THE CULTURAL EFFECT ON TAXES
The USA Plan Triggers the Largest Tax Cut in History.
It will include all payroll taxes, Medicare, Disability, etc. Those taxes will become the weekly contribution to a person’s own Universal Savings Account ( a “USA”).The Universal Savings Account should also generate the largest increase in government tax revenues ever recorded.
The infusion of a trillion dollars a year into the country’s investment capital pool will generate new jobs, expand businesses, create new entities, and substantially increase the economic activity of the entire economy. In turn, that increased activity will balloon government tax revenues thereby offsetting much of the decrease in revenues caused by the creation of the USA’s.
Presently one trillion dollars of Social Security and Medicare taxes are being collected by the government. All of that money (and some amount added by the Treasury) is used to annually pay for the Social Security and Medicare costs of retirees.
With enactment of the USA Plan, that one trillion will immediately go into the USA accounts of individuals. Simultaneously with the enactment of the USA Plan the Unfunded Liabilities of the government will drop from its present $122 trillion by more than $50 trillion because it will be unnecessary to record any unfunded debt for those with more than 20 years to participate in the USA Plan.
As the cumulative USA nest eggs accumulate and compound the gross unfunded liabilities will decrease actuarially. For a more complete understanding of the debt issues see Debt and the USA Plan and Debt Cut by the USA Plan.
From a cultural standpoint, income taxes have always been a sensitive subject for all sides of the issue, This website addresses many of them. However, the USA Plan was devised to seriously reduce the need for taxes by substantially increasing wealth in the “Rise-Up Manner”.
The USA Plan will bring forth the feeling of personal self-reliance which will be the driving force behind its enactment into law.
The USA Plan has been constructed to induce family creation and maintenance. Couples who decide to have the mother stay home will still retire millionaires.
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