In fact, there are often so many budget items that were committed to in advance that it forces the people planning the new budget to try to find items they are allowed to remove from the budget before they can even think about adding any new items that are important to America today.
With so many costs committed to by our politicians in advance, and with our current government not understanding the dangers of overspending, then Our Country has continued to overspend and lose money every year for the past 24 years.
This is the situation we currently see ourselves in with our yearly national budget, and that is one of the reasons why we have been going further and further into national debt every year, until now when we find ourselves $35 Trillion in debt, which is vastly more debt than America has ever had in our Country’s history.
In 2022, our national debt reached 129% of our GDP, which is also the highest in American history.
Continuing to have budget deficits is not sustainable, and if we do not begin to balance our budget and create surpluses in our budget that will allow us to pay off our debt, then America is going to get into a situation where our economy collapses.
Such a large amount of national debt now causes us to have to pay more than $1 trillion of interest on our debt every year, which is more than double what our interest payments were even just a year ago.
If our government was unable to balance our budget in previous years when we had minimal interest payments to pay on our debt, then how are they ever going to be able to balance the budget if they begin each year more than $1 trillion in the hole because of the $1 trillion of interest payments that are due each year?
Our current national debt situation is so bad that our debt is now growing by $1 trillion every 100 days, which means that our debt is increasing by about $3.65 trillion every year.
Five years from now, 50% of all the tax revenue that America collects will be required to pay only the interest on our national debt.
In ten years, 100% of all the tax revenue that America collects will be required to pay only the interest on our national debt.
This is not at all sustainable because if all our tax revenue is being spent to only pay the interest on our debt, then there is not going to be any money left to pay for anything that our government is required to pay every year, or any money left to provide any benefits to Our American People that are needed.
At this point, our entire economy would collapse because there would be no money left to pay for anything that our Country needs.
Therefore, if we do not change our current economic course drastically and very quickly, then our entire economy and even Our Country will completely collapse.
250 years of Building A World For Our Children will have been wasted and destroyed, and we will have nothing left to leave For Our Children.
Our politicians should realize that we need to begin to balance our budget and pay off our debt, but instead, the current White House administration has made a budget equal to $7.3 trillion for 2024, the largest budget in American history, with much of it being spent on unnecessary things.
We will collect $4.4 trillion in tax revenue, the largest amount of tax collected in history, but because of uncontrolled spending by our government, we are still going to have a deficit of about $3 trillion.
Most of our politicians have never owned a business, and some have never even had regular jobs. Therefore, they do not understand the basic economics of running a budget.
The largest part of our debt has been caused by our politicians being far too reckless and careless in their spending for many years, especially in recent years.
The situation has gotten worse during the past several years because our President, our Vice-President, and our Congress continue to ignore the crisis and do nothing to reduce our spending and balance our budget.
Instead of doing something positive for Our Country, they just sit in their polarized bubbles and try to come up with more ways to criticize the other party.
Our political system does not have a law that requires our Federal Government to balance its budget, and so many of our politicians have tried to win votes by spending as much money as possible each year on things they think will buy them votes.
Therefore, most of our politicians are selling out on You, selling out on Your Children, and selling out on America by overspending your tax money so they can try to stay in power.
Our Congress also hides what are called earmarks in their spending bills, which are unnecessary amounts of spending on items that are of personal interest to the Congressperson and to a small number of citizens who live in their districts and states.
These earmarks are again selfish overspending by our politicians so they can try to buy votes from their voters.
In addition, our politicians are not being held accountable for the money they spend, and they are not being held accountable for the debt they accumulate.
A huge amount of money is wasted Every Day and Every Year in America because no one in our government is paying close enough attention to the details of whether we are paying the correct prices for what we are purchasing and paying for.
For example, it was recently discovered that our government was paying $90,000 for a small bag of metal bushels that should only cost a few dollars.
Our politicians just vote on bills to spend hundreds of billions and trillions of dollars on ideas, and then they pay no attention to whether the money they have allocated is being spent efficiently.
In your own family, you have to balance your family budget, and in the businesses you have worked in or owned you have had to balance your business budget.
Therefore, as you will have found from your own experiences, the most important factor in balancing your budget is to pay very careful attention to every cost you are spending on.
For anyone to have any chance of balancing a budget, it is crucial to work hard by getting multiple quotes for every cost, and it is crucial to negotiate every cost to the lowest price that we can.
However, our government does not do this.
They only want to do the easy part of voting to spend the money. Then, they pay no attention to whether the money is being spent appropriately and efficiently.
As a result, our government is wasting hundreds of billions of dollars every year by paying too much for items, and by not negotiating prices like they should be doing.
They have no thoughts about balancing a budget, and they vote to spend money like they have an unlimited credit card that they can borrow unlimited amounts on.
We can begin to solve this problem by making our politicians balance the budget each year, because if you cannot borrow money then you care a whole lot more about getting everything you need or want with the money you have.
Therefore, requiring a balanced budget will cause politicians to want to negotiate prices to the lowest level.
We can further solve this problem by making politicians accountable for the finished product they have voted to spend your money on.
For example, if politicians vote to allocate money to build a bridge, then the politicians need to be held accountable for the bridge being built for the amount of money they allocated for it.
Currently, our politicians are not being held accountable for the finished product, and so our politicians just vote for the money to be spent on the bridge, and then they do not pay any attention to the bridge being built.
The result is that the bridge usually ends up costing far more than the money allocated, which results in additional money being spent on the bridge that our government did not allocate for, causing more debt to be accumulated by our Country.
The current structure of our Congress has our Congresspeople only doing the easy part of voting to spend the money.
But that is not the way the writers of our Constitution planned it.
Our founders planned for our Congresspeople to be closely involved with every project that was going on in their Districts and States by them being directly involved with all the federal money that is being spent in their Districts and States.
Some of our Congresspeople might tell us that they do not have the time to be closely involved with the money that is being spent in their Districts and States because they are spending so much time in Washington DC.
However, if we design a better schedule for our Congresspeople that does not require them being in Washington DC nearly every week, then they will have enough time to focus on making certain of the finished products in their Districts and States.
The current congressional schedule that keeps them in Washington DC nearly every week is not necessary. This often results in a waste of their time fighting among themselves and criticizing the politicians from the other party, and a waste of their time trying to gain media attention for themselves that they think will help them to get re-elected.
We do not have time for this kind of Congressional schedule anymore.
We are in a crisis, and so we do not have time to waste on political polarization.
We need to get to work with an all-hands-on-deck mentality of working together.
And that means that our Congress needs to get back to the basics that our founders designed Congress’s role to be, which is voting for federal spending within a balanced budget, and then being accountable in their Districts and States for this spending by staying on top of the construction and products.
Making sure that the spending they voted for achieves America’s desired outcome.
For America to balance our budget and pay off our debt, then it is crucial that our Congress gets back to basics and does this very valuable work that we need for them to do.
Many politicians have been so reckless in their spending through the years that we have been put into a situation where we owe so much debt, and the interest payments on the debt are so high, that we are not going to be able to get out of this very dangerous situation without changing our policies and getting rid of our bad habits.
Just looking at the situation logically, since our politicians have not balanced our yearly budget in the past, then how are they ever going to be able to balance the budget now that they have to start each year’s budget $900 Billion in the hole because of the extra $900 Billion of interest payments we currently have to pay every year on our debt?
If our politicians could not balance the budget without the extra nearly $1 trillion of yearly interest costs, then how are they ever going to be able to balance the budget now when they must start each year’s budget $1 trillion in the hole because of the $1 trillion of interest they owe every year?
This situation has been made worse because almost none of our politicians have ever owned their own business or had to balance their own business budget. Most of our politicians have no experience in business, and so they continue to make overspending financial mistakes that they should not be making.
Throughout my many careers that include more than 30 years of owning businesses, I have taken over many companies, sports teams, and television stations that were in huge financial difficulties, just like we now see with America’s debt problem.
In every instance, the method I used to turn all of these businesses around from nearly being out of business when I purchased them, to every one of them making a very successful profit, was to reduce the spending to as low a level as I needed to go to reach a breakeven point.
When you drastically reduce your budget to a breakeven level, then you find stable ground beneath you because you are no longer losing money. You have balanced your budget.
Now that you have stopped the negative cashflow, then you begin to work very hard to find ways to create and generate additional revenue you were not making before that will put you into a profit.
As you generate this profit, then you raise your spending selectively and gradually on the items that are most important to your business so that you can continue to meet your higher breakeven point.
You continue to follow this method until you reach a level of revenue that allows you to meet all the spending needs that your business requires to be very successful.
Then, from this point on, all additional revenue you are able to create and generate becomes your profit.
I have been very successful with this process so many times that I would immediately be able to achieve this with America’s federal budget and national debt.
At the beginning of this turnaround process, when you are initially and drastically cutting your spending so you can reach your initial breakeven level, you want to use what is called Zero-Based Budgeting.
With Zero-Based budgeting you start with no items in your budget at all, and you carefully evaluate every single potential item you might want to purchase to decide whether you want to include that item in your budget.
No item or cost is allowed to sneak through or be rubberstamped.
Wasteful political earmarks by Congress are stopped by doing this method, also.
The combination of reducing your costs to the lowest possible level and Zero-Based Budgeting allows you the greatest opportunity to create a turnaround situation where you can take an organization that is in great difficulties and turn it around into a huge success.
This is the same philosophy as my Dad, who was a tremendous businessman, used to always tell me about overcoming a situation where a Person, a Family, or a Business is losing money.
My Dad would say that the first thing you have to do is to stop the bleeding.
Which means that before you do anything else, and before you make any complex plans about how to try to increase revenues, you first have to do whatever it takes to stop from losing any more money.
Our President, Vice-President, and Congress do not understand this philosophy because they do not have any business experience, and so they do it the exact opposite way from how they should do it.
They commit our taxpayer money to all the wild overspending they want to do, and then they hope they can raise enough revenue to pay for their wild overspending.
However, this does not ever work, which is why our government has not had a balanced budget for the past 24 years in a row.
The IMF, International Monetary Fund, that oversees the entire global economy, sent a warning to our White House recently, saying that America could not continue to have the high budget deficits that we are currently having.
However, our White House refuses to acknowledge their overspending, and they are not even being honest about their spending because our current President manipulates words to hide the fact that his administration has already had the highest total amount of budget deficit of any 4-year Presidential term in American history, and higher than almost any eight-year term already.
They make false claims that if they raise taxes on the rich, then they will bring in enough money to pay for all their overspending.
But what they do not tell us, and what they are not even truthful to us about, is that our wealthy taxpayers already pay a far higher amount of America’s taxes than any other country in the world.
The top 1% of income earners in America pay 46% of all the taxes collected in America every year, the top 10% of income earners in America already pay 76% of all the taxes collected in America every year, and the top 40% of all the income earners pay 100% of all the net taxes collected in America every year.
This means that America is already not collecting any net taxes from 60% of our American citizens.
In contrast, in 1945 when our current income tax structure was designed, 90% of all Americans paid income taxes.
Therefore, our President and our government are making false statements when they try to blame our national debt on the wealthy “for not paying their fair share.”
In these less than honest statements, politicians never say what a fair share is because if they ever had to speak actual mathematical numbers, then every person in America would know that our wealthy taxpayers are already paying far more than their fair share of taxes.
These politicians also fail to mention that currently all our American taxpayers are paying an average of $15,098 per person every year in taxes, which is double the amount per person that taxpayers were paying 40 years ago, even after taking all the inflation into account.
Therefore, America’s problem is not the amount of tax revenue being collected. Instead, our problem is the amount of money being spent by our overspending politicians.
Our President, Vice-President, and other politicians who spread these false statements also fail to mention that every time they raise taxes on our wealthy citizens, then this slows our economy because it is the wealthy citizens who very often start large new businesses and hire large numbers of new employees.
When our economy slows, then this results in lower amounts of taxes being collected than the politicians projected.
Therefore, the politicians end up with another budget deficit and with increased national debt because they overspent on everything that they put into their spending list, but they did not bring in enough tax revenue to pay for their overspending.
However, instead of these politicians admitting that their overspending plan did not work, they will just incorrectly double down even more and say that they just need to raise the taxes again on our wealthy taxpayers because “they are not paying their fair share.”
Our current White House administration is a reminder of what British Prime Minister Margaret Thatcher said when she stated, “Socialist governments traditionally do make a financial mess. They always run out of other people’s money.”
This is what our current politicians are doing. They are trying to take more and more American taxpayer money until there is not going to be any money left to take.
Our White House has made promises for the past three years that they will not raise taxes on anyone earning less than $400,000 per year.
However, economists have shown that the new tax plan our White House administration has put forward will also raise taxes considerably on Americans who earn between $75,000 per year and $400,000 per year.
The reason our politicians are raising taxes across the board on nearly everyone is because they have no plan, and they have no concept of how to fix our budget deficit and national debt problems.
The mathematical facts are that all our American billionaires combined have a total of $5.2 trillion of wealth in money, ownership of company shares, real estate, etc.
Therefore, even if our politicians took all the money away from every billionaire so they had nothing left, then all the billionaires’ total money combined would still only cover one or two years of budget deficits.
And then America would be in even worse shape than we are now because all the companies that the billionaires owned would be gone and there would be hundreds of thousands of American citizens unemployed.
Our current politicians do not even try to learn from history, because in America during the 1960’s, some other incorrect politicians tried to do the same thing that our current incorrect politicians are doing now, when they raised taxes all the way up to a 90% tax on America’s wealthiest taxpayers.
This 90% tax did not even work because such high taxes caused the wealthiest taxpayers to be unable to, or unwilling to, start new businesses and hire people. Therefore, the American economy slowed down so much that even with a 90% tax on the wealthy, the government only brought in the same amount of tax revenue as they had before the taxes were raised.
However, even though no more tax revenue was being brought in, the American economy was in worse shape than it was before the tax increases because the slowing of the economy led to a reduction in GDP, a lowering of the wages that everyone earned, and a large increase in unemployment.
Our current politicians are operating so far outside of reality that they have no capabilities to see or know what they should do to fix our budget deficit and national debt crisis.
The thinking of our current White House has moved very far away from the Great Presidents we have had in the past.
I love two quotes from one of my all-time favorite Presidents, Bill Clinton, who was our last President to balance our national budget.
President Clinton said, “People ask me all the time how we delivered four surplus budgets. What new ideas did we bring? I always give a one-word answer: arithmetic.”
President Clinton also said, “Now, I don’t have all the answers, but I do know the old ways don’t work… A government that is leaner, not meaner; a government that expands opportunity, not bureaucracy; a government that understands that jobs must come from growth in a vibrant and vital system of enterprise.”
Both of these quotes from President Clinton show that our current White House administration is not in any way following the very successful work and the very successful philosophies of President Clinton.
One of my other favorite Presidents, Ronald Reagan, said, “Government’s view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it.”
President Reagan also said, “The most terrifying words in the English language are: I’m from the government and I’m here to help.”
Therefore, President Clinton and President Reagan were from different political parties, but they were both very successful with the economy because they both followed very similar philosophies.
In contrast, our current White House administration is far closer to pushing for socialism than they are to following in President Clinton’s or President Reagan’s footsteps.
As a result of our current White House and Congress overspending, our national debt is now in a crisis situation.
If we do not do something very quickly, then our national debt is going to become so large that it will be impossible for us to pay the interest on it. At that point, America will go into an economic collapse similar to what we have seen happen to other countries throughout history.
For example, Greece went into an economic collapse in 2009 that included their economic output falling by 25% and their unemployment rate rising to 27%.
Similarly, Venezuela went into an economic collapse when their country entered hyperinflation in 2016 and their inflation rate was 274% in 2016, 863% in 2017, 130,000% in 2018, and 9,586% in 2019.
Likewise, Argentina went into an economic collapse last year when their inflation rate went to 211% in 2023.
As Americans, we do not think that an economic collapse can happen to us, but the people of Greece, Venezuela, and Argentina thought it could not happen to them, either.
No one thinks it is going to happen to them until it happens.
Therefore, we need to have a sense of complete urgency in our present situation before our debt situation gets even worse.
Unfortunately, though, most of our current politicians have just stuck their heads in the sand and have decided not to look at America’s $35 Trillion of debt. As a result, these politicians are making the additional mistake of thinking that out of sight is out of mind.
Since our Goal is to Build A Wonderful And Incredible World For Our Children, then we owe it to Our Children to not leave them with trillions of dollars of debt and an economic collapse.
Therefore, we need to formulate a Plan immediately, and we need to execute Our Plan with maximum effort and with a sense of complete urgency.
As we move forward to do this, we know that some people enjoy the challenge of being in a crisis, and some people perform their best when the situation is at its toughest and the game is on the line.
Because of all my years in sports as an athlete and as a coach, then that is the way I am.
I greatly enjoy those “backs against the wall” crisis situations more than any other because throughout my life and my career I have always looked for these challenges.
My greatest skill has always been to take something that has collapsed, or almost collapsed, and turn it around into a Success by getting our backs against the wall as One Unified Team.
This Always involves coming up with a Great Plan, Always speaking in Positive and Encouraging Thoughts to Everyone, Always staying Positive and BELIEVING, and then fighting our way out together by Outworking everyone else.
I have spent several of my careers taking on these turnaround challenges with sports teams, schools, colleges, and business organizations that were in great difficulties, and I have always been very successful in turning them around.
For example, in sports I was the quarterback of my high school team where we had our school’s first-ever winning season and first Championship, was the free safety on Furman University’s first two outright Championships in school history, was the player/head coach on a professional football team that was in last place before I came and led them to an all-time record 14-0 in my first season, leading my team in our first three seasons to a 56-2 record with three Division Championships, three Conference Championships, three Regular Season Championships, two National Championships, the Budweiser Bowl Championship, the Coca-Cola Bowl Championship, and the European Championship, was the Great Britain National Team head coach and led Great Britain to its first-ever European Championship in my first year after the Great Britain national team had never won a single game in Europe, took a professional English soccer team that I was the first American to ever own and manage, and helped to lead them to the Semi-Final of the National FA Trophy, to the third-round in the FA Cup twice, and to their first Cup Championship in 40 years, was the head coach of a high school baseball team that had only won a maximum of one game per year for the previous five years and in my first season set all-time school records with 11 wins and 7 wins in a row, was the head coach of a high school football team that had only 2 returning players on their roster and had not had a winning season for many years, and led them to their best-ever record in the conference alignment, took over as the college professor and head of two departments in the School of Business where I redesigned the entire curriculum, re-created the Sport Management major, created ten new courses, created the Sport Management Minor and the Coaching Minor, and created a department that went on to develop hundreds of young people into outstanding business, coaching, and sport management executives, was the director of a high school academic program that had only 22 students in the program and within less than a year grew it to 900 students, partnering with 150 businesses and 15 colleges and universities that provided academic scholarships to our students, resulting in us being chosen as one of the 10 Super Schools in the United States, raised $2.3 Million in private grants that allowed us to rebuild the high school with seven new rooms including a presentation auditorium with power screens, a television studio, an outdoor theater, a technology center, a study area, an outdoor classroom, and a career technology makerspace, and was chosen as one of only four public school educators in the entire United States to be invited to Washington DC in 2018 to speak with Congress on Capitol Hill about our innovative educational approaches and to provide advice to Congress about the future of American education.
On the business side, I took over an American Football team in Europe that was in last place and was in great financial difficulties, and turned them around to become Regular Season Champions the first year, National Champions the second year, and European Champions in the third year, I took a professional English soccer team that was in bankruptcy and ready to close, and within five months got them out of debt for the first time in 100 years and helped them to win their first Cup Championship in 40 years, I took over a television station with only a $10,000 deposit since it was closing down because of financial difficulties, and built it from being on only one cable network in only two counties to being on 16 cable networks in six states across the Southeast, building it up so we produced more of our own television programming than any television station in the United States, including creating 350 Military Veterans Shows that became the largest compilation of personally told World War II history anywhere in the World and is archived in libraries and war museums across the United States, and I took over a thoroughbred race horse farm that was struggling financially, and in two years we were the most successful racehorse farm in the Country as we had horses that won the 2020 Belmont Stakes, won the 2021 Kentucky Derby, won the 2020 Travers Stakes, won the 2020 Florida Derby, won the 2019 Champagne Stakes, finished second in the 2020 Kentucky Derby, won the 2021 Shared Belief Stakes, won the 2021 Awesome Again Stakes, finished third in the 2021 Preakness Stakes, and finished second in the world champion 2021 Breeders’ Cup Classic.
Therefore, I have spent a lifetime and many careers turning-around sports teams into Champions, turning around schools and colleges into the top schools in the United States, and turning-around businesses into tremendous financial successes.
We can do the same thing for America.
There has never been a President or Vice-President in the history of the United States who has had as much experience and success in as many career fields as we have had, including in education as a teacher, in education as a college professor, in education as a school administrator, in college education as an administrator, in sports playing, in sports coaching, in television station management and ownership, in professional sports team ownership, and in business ownership and management in many different industries.
All of Our Movement’s extensive career experiences provide us with a huge advantage over any previous President and Vice-President in American history.
We will turn America’s situation around to where we once again are the Home of the American Dream for Every Person in our Country. Just like we used to be in America.
In conclusion, America is currently in a very bad position financially.
We need to save our Country by taking drastic action that will create a Turnaround for America, just like all the successful turnarounds I have spent a lifetime achieving everywhere I have been.
To Create this Turnaround, we have formulated a Complete Financial Plan that I have written about in detail on a separate page on this website and in this book titled, We Will Eliminate Federal Income Tax – Your Financial Investment In America Will Make You An Owner Of America.
Our Plan has never been designed by anyone before, and it will soon result in the future elimination of all income taxes in America.
When we are Successful with Our Plan, then you will never have to pay federal income tax again because Our Plan will generate the revenue on its own to pay for and to fund our Federal Government every year.
This will allow us to leave a Debt-Free America for Our Children, and so we will have accomplished what we set out to do, which is to Let Us Build A World For Our Children.
Our Financial Plan will not only balance our budget on a yearly basis, but it will also pay off our entire $35 trillion of debt so that America is completely out of debt for the first time since 1835 when Andrew Jackson from Tennessee was President.
I am from Tennessee where President Andrew Jackson is from, and where Vice-President Al Gore, who served with President Bill Clinton is from.
I also grew up in Arkansas where President Clinton is from.
President Jackson is the last President to completely pay off our national debt in 1835, and President Clinton and Vice-President Gore are the last administration to balance our budget, which they did four years in a row.
All of these men from Tennessee and Arkansas did a tremendous job balancing and paying off our national debt, and we will do this again.
In addition, Our Plan is a Revolutionary Plan that will have Every American owning shares of America, so that instead of you being a taxpayer who has no voice in how your taxpayer money is being spent, You and Your Family will become Owners of America who are Investors in America.
Our Plan restores the American Dream For You and For Your Family, and together We Will Raise The Tide For Every Person in America and For America.
In the process, we will have accomplished Our Goal because We Will Have Built A World For Our Children.
You can read the details of our Entire American Financial Plan on this website and in this book on the pages titled We Will Eliminate Federal Income Tax – Your Financial Investment In America Will Make You An Owner Of America.
SUMMARY OF OUR FINANCIAL PLAN
With Our Plan we will be able to generate a large federal budget surplus every year.
This will allow us to pay off the $35 trillion of national debt we currently have, which will save America from the future financial collapse we are currently heading toward unless we make this change.
Paying off our national debt will allow us to get America out of debt for the first time since 1835, when President Andrew Jackson from Tennessee was able to accomplish it.
This was also the only time in American history that America has been completely out of debt.
As we pay off our $35 trillion of debt, we will also create a National Endowment, just like colleges and universities have endowments.
Through the years, we will build our Endowment up by being very careful with our spending, and by investing our money with outstanding investment companies.
An investment company like BlackRock already very successfully manages assets of $10.5 trillion, and so there is no reason why a group of companies like Blackrock cannot successfully manage $40-$50 trillion of our Endowment.
Our National Endowment will make profits of at least 11% or 12% every year on our investments, just like Harvard and Yale make this amount of profit every year.
This return is very realistic because top hedge funds on average make an annual profit of 12.5%.
We will also make additional profits from any partnerships we form with corporations.
Our government will partner with outstanding American corporations to generate larger profit returns, and we will sometimes join with corporations in public-private partnerships to build the American infrastructure we need to build.
These infrastructure partnerships will also save us money because these corporations are already excellent at building infrastructure.
We will also partner with corporations on many initiatives that corporations are excellent at, instead of us trying to have our government involved in things that we do not specialize in.
Our current government has made a financial mess for everyone by trying on their own to do the FAFSA program for financial aid to college students and their families. However, our government does not have the skills and capabilities to manage a FAFSA program.
Instead, we will partner with corporations who are experts in this field so that our Entire Program will operate very efficiently.
We do not need to reinvent the wheel and try to manage it ourselves, when we can work in partnership with major technology corporations who are already excellent at this kind of work.
Working in partnership with corporations will also save us a very large amount of money.
Through our savings and our investments, we will build up our Endowment to such a high financial amount that we will be able to pay all the costs of our government budget every year with just the interest we have earned and the profits we have made on our investments every year from our Endowment.
We will operate our federal government like a corporation, which is what we should have always been doing, and our President, Vice-President, and Congress will be accountable and answerable to you for everything they spend because you will be an Owner of America.
The situation will be the same as you being a Shareholder and a Director on the Board of Directors of America’s corporation.
Our President will be the CEO of America’s corporation, and our President will be accountable and answerable to you for everything that our Country spends, just like a corporate CEO has to be accountable to the Shareholders and to the Board of Directors.
Our President will be looked at as America’s CEO, our Congress will be looked at as America’s Management team, and You will have the same power and control over them as a corporate Shareholder and as a Director on the Board of Directors.
Our Congress will not just vote to spend your money, and then ignore whether your money is being spent and utilized correctly.
Our Congress is currently not utilizing your money correctly because they are staying in Washington DC too much. When they should be voting on important issues in Washington and then getting back to work in their districts and states more often.
Instead of wasting time in Washington fighting over national issues, our Congress will vote on these key issues within set time periods, and then they will be responsible for monitoring and overseeing the spending that has been allocated in their district and in their state.
House of Representative members represent every district across our United States, and Senators represent every U.S. state. Therefore, we have Congresspeople on the ground across America who can monitor and oversee spending projects that are occurring in their districts and states.
This will save your money by making certain that projects stay under or within budget.
For example, if a bridge is being built in a district, then the U.S. Representative from that district, along with the Senator of that state, will be responsible for monitoring and overseeing the building of this bridge so that it is built within or under budget.
Our U.S. Congresspeople will also work together with state governors, with state legislators, and with county, city, and town mayors, which will be tremendous teamwork between all our levels of government.
The President and the Congress will work for you and serve you at all times, just like our government is supposed to be doing.
The way it used to be before our politicians began acting like they can do whatever they want to do without getting your approval, and without them even telling you what they are doing.
The CEO and Management team of a corporation are required to give their Shareholders and Board of Directors a Quarterly Report every three months.
Likewise, we will require our President and our Congress to give You a Quarterly Report every three months.
Then, through our saving of your money, our very careful spending, and our Endowment investments, we will increase the size of our National Endowment so that we are able to only spend 5% to 6% of our Endowment every year to pay for all of America’s yearly federal government costs.
At this point, our Endowment will become permanently self-sustainable, so that no more money is ever needed to be paid to our government in taxes by Our Citizens.
As a result, all federal income taxes will permanently end.
Some people will try to tell us that we are not going to be able Build our Endowment large enough to do this, but Yes we can when we have a Goal and a Plan for how we are going to get there.
Colleges like Harvard and Yale have built up their endowments so much that they are self-sustainable, as shown by the fact that they can choose, if they want, to pay for every one of their student’s tuitions every year with just the profits they make each year on the investments from their endowments.
They can choose, if they want, to pay every student’s tuition in their entire school without Harvard or Yale even touching the base amount of their endowment.
Therefore, if colleges can do it, then we in America can definitely do it.
There is Always a way to do anything that we set our mind to do and that we fully commit ourselves to do.
As I have written many times on this website, and as I have said many hundreds of times to my players, to my students, and to my business partners, it is Always Possible To Find A Way To Win.
That is how Championships are won.
Can you imagine The World We Will Build and Leave For Our Children if they never have to pay any taxes?
Can you imagine how motivated every American will be to create our Self-Sustainable Endowment when we have a Goal and a Plan for how we are going to get there?
None of us want to pay taxes now with the current disorganized way that our government handles our money because we are currently just giving our money to a government that does not respect our money, to a government that wastes our money, to a government that does not even tell us what they want to do with our money, to a government that gets our Country in huge debt and then does not even have enough respect for us to be accountable for and take responsibility for what they have spent.
With Our Plan, we will all be motivated to invest in America so that we can become Owners of America, ownership that will provide us with many financial and ownership benefits and rewards.
We will also be motivated because we will have full control and knowledge about where our money is going to be spent, and full monitoring and managing of our money through our Congresspeople as it is being spent.
We will also be motivated because our investment in America will increase in value every year as it is invested.
We will also be motivated because the better that America does, then the more we will each earn in financial returns on our investment.
We will be completely motivated because we will have a Specific Plan we are following, and a Specific Goal we are aiming for. And when we have Achieved Our Goal, then this will end all income taxes that You and Your Children will ever have to pay to the government.
And together we will have Built An Incredible Country And World For Our Children.
We will also be happy to invest in America because with all the taxes we are completely eliminating for you, then you will be creating and building Long-Term Generational Wealth For You and For Your Family.
Therefore, Our Plan is a Win for You, a Win for Every American, and a Win for America.
When we have built up our Endowment so that You and Your Children will never have to pay taxes again, then you will be able to build Your Long-Term Generational Wealth even faster and higher because you will be keeping everything that you make.
The Most Wonderful Beauty of Our Plan is that we are all going to Unite and Come Together again for Our Country because we are all going to be Investors in America, and because we are all going to be Owners of America.
We are all going to be working together as a Team to build and improve the America that we are all Investors in and Owners of.
When I interviewed hundreds of World War II veterans for the 350 Veterans Voice television shows that I made so that I could honor our World War II heroes, the one overriding thing that the veterans all said to me was that America was very successful during World War II because everyone in America came together and worked together as a Team.
Every person during World War II, from the soldiers fighting the battles, to the people who were back home working in America to build equipment, to the people who were growing food to supply to our soldiers and to all Americans, to the people who were back home providing positive support and encouragement, were unified and working together to save America.
With Our Plan, we will all be Unified and Working Together also, just like during World War II, because we need to save America for Ourselves and For Our Children.
Before the very dangerous economic path that our government currently has us on with our national debt causes Our Country to collapse.
The reason Our Plan is necessary is because our current income tax system is no longer working and needs to be completely and entirely changed.
When it is impossible for a system to work any longer, then we cannot just continue to keep using it while we pretend that the results are going to change even though we keep doing the same thing every year.
Many people like to use the definition of insanity as being, “Doing the same thing over and over, and expecting different results”.
Well, that is what our politicians have been doing. They have been using the same overall tax system every year since the 1940’s, even though this system stopped working several decades ago.
We have had federal budget deficits every year since the year 2000, and so the current income tax system has gotten us into this $35 trillion national debt mess we are now in.
The current tax system continues to get us into deeper financial trouble every single year as our national debt has been increasing and growing every year for the past 24 years, and now our national debt is rapidly increasing its pace.
Our $35 trillion national debt is now increasing by $1 trillion every three months.
In five years, we are going to be paying 50% of all the taxes collected every year just to pay the interest on our debt.
And in ten years, we are going to be paying 100% of all the taxes collected just to pay the interest on our debt.
Therefore, in ten years, our government will have no money to pay for anything that anyone needs because all taxes collected will just be going to pay the interest on the national debt.
It is expected that our national debt will be $141 trillion in 30 years, even if our Country does not collapse before then.
If we continue to follow this same system, then very soon, possibly before the next presidential election in 2028, we are going to get past the point of no return, which is going to result in the economic collapse of America in ways that are going to be very similar to how countries like Greece and Venezuela collapsed.
An economic collapse in America that could potentially cause our inflation to increase by many thousands of percent each year.
A collapse that could potentially end America as a country because some outside force may choose to take advantage of our extreme economic weakness.
Therefore, we cannot continue to use this same archaic system that is not working, and that no longer can work.
We need to look at creating a completely different system that is far more innovative and creative, and that fits into what we need for You and for Every American today.
The Plan we have designed achieves this for us.
We do not want a system that was designed a hundred years ago for how America was then.
Instead, we need to create a new system that works for you and all our American People Today.
Our current system no longer works for many reasons, including:
1) The current politicians look to find every way they can to collect taxes from American citizens, even if the politicians are double-taxing people on the same income, because the politicians think they can do whatever they want to do.
2) The income levels of American citizens have become so wide between higher earners and lower earners, that there has been a very large increase in the number of citizens who do not make enough income to have to pay tax.
3) Our income tax system has a higher percentage of Americans not paying income tax than any other country in the world.
4) In 2022, 40.1% of Americans were not required to pay any federal income taxes, and because some citizens receive financial benefits like child tax credits, then the net result was that there was no net income tax revenue collected from the lowest earning 60% of our citizens.
5) America is the only country in the world that does not have any net tax collection from these 60% of citizens, and we are the only country in the world that collects all its tax revenue from only the highest 40% of earners.
6) In comparison, in 1945 when the current income tax system was established, 90% of Americans were required to pay federal income taxes.
7) Our current income tax system can only work when 80-90% of people are paying taxes, but current income levels do not allow this to happen.
8) Because there are fewer people paying income tax than there used to be, and because our government continues to spend and waste a larger amount of money on its budget every year, then the politicians are continually attempting to increase the amount of taxes they collect from higher earning Americans in order to pay for the politicians’ increased overspending.
9) Currently, the top 1% of income earners in America pay 46% of all the income taxes collected by the government, the top 5% of income earners pay 66% of all income taxes collected, the top 10% of income earners pay 76% of all the income taxes collected, and the top 25% of income earners pay 89% of all income taxes collected by the government.
10) In fact, the United States has our higher income earners already paying a larger percentage of total tax revenue than any other country in the world, and so it is totally illogical for our politicians to think that our higher earners should pay even more taxes.
11) Therefore, the current tax system, where more and more people are not being required to pay any income tax, but where the politicians continue to need more and more tax revenue every year because they are wasting large amounts of it on wasteful overspending, causes the politicians to continue to try to collect an increased amount of taxes from a small number of higher income earners.
12) The reality is that all the money that our billionaires have could ridiculously be taken away from them and paid toward our nation’s taxes, and this would still not cover our tax deficit for more than a year.
13) And then we would not be able to pay for our budget the next year, and our billionaires would have no money left to pay any taxes for future years.
14) Therefore, trying to collect more and more revenue from a small number of higher income earners is obviously not mathematically sustainable.
15) The current White House administration tries to divide our Country by making false claims about higher income Americans not paying as much as lower income Americans.
16) However, as the above facts show, what politicians are telling people is dishonest and not true. The higher income earners are already paying the largest amount of taxes by far, and they are already paying the highest percentage of taxes by far. Therefore, politicians are being dishonest and misleading us when they intentionally use vague terms like “not paying their fair share” so the politicians can try to falsely blame higher earners, and so the politicians can avoid telling the truth that they have overspent and that they have no plan for how to solve America’s debt problem.
17) Our current politicians have:
1. No plan for how to solve our $35 trillion national debt problem.
2. No plan for how to solve our yearly budget deficits that increase our $35 trillion national debt by an additional $1 trillion every three months.
3. No plan for how to solve the fact that in five years it will take half of all our tax revenue just to pay the interest on our national debt each year, and in ten years it will take all 100% of our tax revenue to pay the interest on our national debt each year. Which would cause our American economy to collapse and seriously harm every person in America, potentially causing the complete downfall of our Country.
18) Our current White House administration has never owned a business, has not had a regular job, and has had no experience in economics. Therefore, our government makes the mistake of just continuing to try to jam a square peg into a round hole by setting a budget of $7.3 trillion this year that is the highest in American history, and then falsely claiming they can pay for their wasteful budget by raising taxes on our higher income earners even more than they already are. Something which can never work mathematically.
19) What these politicians fail to realize is that even if they could get more tax money from our higher earners, taking very large amounts of taxes from our higher earners would be bad in the long-term for our American economy because it is the higher earners who start more new businesses, who hire more new workers to reduce unemployment, and who contribute significantly to keeping our economy going and growing.
20) When money is taken away from higher earners through high taxes, it may bring in an increased amount of taxes for the very short-term, but because of the increased taxes, then the higher earners will not have the incentive and the money to start businesses, or to hire and pay workers that will stimulate our economy. The result of raising taxes is always an economic downturn that causes unemployment for workers and a decrease in the amount of taxes collected by our government.
21) Therefore, the increase in capital gains tax to 49.9%, like the White House is currently proposing, will cause higher earners to stop investing their money into businesses because they will think it is not worth the hard work and the risk of financial loss to only have a maximum potential profit of 50%.
22) Our current Politicians do not seem to be able to look past the very short-term to see that increasing taxes actually results in the government collecting less tax revenue in the long-term.
23) For example, in the 1950’s and 1960’s, there were some years when the government raised the income tax on higher earners so they had to pay 90% of what they earned to the government. However, even this ridiculous tax increase resulted in the government only collecting about the same amount of taxes they had collected before the tax increases because higher earners just stopped making new investments if they were going to only get to keep 10% of what they made. A potential maximum profit of 10% was not worth the risk of potentially losing 100% of their investment.
24) By making less investments, then there was no business revenue to pay the taxes on, and so the amount of taxes collected did not increase.
25) The result of this exorbitant tax and subsequent lack of investment by the higher earners caused the American economy to hugely suffer by slowing the economy and increasing unemployment.
26) Therefore, our politicians are looking at our current situation in completely the wrong way because they do not seem to understand the basics of economics.
27) An analogy of their incorrect thinking would be a hot dog restaurant that is not bringing in enough money to pay their bills, and so the restaurant decides to raise the price of their hot dogs from $3 each to $9 each.
In the restaurant’s simplified view, they incorrectly think they are going to increase the amount of their sales to three times what the sales were before because they are going to be charging three times as much for every hot dog. However, what they are not thinking deeply enough about is that customers will stop coming to their restaurant to buy any hot dogs at all because customers are not willing to pay $9 for a hot dog. Therefore, the restaurant may get a few customers for the first week until customers see how much the restaurant is now charging for its hot dogs. However, by week two, no customers will be coming into the restaurant, and so the restaurant is going to end up collecting much less money than it was when they were only charging $3 for their hot dogs.
28) The same thing happens when politicians raise taxes. They may collect a little bit more money at the very beginning, but then taxpayers stop investing, they stop starting new businesses, they reduce the wages they are paying to employees, and they stop hiring new employees.
29) This results in the amount of taxes collected being less after raising the taxes than they were when the taxes were lower. But these politicians do not think ahead to understand this, very probably because as career politicians they have never owned a business, and often because they have never even had a regular job working for a business.
30) The White House’s budget for this year of $7.3 trillion is the largest budget in American history.
31) Independent economic studies have shown that this increased government budget is going to be very harmful to the American economy because it is going to reduce the financial investment from higher earners, who without the increased taxes would have been able to contribute greatly to the growth of the economy.
32) The government’s large budget is also going to reduce the hiring of employees for the investments that the higher earners would have made in the economy if the taxes on them had not been increased.
33) It has been shown through these independent economic studies that the negative effects of the government’s $7.3 trillion budget for 2024 are going to slow our economy by reducing America’s long-term GDP by 2.2%.
34) The negative effects of this large budget are also going to reduce capital stock by 3.8%, reduce wages for workers by 1.6%, decrease income for Americans by 1.9%, and increase unemployment by eliminating 788,000 jobs that will cause nearly a million Americans to lose their jobs.
35) When our GDP is reduced, when salaries for employees are reduced, and when unemployment increases, then the government is going to be collecting less taxes than they were before the taxes were raised because the economy will have slowed, people will be making lower salaries, and less people will be working. In addition, the government will be paying more unemployment benefits because of the increased unemployment.
36) Therefore, increasing taxes may bring in a little more money for a year, but in the long-term it will cause the government to collect less taxes. Therefore, our Country will be right back in the same position within a couple of years where the government is not able to pay its bills.
37) In addition, raising taxes on higher earners is not the solution because all 741 billionaires in America have a total combined value of $5.2 trillion, and this is even if they sold every business, and every house, and every property they owned. Therefore, even if the government could make every billionaire pay everything they own toward taxes, then it would still only cover our budget deficit for a year or two.
38) Then, after a year or two, America would be in even more trouble than we are now, with a huge budget deficit every year because the government would be getting no money from our billionaires anymore, and all the businesses that our billionaires had owned would be closed with every worker now unemployed.
39) Therefore, the government continually increasing its budget to record levels, and expecting America’s higher earners to pay enough taxes to cover the costs of these wasteful budgets, is mathematically impossible, makes our economy weaker, reduces wages, decreases your income for the long term, and increases unemployment.
40) As a result, our politicians are kidding themselves, and being completely dishonest with you, when they lie to you to say that they can balance the budget if higher earners “would pay their fair share”.
41) That is completely false, but politicians keep saying it anyway because their goal is to divide us against each other.
42) They are choosing to make false statements because they want to get lower income earners to be angry at and falsely blame higher income earners.
43) What the politicians are not telling you is that after they take all the money away from the higher earners, but the American national debt has continued to get bigger, then the politicians are going to come for everyone’s money, including coming for our lower income earners, and including coming for your money.
44) In addition, they are going to stop all benefits and financial support to everyone because they will have no money to pay for it.
As a result, Our Plan looks at our tax system through fresh eyes.
It is an innovative and creative Plan that will:
1) Build and grow until it will keep You and Your Children from ever having to pay income taxes again.
2) Build up a self-sustaining National Endowment that pays all of America’s bills every year without requiring any more taxes to be collected.
3) Help You and Every American to become Very Successful and Achieve Your American Dream for You and For Your Family.
When we look at the history of taxes in America, we see that there was no income tax at all when America began.
Instead, our federal government ran its budget only on the taxes it collected from miscellaneous items, such as tariff taxes that were paid by other countries that shipped foreign products to America for us to purchase.
During the Civil War, there was a very brief period of income taxes in the North for a couple of years to help to pay for the costs of the war, and then income taxes were discontinued again until 1909 when Congress made an amendment to the Constitution that the federal government was allowed to collect income taxes.
The Congress and President Franklin Roosevelt pushed forward a huge increase in income tax rates in 1935.
Then, as World War II began, Congress and President Roosevelt again expanded income taxes to about 75% of the population by passing the Revenue Act of 1940 that significantly raised individual income taxes and corporate income taxes.
Congress and President Roosevelt expanded income taxes even further in 1945 after the war, which resulted in 90% of Americans becoming required to pay income taxes each year.
Then, in the 1960’s there were tax code changes that caused income taxes and payroll taxes to become even larger.
Since the 1960’s, the American economy has negatively changed so that a large number of Americans are not being paid a high enough salary to be able to live at a necessary level.
In addition, since the 1960’s, politicians, in their desire to get votes for their re-election, have continually decreased and eliminated income taxes on lower income and middle-income individuals and families.
The combined result of wages that are too low for people to live on, and politicians decreasing taxes on lower income and middle-income earners, is that 40.1% of Americans were not required to pay any income tax this past year.
In addition, because some American families do not pay taxes, and they also receive money through tax credits like the Child Tax Credit, then America collects no net income tax from the lowest 60% of income earners.
This means that the highest 40% of earners pay 100% of the income taxes in America.
During this same time period since the 1960’s, the politicians have regularly increased the amount of income tax that higher earners have had to pay, and because higher earners make up a small minority of people in America, then higher earners have not been able to defend themselves against the dishonest statements that politicians say when they use vague terms such as, “They need to pay their fair share”. When the facts are that our higher earners already pay far more than their fair share of taxes.
The highest 1% of earners pay 46% of all income tax collected, and the top 10% of earners pay 76% of all income tax collected.
As a result, America’s high earners already pay a higher percentage of America’s taxes than any other country in the World.
Therefore, taking even more taxes from our higher earners would not only be unfair to our higher earners, but as previously shown, it would also result in our economy suffering from lack of investment.
In addition, our federal budgets are so high now, and such a large percentage of people are not being required to pay any taxes, that the government could take away all the money and the entire wealth that our billionaires have, and all this billionaire’s money combined would still not balance our budget.
The politicians do not tell you that the current economic forecasts show that our current $35 trillion debt is going to have grown to a $141 trillion debt within 30 years.
And it is only going to grow that high if our Country does not collapse before then.
If our Country collapses, then unemployment could reach 20% or 30% like it reached 28% in Greece, there will be tens of millions of people homeless, the price of all food and products could begin increasing by 36 times every year because of inflation, like happened in Venezuela where inflation increased by an average of 3,605% every year from 1973 until 2024, peaking at 344,510% inflation in 2019.
With an economic collapse like this, then our government would also have no money to help anyone, and Every Person and Every American family would be left to try to take care of themselves.
When Greece got into a debt crisis like we are in, they forced twelve tax increases on its citizens, made many spending cuts to reduce benefits to people who needed them, and implemented many reforms from 2010 to 2016.
Greek citizens who earned the lowest incomes had their taxes raised by 337%.
These tax increases caused riots and nationwide protests, and eventually led to a 28% unemployment rate.
For 32 years from 1981 to 2013, they had budget deficits that continued to increase as government spending was too high.
Just like we have had our budget deficits increasing for the past 24 years since our last budget surplus in the year 2000.
Eventually, Greece’s national debt got so high that it was not sustainable because the amount of interest they had to pay on their debt became more than they had money to pay for.
Just like we are very soon going to be spending $1 trillion every year to pay the interest on our debt, and this $1 trillion of interest payments is going to continue to increase by very large amounts every year.
The Greek banks closed for several weeks, and then Greece defaulted on their debt in 2015 when their debt-to-GDP ratio had increased from 127% to 179%.
Just like it was forecast recently that our debt-to-GDP ratio is going to reach between 166% and 181% by 2054.
In Greece, taxes were increased by very large amounts, and people with the lowest incomes had their taxes increased by 337% in 2016.
Therefore, if America has a debt crisis, then just like Greece, our government will require every American to pay a large amount of taxes no matter how low people’s incomes are.
The Greek government also added a 23% sales tax on everything that was purchased, further causing citizens to not be able to purchase basic necessities.
Therefore, America is well along the same financial path of both Venezuela and Greece, and so it is crucial that we change what we are doing before it is too late.
It is crucial that we change our course before our economy and our nation collapse.
It is going to take many decades for either Greece or Venezuela to fully recover, if they ever do, and so their children and grandchildren and great-grandchildren are going to be paying for the financial mistakes that their parents made, for most, if not for all of their Children’s Lives.
We cannot let this happen in America, because how can we reach Our Goal of Building A World For Our Children if we end up leaving Our Children with a collapsed Country?
Therefore, we need to completely change what our politicians have been doing that has brought us to this financial crisis that we are in.
It does no good to keep doing the same thing over and over every year when it is not working, and when it is only making our situation get worse.
As a result, we need to look at our situation with fresh eyes that are not limited or restricted by what has been done wrong in the past, and we need to be creative and innovative so we can design and implement a Tax Plan and an Economy that works for America today.
The Tax Plan and Economic Plan that We have Designed For You and For America Today will Rescue Our Country and Ourselves from the path to collapse that we are currently on, and will help You and allow You to Achieve Your American Dream For You and For Your Family.
LET US BUILD A FINANCIALLY STRONG AND WONDERFUL WORLD FOR OUR CHILDREN.
WHEN WE ARE TOGETHER THEN WE CAN ACCOMPLISH ANYTHING!
