Most Americans are disgusted and fed up with the financial bickering between both parties. We know and understand how we ended up in this financial mess, and now is the time to start paying off all debt and restore the stability of our financial future.
Here is a plan that will work. This plan has been previously sent by me to President Barack Obama, as well as to many members of Congress and the Senate on the financial committees, with no response. Maybe with this last election and mandates by U.S. citizens, this plan will get the attention of both parties.
Until the U.S. pays off all debt down to the last dollar and submits a balanced budget amendment to our Constitution, every person in the U.S., all U.S. citizens abroad and all non- U.S. citizens working in the U.S. or on any U.S. project in the world should be required to pay a U.S. debt tax. This new tax would be simple to understand and easily inserted into overall tax code. No one will be exempt. I mean anyone who is receiving income of any kind, even those on Social Security and welfare should be required to pay a debt tax of one-half of 1 percent on all gross income up to $250,000, 1 percent on all gross income up to $5 million and 2 percent on all gross income over $5 million.
None of this debt tax may be used as a deduction when filing usual tax forms regardless of any changes made to standard tax codes. No deductions, no exemptions and no exceptions.
As an example: Say in my case, if my gross income before deductions is $80,000, that includes Social Security, retirement income and any other income like dividends and interest, or other income, I will pay an additional $400 to help pay off our national debt, which I consider a small contribution to help the U.S. rid itself of all debt, possibly within 10 years or less.