Universal Healthcare and Livable Social Security are essential to save our states, cities, public authorities and public education from the crippling and bankrupting burdens of healthcare and pensions and for economic recovery and national prosperity.
These entitlements would give our Cities and States fiscal and social viability and make our businesses competitive in the global and domestic economies. They are necessary if: (1) the U.S. is to achieve full employment, retain global leadership, reindustrialize, rebuild infrastructure and reduce the national debt and (2) our states, cities, public authorities and public education systems are to survive the crippling and bankrupting burdens of healthcare and pensions.
Universal Healthcare and livable Social security can be realized and made affordable by turning Obamacare into a single payer system by expanding Medicare and replacing our tax code with a graduated flat tax system. The flat tax would commence above the poverty levels with separate surcharges and/ or FICA increases for the actual costs of these entitlements. All tax deductions would be eliminated including those for corporate healthcare and pension costs and mortgage interest. There would be a dedicated fractional tax on all securities, bond and derivative transfers to help offset Universal Healthcare, livable Social Security and public education through college. There would be mandatory repatriation of 80 percent +/= of all U.S. multinational corporation net foreign profits at capital gains rates. Domestic capital investment in new plant and equipment would be expensed in accordance with IRS schedules. Additionally, all existing 401K, government, corporate, union and public authority pension accounts would be transferred into Roth IRAs and/or a special inflation protected government bond issue without limit on a pro rata after tax basis. Supplemental increases also allowed. Only a single pension allowed. No limits on investments.
Among most advanced nations, universal healthcare and livable pensions are human rights and the responsibility of the central government. It is an embarrassment that the U.S., the world's most prosperous and strongest country, is an exception.
The time is past due for bi-partisan Congressional and Administration cooperation to enact legislation and tax reform to provide and pay for these entitlement benefits that the public now have and will never give up. The key is enlightened and creative Congressional and Presidential leadership in the public interest and the voters should demand it.