For 40 years, the Republican Party has engaged in class warfare by taking money from the working poor, the middle class, the infrastructure of this country, and future generations, and then redistributing that wealth to a small number of robber barons, thieves, war profiteers, and other members of the worst generation. Now they plan to take 700 billion more. No way, no how.
Instead, I'm offering a 700 billion dollar bailout paid directly to the middle class working folks of this country. And then I'm offering another bailout of 700 billion dollars in 2010 and then a third installment in 2012. That's right, a 2.1 trillion dollar bailout to the American middle class for all the damage caused to it by Busheviks and other right wing republicans.
My 2.1 trillion dollar middle class bailout will be geared toward helping those in the greatest need. 95% of Americans will benefit and most of the benefits will go to people living in blue and purple states. Here's how the money will be generated and how it will be distributed.
HOW TO GENERATE THE REVENUE
- An immediate withdrawal from Iraq. It should take about 2 months to safely exit Iraq. (If it takes longer, so be it) Estimated savings over 4 years = 460 Billion dollars
- We will immediately return the oil of Iraq to the Iraqi people and forbid any of the US companies involved from having any stake in these companies. However, the govt of Iraq, as a precondition for our withdrawal, will agree to pay us 1% of all oil exports for the next 8 years to offset the costs of the occupation.
- A one time assets tax on individuals with over 5 million dollars of assets or married couples with over 10 million dollars of assets. Assets will be counted collectively and all loopholes to prevent avoid this tax will be written into the legislation. For assets between a penny and 5 million dollars, you pay zero. For assets between 5 million and 25 million you pay 20%. For assets valued between 25 and 100 million it's 30%. For assets from 100 million to 1 billion it's 50%. For assets above a billion it's 70%.
- A one quarter of one percent tax on all stock transactions similar to what exists in London.
- An elimination of the cap on Social Security taxes so that the wealthy will pay the same percentage. The extra money generated from this goes directly to the Social Security trust fund and it is put in a lockbox.
- A revisal of our progressive tax code and restoration to the Kennedy levels of the 1960s for both individuals and corporations. This is tantamount to a middle class tax cut which I proudly support.
MONEY TO BE DISTRIBUTED
The moneys will be distributed as follows:
A. 20% of all moneys accumulated will go directly to our national debt.
B. All student loan debt incurred between 2001-2008 will be written off by the govt. For currently outstanding loans, the debts will be wiped clean. For previous loans paid off, 25% of all moneys paid off during the Bush years will be rebated to that person. This will help offset the Boomer debt transferred to the younger generations.
C. Medicare for all -- All Americans will immediately be eligible for Medicare which will be paid for in full from the revenue generators above with a slight increase in taxes which will be offset by the tax cuts above, the savings in health care costs, etc... In other words, you'll pay less for health care and get better coverage and better quality. Insurance companies and HMO bureaucrats will ALL be put out of business. They will no longer exist. Small businesses will save a fortune as the costs of health care will no longer be a burden to them. Private doctors and patients will be making medical decisions and murder by spreadsheet will be abolished.
D. Targeted assistance - I would use the remaining moneys to specifically target middle class needs. Be it energy costs, education costs, getting a 1st home, additional assistance for the home mortgage interest deduction, cost of living increases, etc... the money ALL goes to the middle class in this country and NONE of it goes to the socialists on Wall Street who believe that the rest of us should be subsidizing their yachts, fancy dinners, and lifestyle.
For those who want to accuse me of "class warfare," you're damn right. War was declared on the middle class 40 years ago and the middle class in this country has been getting kicked and punched in the face by right wing Republicans (and a few Blue Dog Democrats) day in and day out. I just propose punching back and punching back real hard.