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This is the plan by the Committee to Elect Mike Ballantine President 2012 to rebuild America. Instead of a doomsday slash and burn Republican plan or a do nothing Democratic plan, we propose real change. As a member of the Green Party Mike puts the well being of our society before the well-being of corporations. Our committee will choose a running mate from the Republican party to balance our ticket and give Americans what they are asking for, compromise in Washington.
Taxes:
We will lower the corporate tax rate for companies that are 50%+ employee owned to 25% while raising the corporate tax rate for other companies to 50%. Corporations will face tax penalties if Executive pay is more than 10 times the average wage of employees. We will eliminate all deductions and raise the minimum taxable income to $50,000 per person and extend a progressive tax rate from 5% to 50% on individuals earning between $50,000 and $500,000 or more. Individuals earning above $1 million per year will pay a surtax on the earnings of up to 95% to yield an additional $100 billion a year to the treasury. Long-term capital gains will have a separate tax structure to encourage savings, whereas shortterm capital gains will be taxed as ordinary income. Interest on savings will not be taxed.
Balanced Budget:
Our plan delivers a balanced budget in 30 months. Whereas, we will reduce the deficit significantly during the first and second year, until we achieve full-employment in the 30th month, we will not see a balanced budget. Unlike other plans, our plan does not depend on cutting entitlements to achieve success.
Regulation:
We will propose legislation to reinstate the Glass-Stegall act with certain modifications for Internet banking. There will be a size limit on financial institutions and the too big to fail banks will be broken up. All new regulations will have a 20-year sunset provision to require reauthorization.
Spending Cuts:
Our plan proposes spending cuts during the first year of $500 billion. These cuts will come almost entirely from defense, military foreign aid, the TSA, and rationalization of the Department of Homeland Security. We will consolidate several departments into the department of Commerce. We show all departments to in our analysis to provide comparative data.
Consumer Debt:
We will use the authority of the Federal Reserve to implement a consumer debt relief package in the amount of $5 trillion employing assets held on account at the FED. We will allocate $3 trillion to underwater mortgages to reduce balances and refinance them under FHA style provisions. We will allocate $550 billion to reduce sub-prime mortgages by 50% allowing homeowners to reoccupy homes if they choose under new FHA style loans. We will allocate $575 billion to reduce the first $10,000 owed by students and 50% of the remainder. The balance of our funds will be available for Medical debt relief, credit
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Space:
We believe that investing in space and space-related technologies holds the key to our future success and we propose a $100 billion per year plan as part of our infrastructure program. Our proposed Moon/Mars plan can be found on our website.
Job Creation:
The Federal Reserve has two mandates: maintain full-employment and control inflation. We believe the FED has abandoned those mandates to keep interest rates artificially low and prop-up the stock market at the expense of savers and workers. We will instruct the FED to establish an infrastructure bank under its first mandate with the sole purpose to create jobs. As of October 15th, 2011, there was approximately $2.6 trillion deposited in banks earning zero% interest . We will authorize this new bank to issue 20-year bonds and to absorb $2 trillion in initial financing for a series of projects listed on our website. We will continue to finance projects over the first 30 months of our administration until we reach fullemployment. We estimate the total financing requirements will be $5 trillion although some of that money will be authorized as loan guarantees not direct financing. Priority will be given to American companies that are employee owned with deferred principal payments and subsidized interest rates to support start-up companies. The second mandate will be changed to initiate a zero% inflation policy at the FED. This will cause interest rates to rise immediately by 2% and we allow for the additional interest expense in our budget. There is nothing more important than maintaining a stable value in a nations currency. We will no longer drive our economy on debt, we will drive it on productivity.
Clean Energy:
We believe that we must first achieve energy independence to end our foreign adventures. The second phase is our investment in renewable energy through our infrastructure bank. The third phase is to begin replacing our automobiles with electric cars through a government subsidy for batteries paid for by a 5% tax on fossil fuel generated electricity. We believe that with smart investments and planning we can reduce the consumption of non-renewables namely, oil and coal by 50% over a 20-year period. To begin repairing the damage to our eco-system and help reduce the amount of CO2 in our atmosphere we propose a 1 billion tree planting program across the nation.
Conclusion:
The Ballantine campaign offers the only rebuild America plan out of all the candidates that meets the needs of most Americans. The voters have a choice, face austerity like Greece, muddle along for lost decades like Japan, or reinvigorate our nation building a better tomorrow. Join us, and help insure America stays number One.
Education:
Our budget includes an increase of $100 billion each year as a Marshall Plan for our innercities. We will provide minority scholarships to
www.mikeballantine2012.org
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15,500,000 24.3%
16,000,000 28.6%
17,600,000 28.3%
19,360,000 27.5%
21,296,000 27.3%
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Important Issues:
These numbers represent our best projections based on the economic situation on October 30, 2011. Should the economy worsen over the next year, there could be a substantial change in the projected deficit during 2013. This analysis assumes that average interest rates will be 2% in 2012, 3% in 2013, and 4.0% in 2014 2016. If the FED continues with its Quantitative Easing policies, those rates could climb effectively increasing our deficits in 2013, and 2014. Our plan assumes that the Department of Justice will provide a legal ruling pertaining to the role of the FED in creating jobs. Our plan assumes that we will begin to bring all troops home from overseas and that we will close 90% of our overseas bases during 2012. Our plan assumes that we will be able to get a midyear budget resolution passed to adjust spending levels and provide new taxes on millionaires and corporations. Our plan does not depend on any immediate change in personal income taxes although that is a priority for us. Our plan depends on the passage by Congress of a National Sales Tax to fund Medicare and insure its continued financial stability. Mike Ballantine
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