The Leviticus 25 Plan 2022 will generate $619.5 billion budget surpluses during each of its first five years of activation.
3. Federal Income Tax Recapture
The scoring model assumes that 80% of U.S. citizens will participate in The Leviticus 25 Plan.
Participants must give up their tax refunds through the Plan’s recapture provisions for the 5-year target period (2024-2028).
According to 2022 IRS Filing season statistics, through Dec 30, 2022: 110,567,000 total refunds were paid out for a total of $359.534 billion.
Refund totals have increased by ~$44 billion over the past five years, from $303.761 billion (2018) to a current (estimated) $359.534 billion (2022), representing an average increase of $11.152 billion per year.
A conservative estimated average of $10 billion per year (2024-2028) will be used for this recapture calculation.
2022: $359.5 billion
2023: $369.5 billion
2024: $379.5 billion
2025: $389.5 billion
2026: $399.5 billion
2027: $409.5 billion
2028: $419.5 billion
Total: $1.998 trillion
Total recapture X 80%: $1.990 trillion X .8 = $1.598 trillion
Total recapture per annum (2024-2028): $1.598 / 5 = $319.6 billion
Source(s): https://www.irs.gov/newsroom/filing-season-statistics-for-week-ending-december-30-2022
……………………………………
4. Means-tested welfare / Economic Security Programs – Recapture
Participants in the Plan will forego Economic Security Program benefits and select means-tested welfare benefits for the period 2024-2028.
Economic security programs: About 11 percent (or $665 billion) of the federal budget in 2022 supports programs that provide aid (other than health insurance or Social Security benefits) to individuals and families facing hardship. Economic security programs include: the refundable portions of the Earned Income Tax Credit and Child Tax Credit, which assist low- and moderate-income working families; programs that provide cash payments to eligible individuals or households, including unemployment insurance and Supplemental Security Income for low-income people who are elderly or disabled; various forms of in-kind assistance for low-income people, including the Supplemental Nutrition Assistance Program (formerly known as food stamps), school meals, low-income housing assistance, child care assistance, and help meeting home energy bills; and other programs such as those that aid abused or neglected children.1
Source: https://www.cbpp.org/research/federal-budget/where-do-our-federal-tax-dollars-go
Assuming 2% growth / year
2022: $665 billion
2023: $665.0 billion + $13.3 billion = $678.3 billion
2024: $678.3 billion + $13.566 billion = $691.866 billion
2025: $691.866 billion + $13.837 billion = $705.703 billion
2026: $705.703 billion + $14.114 billion = $719.817 billion
2027: $719.817 billion + $14.396 billion = $734.213 billion
2028: $734.213 billion + $14.684 billion = $748.897 billion
Total economic security program outlays 2024-2028 = $3.6 trillion
Assuming 80% participation: $3.6 trillion x .8 = $2.88 trillion
Total: Economic Security Program / select Means-tested Welfare recapture during the 5-year target period (2024-2028): $2.88 trillion
Source(s): 1. https://www.cbpp.org/research/federal-budget/where-do-our-federal-tax-dollars-go
Center for Budget and Policy Priorities (Updated July 2022): https://www.cbpp.org/research/federal-budget/where0do-our-federal-tax-dollars-go
_______________________________