(ThyBlackMan.com) Even Trump’s fiscal 2021 budget, has in it a projected individual (Consumer) tax cut costing $1.4 trillion. Yet, Dems, through presidential candidates, “lead messaging” ignore the need, for such a Tax Cut. However, any Republican Tax Cut to consumers will lightly go through a 3rd party, diluting any real benefits to consumers, rewarding instead the 3rd parties, who will be millionaires and billionaires.
A pragmatic solution, of A 10%, $25,000 Consumer Tax Cut, which will grow our economy beyond 3% GDP is realistically doable. The power of our economy is consumer spending, which is 70% of GDP. Consumer spending is weakening, due to low wages and increasing rent, student loan and credit card debt.
Trump’s $1.5 Trillion “Direct” Tax Cut to millionaires and billionaires failed. Annual GDP for 2019 DROPPED TO 2.3%. 3% GDP, prior to the Great Recession of 2008 was the norm for the U.S. economy. It’s obvious even to Republicans A Demand Side Tax Cut is needed, according to Trump’s budget.
The key issues of Voters deal with MONEY. 42% of VOTERS say Health Care is an issue. Health Care comes down to MONEY, which you need to pay for it. 18% say Income Inequality is an issue; MONEY again! 60% see MONEY as issue #1.
We should ask Democratic candidates, why they disapprove, of A DIRECT TAX CUT to consumers? We can see, 5 DIRECT TAX CUTS to millionaires, billionaires and corporations (MBC’s), since 1980 worked in making MBC’s wealthier, without growing our economy. Yet, A TAX CUT to us “will grow our economy, as consumers are 70% of the nation’s growth story.” When consumers stop spending, the economy will go into a decline.
Consumers want what millionaires, billionaires and corporations get in TAX CUTS; Money handed to them “DIRECTLY,” so they can decide how its spent.
A logical delivery channel, for such a TAX CUT, is Social Security. Why not Use SS, as the mechanism through which a 10%, $25,000 Consumer Tax Cut can flow, efficiently? By giving consumers such A Tax Cut; We Grow OUR Economy, Impact Poverty and Income Inequality.
Baby Boomers, who would be the targeted group of such a tax cut, include an equitable number of the black population. They are retiring at a rate of 10,000 a day. Hand our retirees a 10% tax cut of approximately $25,000.00 and reform this capitalistic economy.
Why is it, doable? The math is on America Consumers’ side. Do the MATH, yourself. 10,000 Boomers a day RETIRING times $25,410.00 = $254,100,000.00. 365 days times $254,100,000.00 = $92,746,500,000.00, annually. 10 years times $92,746,500,000.00 = $927.5 billion, over 10 years. The $927.5 billion cost is less than Trump’s $1.5 Trillion Tax Cut.
How do all Americans benefit? They benefit, if the tax cut plan is continued beyond the ten years the tax cut legislation will be initially written for; to have it enacted into law. And, if I were a betting man; once the law is enacted, it will become permanent and extended to future retirees.
This “Direct” Consumer Tax Cut, is an opportunity for one generation, the Baby Boomers (1946-1964), to leave a legacy of reformation to America’s capitalist system, that will benefit and be felt financially, by future generations: Generation X (1965-1980); Millennials (1981-1996); and even Generation Z (1997-2012), when it comes to income inequality.
This is a vision of our future “in which every one should be able to see themselves.” Can you see yourself receiving your $25,000.00 Tax Cut check, as part of your first Social Security retirement deposit and thereafter, your regular Social Security check?
How do you make your TAX CUT a reality? It is simple! Put this plan ON the ballot. Make a $10.00 donation FOR YOU AND YOUR FAMILY, by purchasing “The Fix This Time,” making it a #1 best seller, where no politician can ignore YOU.
Remember, even Republicans have now acknowledged, the need to spend at least $1.4 Trillion on the Consumer. It is our way of saying strongly and specifically, how that money should be spent, that is, if you like the idea of receiving $25,000.00. If you don’t make the effort to be heard, who then can you blame?
Staff Writer; James Davis
Mr. Davis is a leading expert and consultant in Financial Analysis and Social Dynamics. He is a graduate of Florida A. and M. University (FAMU), a former stockbroker, and a human rights activist who resides in Sanford, Florida. He was awarded the prestigious Governor Haydon Burns Scholarship to attend FAMU and while at FAMU was awarded the first Martin Luther King Scholarship. He is the author of three books, among them is “The Fix This Time,” Boost Your Retirement Income! Simultaneously Create Jobs and Spur Economic Growth (https://www.amazon.com/dp/B00MI3PD2M).
Mr. Davis can be reached through his blog @ https://thefixthistime.com.