The Prosperity Commission
The Prosperity Commission is a charitable, non-profit corporation qualifying under Section 501 (c) (3) of the Internal Revenue Code primarily as an educational organization. The Commission will build its “think tank” in a manner like those of the Heritage Foundation and the Cato Institute. However, unlike all existing educational institutions, the Commission’s plan is to illustrate how to eradicate poverty, substantially increase the nation’s wealth, pay off the nation’s debt, guarantee substantial retirement income for all and many other benefits listed on this site.
The Commission is dedicated to solving the age-old problem of poverty. In so doing, it will also substantially increase the nation’s wealth. These benefits and much more can be found on this site. The Commission is asking Americans to become members of the Commission and to participate in promoting the enabling legislation. You can sign up at the Chip In Page.
Dick McDonald, is the CEO of the Prosperity Commission and the author of the Rise-up Theory of Economics and the USA Plan. He has spent over 60 years as a “tax man” finding “legal loopholes” for the rich to free up capital for investment in their businesses. He can tell you that rich people, in fact, the very rich, don’t like and often don’t pay income taxes. The following will give you an insight as to how, in that environment, the USA Plan came into being.
“In 1958, as a newly-minted Certified Public Accountant, I prepared my first income tax returns for an international accounting firm. The top income rate kicked in at $50,000. Any income over $50,000 was taxed at 91%. It just so happened that the second return I prepared that year and next paid only $400 and $600 in tax. It wouldn’t have been so unusual except the taxpayer was the “richest man in the world” J. Paul Getty.”
“In those years, and until 1986, under Ronald Reagan, taxpayers used tax shelters to avoid income taxes. It didn’t matter to them that President Kennedy had lowered the 91% rate to 70% or that Reagan had lowered it to 28%, they still insisted on not paying income taxes. Unfortunately for taxpayers, Reagan shut down tax shelters by imposing the Alternative Minimum Tax (that added back those shelter deductions to taxable income and imposed a 29% tax).”
“Faced with the loss of tax shelters, the tax community suggested to rich people to incorporate their business, sell a fraction of the company to shareholders and benefit from the non-taxable appreciation in their stock. That ”income” was not taxed because it was hidden in the form of stock. Again, the appreciation in stock is not taxable. Warren Buffet and Bill Gates each have a net worth over $50 billion almost all of which is in non-taxed appreciation.” Incidentally, over 1,800 billionaires have used the same shelter.
“In 2004, when President George W. Bush tried to solve the impending bankruptcy of Social Security; it triggered our thought that Payroll taxes that funded current Social Security payments could be used by everyone, rich and poor, to fund a plan to make everyone a millionaire. It has taken us 15 years to perfect a comprehensive and culture-changing plan, but here it is – The USA Plan. The Plan’s “shelter” is that appreciation is not taxed.” And now the “poor” can use that shelter too.
The first thing people will now ask is how are you going to pay the current and future Social Security, Medicare, and Disability payments. The answer is quite simple. On the day the USA Plan is enacted, the debt of the United States will be immediately reduced by at least $70 trillion. Read here for a more complete analysis.