Phil from NYC writes:Q: This seems like a brilliant innovative idea. Why hasn’t at least some of this been instituted in our country?
A: Phil, “simple” does not sit well with D.C. politicians, who have more axes to grind than a dog has fleas. Complicated “social engineering” is their stock in trade for cash campaign contributions; thus we have a 70,000-page tax code instead of a 2-page code with no wiggle room!
Further, my proposed ban on cash contributions to elected officials and candidates is anathema to them, although in the same breath I also propose top free-market salaries of 300 grand (Councilperson) to $50 million (President) to fund their own campaigns; and allowable “free speech” action by party boosters except for cash contributions, which I view as tantamount to bribery.
The T-bond conversion of past contributions to Social Security would likely cost many trillions, plus many trillions for past contributions to Medicare, which goes in T-bonds to local government.
Whether the total of the two is $20 trillion or $50 trillion is an actuarial enigma, but it’s a very big number that we would owe to ourselves (not foreigners), and dwarfs current “bailouts” and “stimulus packages,”—which are chump change by comparison.
The T-bond conversion of past contributions to Social Security would likely cost many trillions, plus many trillions for past contributions to Medicare, which goes in T-bonds to local government.
Whether the total of the two is $20 trillion or $50 trillion is an actuarial enigma, but it’s a very big number that we would owe to ourselves (not foreigners), and dwarfs current “bailouts” and “stimulus packages,”—which are chump change by comparison.
On the flip side, Local and State governments would become solvent overnight, including my own San Francisco and California, which would have on-going positive cash flows, and T-bonds greater than outstanding debt.
Apart from money questions, I denounce “Socialist Big Brother” in favor of a return to hometown rule over our daily lives after 150 years. This concept scares the hell out of entrenched special interests feeding off D.C. largesse.
My hope is that we will eventually debate these issues in public forums, and will find that if my proposals are unfair, they are equally unfair for all Americans, myself included, since tax advisors like me would eventually be out of business.
Phil, there is no problem on this planet that we Americans cannot tackle and resolve fairly well—it is our God-given destiny, and we shan’t look elsewhere because there is no elsewhere, elsewhere—just you, me, our folks, and our countrymen, and come Hell or high water, we’ve gotten the job done for two and a quarter centuries, and saved Western Civilization in the process.
More Q&A
Terry from Vermont writes:
Apart from money questions, I denounce “Socialist Big Brother” in favor of a return to hometown rule over our daily lives after 150 years. This concept scares the hell out of entrenched special interests feeding off D.C. largesse.
My hope is that we will eventually debate these issues in public forums, and will find that if my proposals are unfair, they are equally unfair for all Americans, myself included, since tax advisors like me would eventually be out of business.
Phil, there is no problem on this planet that we Americans cannot tackle and resolve fairly well—it is our God-given destiny, and we shan’t look elsewhere because there is no elsewhere, elsewhere—just you, me, our folks, and our countrymen, and come Hell or high water, we’ve gotten the job done for two and a quarter centuries, and saved Western Civilization in the process.
More Q&A
Terry from Vermont writes:
Q: Hey there. This blog is a good read. Now, about this 10% on everything tax. Since I buy very little and live off my land here in Vermont, it would be great for me, would it not? Also, how would it affect the Social Security check I get from the government every month?
A: The 10% of everything/replacement of everything would be your cup of tea Terry—the less you buy, the lower your tax bite.
A: The 10% of everything/replacement of everything would be your cup of tea Terry—the less you buy, the lower your tax bite.
But wait! There’s more! Your healthcare doctors, including a new army of G.P.’s. cranked out by our 52 new National Universities, will have an irresistible financial incentive (200-500 grand) to start making “house calls” again, at standard 100 buck or so rates. They won’t show up in a horse and buggy, nor in a Model A Ford; but rather a fully equipped mini-van with nurse in tow.
Back to the future? Why not? It’s called “preventive medicine”—all the rage in my American 21st century designed to cut late life maintenance costs of $2 trillion, which today is a full 85% of all family medical bills, because we hate fighting HMO bureaucratic bullshit until it’s too late.
All 50 million of us want a “real” doctor to hold our hand in our waning years, and will gladly pay the 10-20 buck tax bite for “Don the Doctor”, fresh out of internship, and his doc specialist buddies.
Your monthly Social Security check will probably be a bit more than now after conversion to T-bonds (est. min. $2,000 vs. $1,800 today for retired sole proprietors like you and me), and a T-bond principal balance of half-a-mil or more (vs. zero today). But as I advised Flo in Florida, don’t go “ape.” Try to live off your monthly interest check before drawing out principal.
Terry, we’re in the same boat—you on the Atlantic and me on the Pacific, with just two financial concerns: positive daily cash flow, and to leave our grandkids with an educational shot at “The American Dream”—the self reliant confidence and the financial means to accomplish their missions in life.
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