COST FREE UNIVERSAL HEALTHCARE, LIVABLE SOCIAL SECURITY, PUBLIC COLLEGE
Universal healthcare, livable Social Security, and free public education through college are human entitlements in all advanced countries and the responsibility of central governments. It is an embarrassment that the U.S., the world's most prosperous and strongest country, is an exception.
These Federal entitlements would save our Cities, States, their public authorities, and education systems by relieving them of these unaffordable burdens; help provide fiscal and social viability; and make our businesses more competitive in the global and domestic economies. These entitlements are necessary for the U.S. to achieve full employment, retain global leadership, reindustrialize, rebuild infrastructure, reduce the national debt, and ensure prosperity.
AFFORDABILITY: Universal Healthcare, Livable Social Security, and free public college can be realized and made affordable by turning Obamacare into a single payer system by expanding Medicare (eliminating Medicaid) and replacing our tax code with a graduated flat tax system. Individual rates would commence above the poverty levels with a base tax rate to $400,000, a higher rate for the wealthy, and another for the very rich. Corporations and all other entities would be taxed on their global earnings. The Tax rates would be set by the Congressional Budget Office and the Office of Management and Budget to cover all government operating and administrative and program costs. There would be separate surcharges for Universal Healthcare, Livable Social Security, and the military at their actual costs. This would create a taxpayer watchdog effect on government expenses and efficiency and reduce exploitation of healthcare. All tax deductions would be eliminated including those for corporate healthcare and pension costs and mortgage and investment interest.
There would be a negligible dedicated transfer tax on all securities, bond, and derivative transfers (a fraction of 1 percent -- a trillion +/- of transactions per week) to fund Universal Healthcare, Livable Social Security, and public education through college. A FICA type surcharge could be levied to cover any entitlement shortfalls.
There would be mandatory repatriation of 80 percent +/- of all U.S. multinational corporation net foreign profits at capital gains rates including any existing corporate overseas cash hordes. Business capital investment in new plant and equipment would be capitalized. Additionally, all existing 401K, government, corporate, union, public authority pension and IRA accounts would be required to be transferred into Roth IRAs and/or a special inflation protected government bond issue without limit on a pro rata capital gains rate. Supplemental increases also allowed. Only a single pension allowed. No corporate healthcare and pension deductions. No limits on private investments. Penalty for inversion -- a compensating import duty on inversioners goods. The time is past due for Congressional and Administration cooperation to enact legislation and tax reforms and operational efficiencies to provide and pay for these entitlement benefits. The public now has Medicare/Medicaid and Social Security entitlements and will never give them up. These entitlements must be expanded and reformed. The electorate should demand that Congress and the Administration stop playing politics and get on with it or else be replaced.