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Forum Post: A 4-1-1 plan for the 99%

Posted 12 years ago on Nov. 4, 2011, 6:50 p.m. EST by mandoman10 (4) 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.



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[-] 2 points by MortgagedTent (121) 12 years ago

I like it. But no mention of the 17 trillion the Federal Reserve gave away. To bad the banks can't afford the 170-4-1-1 plan.

[-] 1 points by mandoman10 (4) from Inglewood, CA 12 years ago

that 17 trillion is so hidden from the public. its a joke.

we considered getting it in there. that is ALOT of money. we were just thinking that since the lawsuit is pending on the 400 billion dollars with the department of justice that this would be something that could literally happen pretty quick.

what do you think?

[-] 1 points by MortgagedTent (121) 12 years ago

I see where you are coming from. I figured I'd mention the full scale of the injustice so that people don't think the $400 billion is the whole iceburg.

[-] 2 points by parchi (2) 12 years ago

Definitely a catchy proposal! While it's clear that comprehensive solutions are not going to come in three easy bullet points, I like the idea of emphasizing being informed (411, nice) and I think these simple points represent very powerful, yet relatively attainable (because they already exist in the political sphere) goals that put the blame where it belongs. The best thing about this 4-1-1 plan is that it not only proposes ways to produce money that can be used to help the 99%, but also addresses and changes fundamental problems in our financial system (i.e. holding banks responsible, changing the way investment works, since HFC practices will suffer with even little transaction taxes, and creating a more progressive tax code).

[-] 2 points by marslan (2) 12 years ago

These proposals address two major issues: 1) The short/mid term question of how to deal with the deficit without further roll-back in the social policies. It resolves this issue by reclaiming the public wealth that the big business dispossessed us of. 2) It addresses a longer term question of how to minimize the role of finance in the US economy. Whereas I support these proposals for their class based redistributive objectives, I think that the occupy movement should also start thinking of possible-practical initiatives to move beyond capitalist relations of production. This is a much longer term objective but at the very least this movement can reinvigorate the anti-capitalist sentiments and open up a space for a radical rethinking of economic relations constituting American society.

[-] 1 points by mandoman10 (4) from Inglewood, CA 12 years ago

interesting. care to share any of those practical initiatives to move beyond capitalism?

i would be very interested to hear more.

[-] 1 points by April (3196) 12 years ago

Like. How do we make it happen?

[-] 1 points by nucleus (3291) 12 years ago

Insufficient and ill-considered. Banks should be held accountable for all fraud, not just what they admit to.

The 1% tax on "investment" transactions including all financial instruments is absolutely necessary. But failure to tax gains on these instruments at less than rates imposed on actual labor and services devalues labor and services and perpetuates the capitalist ideal of making money on money. A 5% additional tax on all income over $1 million still those people subject to rates far less than the rates working people pay.

[-] 1 points by mandoman10 (4) from Inglewood, CA 12 years ago

hey man, i think the 1 million tax part specifically mentions capital gains in there.

but in general you are right. part of the plan is the ability to actually get it through. there is no doubt the rich should be paying much much more than a 5% surtax.

[-] 1 points by lateacher (1) 12 years ago

I like this plan for a couple of reasons.

  1. It places the blame and responsibility where it belongs: the big banks and the super rich.
  2. It consists of proposals that are already out there in the public debate and already have institutional support.
  3. It is focused on creating jobs, preventing foreclosures, and preventing a future crisis.
[-] 1 points by mandoman10 (4) from Inglewood, CA 12 years ago

love it!

[-] 0 points by stevo (314) 12 years ago

You see dimwit... MONEY is not the problem. Spending is the problem. We have a gov't that is like a crack addict, only with cash, and the mopes here are thinking ways to give them more crack..I mean cash