The Leviticus 25 Plan provides for a $70,000 credit extension for every participating U.S. citizen from the Federal Reserve. The conduit through which these liquidity infusions would flow is a new Citizens Credit Facility.
For each participating member in a given family, $50,000 would be electronically deposited into a Family Account, and $20,000 into a Medical Savings Account. A family of four would receive $200,000 in their Family Account, and $80,000 in their Medical Savings Account.
The Plan is not a wealth redistribution plan – taking from some to give to others.
Everyone receives equal treatment. Every U.S. citizen is eligible to participate.
The Leviticus 25 Plan Recapture provisions require participating citizens to give up their tax refunds for the next 5 years. Many wealthy Americans would therefore elect not to participate.
And the Recapture provisions would require participants to also give up general social welfare benefits for the next 5 years: Means-tested Welfare benefits, Income Security benefits, Unemployment insurance benefits, Workman’s Comp, SSI, SSDI – and a higher deductible for Medicare, Medicaid, VA, TRICARE, and FEHB programs.
Many Americans living below the poverty line, receiving expansive social welfare benefits, would therefore also elect not to participate – in lieu of losing those benefits.
The Leviticus 25 Plan assumes, therefore, that 80% of U.S. citizens would participate.
Giving up tax revenues – how significant would the effect be on government tax revenues? There would be a massive tax revenue recapture
The IRS issued a reported 102,139,000 refunds in 2014 totaling $274.7 billion.
Federal Income tax refund recapture:
Federal Income Tax Recapture:
$274.7 billion X 80% participation = $220 billion / year $220 billion / year X 5 years = $1.1 trillion
The $1.1 trillion estimate very likely understates the real Recapture amount, since it is not forward-adjusted for inflation. And the estimate does not take into account the additional gains in state income tax revenues.
Aside from the ‘recapture revenues,’ the debt reduction goals and benefits of The Plan would also lead to the elimination of major sums of mortgage / HELOC interest-expense and consumer loan interest-expense deductions – which would also generate considerable net gains in federal and state tax revenue.
Revitalized economic growth would result in more Americans working, paying taxes and contributing to social security and Medicare and Medicaid payroll taxes.
Massive government tax revenue gains every year for the next 5 years.
All without raising taxes.
It’s time to ‘think outside the box.’ Congress – are you listening?
The Leviticus 25 Plan 2015 – The $70,000 Solution The Leviticus 25 Plan 2015 (615)