22/01/2025
An Idea I came up with that would circumvent government, and help create some balance. In an era marked by unprecedented economic disparities, it is our duty to foster a fair and just society where every hardworking American can thrive. Today, I present the Fair and Balanced Income Act, a groundbreaking legislative proposal aimed at rectifying income inequalities and enhancing financial security for millions. This initiative, harnessing the wealth of the nation's billionaires, will provide a transformative gift that directly supports those earning less than three times the federal minimum wage, ensuring that prosperity is shared more equitably across our great nation.
Proposed Bill: The Fair and Balanced Income Act
Purpose:
To create a transformative economic solution by implementing a progressive wealth gift from U.S. billionaires, directly benefiting workers earning less than three times the federal minimum wage. This initiative promotes economic equity, reduces income disparity, and strengthens financial security for hardworking Americans. The gift would be untaxed by the IRS, non-deductible, and considered a direct contribution to the American people.
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Section 1: Progressive Wealth Gift from Billionaires
Gift Structure:
A tiered wealth gift will be applied to individuals with a net worth exceeding $1 billion, generating significant revenue for redistribution:
• Revenue from Wealth between $1 billion and $10 billion (1% Tax): $35.00 billion
• Revenue from Wealth between $10 billion and $100 billion (1.5% Tax): $37.50 billion
• Revenue from Wealth exceeding $100 billion (2% Tax): $9.00 billion
Total Projected Annual Gift: $81.50 billion
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Section 2: Distribution to U.S. Workforce
Scope of Coverage:
The proposed gift would benefit approximately 66.5 million employees, representing 50% of the total U.S. workforce (133 million workers).
Proposed Payouts:
• $1,500 for those earning between $7,540 and $15,080: 13.3 million employees.
• $1,000 for those earning between $15,080 and $30,160: 33.25 million employees.
• $500 for those earning between $30,160 and $45,240: 19.95 million employees.
Total Cost of Payouts: $63.18 billion annually
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Section 3: Additional Revenue Allocation
• Lockbox for Social Security:
Any surplus revenue generated beyond the required $63.18 billion would be securely allocated to a Social Security Lockbox, ensuring additional financial stability for future generations. Funds in the lockbox would be inaccessible to Congress for the federal budget, safeguarding its use solely for Social Security enhancements.
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Conclusion:
The Fair and Balanced Income Act represents a simple yet powerful way to address economic inequality while ensuring fairness and stability. By leveraging a modest contribution from the wealthiest Americans, this legislation would provide meaningful financial relief to half of the U.S. workforce and strengthen Social Security for generations to come.