Posted 4 years ago on Nov. 4, 2011, 6:50 p.m. EST by mandoman10
from Inglewood, CA
This content is user submitted and not an official statement
Over the past couple weeks, the media has been giving a lot of attention to Herman Cain’s 9-9-9 plan. We’re not convinced that a tax plan stolen from Sim City is the best way to fix our country’s economic woes. Both of our political parties need to get their facts straight, and so we offer the 4-1-1 Plan for an actual economic recovery.
4- Hold banks accountable for the 400 billion dollars that they have admitted to defrauding from mortgage holders.
Big banks have admitted to fraudulent practices that will end up costing the federal government 400 billion dollars. Rather than demand the full amount from the banks, the Obama administration is willing to settle for a paltry 25 billion. The federal government ought to not only demand the full 400 billion dollars, but commit all 400 billion to helping underwater homeowners renegotiate loans based on the current value of their homes.
1- 1% tax on all stock transactions, .1% tax on bond transactions, a .1% tax on derivative swaps, and banks should be allowed only 1 function: savings or investing.
These miniscule taxes would bring in an estimated 1.2 trillion dollars, or 1.5 times the amount of the Obama stimulus, every single year. Not only that, but a combination of taxes on risky investments, along with the reinstitution of the Glass-Steagal restrictions, would help get American wealth out of speculative short-term investments that don’t create any jobs and into the kinds of long-term investment that lead to real job growth in the private sector.
1- A 5% additional tax on all income and capital gains over 1 million dollars.
This plan, which has actually been proposed by Democrats in Congress, would bring in an estimated 500 billion dollars over the next decade (or enough to fund the entire Obama jobs plan). Not only that, but the institution of an additional tax bracket would be an important first step towards creating a tax code where middle class professionals are not lumped into the same category as multi-millionaires.
The 4-1-1 Plan is the only way to get our economy back on track. lol. We left out lots, but we think these three could actually be won and really help allot of people. Also, we just like it cause its catchy.
— Mando, Zack, and Evan.