The ACT 35 Year Solution %u2013
From their Social Security Trust Fund %u2013 To Your Retirement Fund
1. Don%u2019t privatize Social Security, %u201Cindividualize%u201D ita.Individual workers will contribute to individual retirement accounts,
2. Don%u2019t save Social Security, phase it out over the next 35 yearsa. Begin phasing out new Social Security obligations at the rate of 2.875% a year
3. Immediately return to a pay as you go tax structure rather than pay in advancea.This eliminates the creation of the special obligation bond program, that obligates this and future generations to trillions of dollars in new Social Security IOUsb.Also, eliminates spending Social Security tax dollars on something other than intended
4. Eliminate the current 12.4% Social Security tax a.Fund Social Security obligations going forward with an across the board fair and equal assessment based on the gross domestic product GDP
5. Create new Individual Community Investment Retirement Accounts (ICIRAs) for every average working Americana.This is an account owned by the individual, much the same as an IRA account
6. Fund ICIRAs with the difference between the current 12.4% Social Security tax and a fair and equitable
GDP assessment %u2013 no additional cost to current workersa.An assessment of approximately 3.5% of the 14.1 trillion dollar GDP would fund the SS obligationb.Leaves approximately 8.9% of average working American%u2019s gross paychecks to fund new ICIRAs
7. Create community investment pods (CIPs), in each of the 435 congressional districtsa.These would be similar to existing member owned community credit unions and be responsible for soliciting management options for the congressional district workers ICIRA retirement funds
8. Break up the 2.3 trillion dollars of Social Security trust fund special obligation bonds among the 435 CIPsa.Gives each congressional district approximately 5.3 billion dollars of special obligation bonds
9. Use the special obligation bonds to underwrite the next generation of proven renewable energy, such as wind,
solar, bio, etc, a.Average working Americans become equity partners in America%u2019s green energy futureb.Rewarded with new jobs, reduced home utility bills, and reduced dependency on foreign oil
10. Create resident populated original district founder boards (ODFs) in each of the 435 congressional districts a.These boards would serve as a buffer between lobbyist and our elected representativesb.Each congressional district congressperson and the two U.S. senators are part of the ODF boardc.ODF boards ensure main street oversight, and raise the accountability bar to new heights
11. Create an intergenerational reciprocal cooperation contract that brings all generations together in working for
one common goala.Current workers %u201Csecure today%u201D by ensuring Social Security retiree checks are funded without revision b.Current retirees %u201Cunlock tomorrow%u201D by supporting the ACT plan which creates a new Individual Community Investment Retirement Account (ICIRA)for every average working American
* SOBs %u2013 Are non marketable intra-governmental instrument issued to the Social Security trust fund when taxpayer dollars are transferred to the general revenue fund, and spent on something other than intended
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