Earned Income Tax Credit (EITC) fraud – and The Leviticus 25 Plan

The Leviticus 25 Plan provides the mechanism for a $64,000 credit extension to each U.S. citizen who wishes to participate.

One of the ‘recapture’ provisions for participants in the plan is an agreement to opt out of receiving benefits from ‘Income Security’ social programs. The Earned Income Tax Credit is (EITC) one of those programs.  Payments are currently running at approximately $55 billion / year.

And this Income Security program is riddled with overpayment fraud.

The Earned Income Tax Credit (EITC) program has been “plagued with “improper payments” for years — decades actually (American Thinker – Henry Percy, April 26, 2013).  “The General Accounting Office (GAO) verified the vast scale of the fraud… estimated [to be] between 27 and 32 percent of EITC dollars claimed.'”

The “IRS overpaid Earned Income Tax Credit by at least $110.8 billion” during the years 1999 – 2008, according to a recent Treasury Department inspector general report. Source:  NetRightDaily.com: http://netrightdaily.com/2013/04/irs-overpaid-earned-income-tax-credit-by-at-least-110-8-billion-since-2000/#ixzz2dE6cUTZk

According to an inspector general’s report, at least, 21% of EITC payments in 2012 were “improper” ($11.6 billion), by far the highest fraud rate in any government entitlement program.

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The Leviticus 25 Plan would set America on course for getting government out of the business of administering massive fraud-riddled social programs.

Fed policies send Median Household Income into a 5-year ‘hard slide.’

America needs some ‘outside-the-box’ thinking.  The U.S. government and the Fed have engaged in a variety of massive liquidity ‘pushes’ over the past 5 years – all favoring major financial oligarchs.  Everything from TARP to ’emergency loans’ to ‘off-the-books emergency loans to the Primary Dealer Credit Facility, to the Temporary Liquidity Guarantee Corporation.  And from QE1, to QE2, to ‘Twist’ and QE3/4… not to mention trillions of Dollars in ‘currency swaps’ with foreign Central Banks.

‘Trillions of dollars’ in’ ‘liquidity’…’debt relief/restructuring’….’easy credit’… ‘currency propping’….. ‘jammed’ in to the pipelines… favoring global banking-financial interests (many of whom were key players in ‘creating’ the financial crisis that hit in the fall of 2008).

And mainstream American citizens are seeing nothing but creeping inflation and a ‘hard slide’ in Median Household Income levels:

Note this chart comparing Household Income vs (inverted) Fed Assets.  There is a strong correlation between sinking Household Income and rising Fed Assets.

Charts courtesy of Goldman Sachs and @Not_Jim_Cramer and ZeroHedge
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NoteThe Leviticus 25 Plan would also serve as a model for citizens in other countries to also benefit from direct credit extensions from their own Central Banks.

 

 

America’s economic plan for the future: The Leviticus 25 Plan

The Leviticus 25 Plan has undergone an inflation-adjustment upgrade (the September revision).

$64,000 per U.S. citizen – credit extension at 0% interest.  75% goes into a Family Account (FA) and 25% goes into a Medical Savings Account (MSA).  As an example:   A family of four would receive $256,000$192,000 deposited into the Family Account, $64,000 into the family’s Medical Savings Account.

Recapture provision overview:  Participants give up income tax refunds each year for 5 years. Participants also give up Means Tested Welfare benefits, Income Security benefits, unemployment insurance benefits, SSI, and SSDI benefits for a 5 years period.

Medicaid, Medicare, VA, FEBH healthcare benefits remain in place, but the deductible goes up to $2500 / person / year for 5 years.

The Recapture Provisions return over 50% during the first 5 years.  Dynamic inertia and positive feedback generate sufficient ‘follow-on’ return to fully fund the plan over a 10-15 year period.

The only plan in America that delivers meaningful real-time benefits and pays for itself.

The Leviticus 25 Plan.                                                                                                  Full document – September 2013 revision

 

Shocking “levels of government dependence in America”…

What you are going to read below is ‘unsustainable’… America is going to ‘hit the mountain’ unless we come up with a new plan…soon.

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Submitted by Michael Snyder via The Economic Collapse blog,  Courtesy of ZeroHedge.com

21 Facts About Rising Government Dependence In America That Will Blow Your Mind“…

1. Back in 1960, the ratio of social welfare benefits to salaries and wages was approximately 10 percent.  In the year 2000, the ratio of social welfare benefits to salaries and wages was approximately 21 percent.  Today, the ratio of social welfare benefits to salaries and wages is approximately 35 percent.

2. According to the U.S. Census Bureau, 49 percent of all Americans live in a home that gets direct monetary benefits from the federal government.  Back in 1983, less than a third of all Americans lived in a home that received direct monetary benefits from the federal government.

3. Overall, more than 70 percent of all federal spending goes to “dependence-creating programs”.

4. According to the Survey of Income and Program Participation conducted by the U.S. Census, well over 100 million Americans are enrolled in at least one welfare program run by the federal government.  Sadly, that figure does not even include Social Security or Medicare.

5. Today, the federal government runs about 80 different “means-tested welfare programs”, and almost all of those programs have experienced substantial growth in recent years.

6. The number of Americans on Social Security disability now exceeds the entire population of the state of Virginia.

7. If the number of Americans on Social Security disability were gathered into a separate state, it would be the 8th largest state in the country.

8. In 1968, there were 51 full-time workers for every American on disability.  Today, there are just 13 full-time workers for every American on disability.

9. Right now, there are approximately 56 million Americans collecting Social Security benefits.  By 2035, that number is projected to soar to an astounding 91 million.

10. Overall, the Social Security system is facing a 134 trillion dollar shortfall over the next 75 years.

11. The number of Americans on food stamps has grown from 17 million in the year 2000 to more than 47 million today.

12. Back in the 1970s, about one out of every 50 Americans was on food stamps.  Today, about one out of every 6.5 Americans is on food stamps.

13. Today, the number of Americans on food stamps exceeds the entire population of the nation of Spain.

14. According to one calculation, the number of Americans on food stamps now exceeds the combined populations of “Alaska, Arkansas, Connecticut, Delaware, District of Columbia, Hawaii, Idaho, Iowa, Kansas, Maine, Mississippi, Montana, Nebraska, Nevada, New Hampshire, New Mexico, North Dakota, Oklahoma, Oregon, Rhode Island, South Dakota, Utah, Vermont, West Virginia, and Wyoming.”

15. According to a report from the Center for Immigration Studies, 43 percent of all immigrants that have been in the United States for at least 20 years are still on welfare.

16. Back in 1965, only one out of every 50 Americans was on Medicaid.  Today, one out of every 6 Americans is on Medicaid, and things are about to get a whole lot worse.  It is being projected that Obamacare will add 16 million more Americans to the Medicaid rolls.

17. As I wrote about recently, it is being projected that the number of Americans on Medicare will grow from 50.7 million in 2012 to 73.2 million in 2025.

18. At this point, Medicare is facing unfunded liabilities of more than 38 trillion dollars over the next 75 years.  That comes to approximately $328,404 for every single household in the United States.

19. Back in 1990, the federal government accounted for just 32 percent of all health care spending in America.  It is being projected that the federal government will account for more than 50 percent of all health care spending in the United States very soon.

20. The amount of money that the federal government gives directly to the American people has increased by 32 percent since Barack Obama entered the White House.

21. When you total it all up, American households are now receiving more money directly from the federal government than they are paying to the government in taxes.

Once again, there is certainly nothing wrong with helping the poor, and there will always be people that need a helping hand.

But what we have in America today is far beyond that.  What we have in America today is a situation where economic independence is being systematically eradicated and the government is increasingly being expected to provide our daily bread and to take care of all of us from the cradle to the grave.

And once you are dependent on the system, at least part of you is going to become resistant to anyone or anything that threatens to bring meaningful change to the system because your survival depends on the system.

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There is only one plan that offers Americans something better than Means Tested Welfare, Income Security programs and unemployment insurance:

The Leviticus 25 PlanThe ‘game changer.’

 

 

 

 

 

 

Middle class getting “shredded” and the working poor are getting skinned – why America needs The Leviticus 25 Plan

Troubling Facts about America’s middle class and working poor:
Submitted by Michael Snyder of The Economic Collapse blog,
Courtesy of ZeroHedge 7-31-13                                                                       Excerpts: 
“What is America going to look like when the middle class is dead?  Once upon a time, the United States had the largest and most vibrant middle class in the history of the world… just six years ago there were about six million more full-time jobs in our economy than there are right now.  Those jobs are being replaced by part-time jobs and temp jobs. 
The number one employer in America today is Wal-Mart and the number two employer in America is a temp agency (Kelly Services).   But you can’t support a family on those types of jobs.  We live at a time when incomes are going down, but the cost of living just keeps going up.
                                                                                                                                 As a result, the middle class in America is being absolutely shredded and the ranks of the poor are steadily growing.
[Here are the first 10 of the 44 facts listed] 
                                                                                                                                         1.  According to one recent survey, “four out of five U.S. adults struggle with joblessness, near poverty or reliance on welfare for at least parts of their lives”.
2.  The growth rate of real disposable personal income is the lowest that it has been in decades.
3.  Median household income (adjusted for inflation) has fallen by 7.8 percent since the year 2000.
4.  According to the U.S. Census Bureau, the middle class is taking home a smaller share of the overall income pie than has ever been recorded before.
5.  The home ownership rate in the United States is the lowest that it has been in 18 years.
6.  It is more expensive to rent a home in America than ever before. In fact, median asking rent for vacant rental units just hit a brand new all-time record high.
7.  According to one recent survey, 76 percent of all Americans are living paycheck to paycheck.
8.  The U.S. economy actually lost 240,000 full-time jobs last month, and the number of full-time workers in the United States is now about 6 million below the old record that was set back in 2007.
9.  The largest employer in the United States right now is Wal-Mart. The second largest employer in the United States right now is a temp agency (Kelly Services).
10.  One out of every ten jobs in the United States is now filled through a temp agency.
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The Leviticus 25 Plan would restore some order and stability to America’s middle class. And it would be a ‘helping hand up’ for the working poor in America – instead of continuing on with losing policies centered on monthly ‘hand-outs.’ 
                                                                                                                              The Leviticus 25 Plan would reignite real economic growth and get America back on track.