage across the board, and our economy will strengthen. In its current state, it's the albatross around all of our necks. Reform is holistic, not singular.
Review how "part time" is legislated: FICA should be collected on an hourly basis, not on full time versus part time. If Walmart had to pay *per hour* into FICA, they could not be des-incentivised to provide full time positions, we might have less part-time employees that don't make enough money to live. These folks should accrue social Security benefits even if they work part time.
Reinstate the progressive tax code of the 1950s and 1960s to slow income inequality, to provide a strong social safety net, to support quality, low cost public education, and to repair the infrastructure. Individuals and corporations use the public infrastructure to make money. Without investment, the public infrastructure decays. Taxes are the one way to make sure profits are reinvested in the US and not other countries. Taxes - made in America, stay in America, pay for America.