TEN “BIG IDEAS” A Brief Summary of Our Proposals 1. Retirement Security: Replace the Social Security payroll tax with a gross receipts tax on businesses dedicated to funding Social Security. Give Social Security’s trustees the authority to invest in non-government fixed-income securities. Reduce the retirement age to 55 (or 25 years in the workforce, whichever comes first). Adjust Social Security benefit formulas to double current benefits to compensate for the collapse of the traditional pension system. Require private pension funds to use fixed-income investment strategies (fixed-rate bonds or other fixed-income securities). 2. Real Tax Reform Eliminate all payroll taxes (including Social Security and Medicare taxes) on income up to (20) times the current poverty level (approximately $400K for a family of four based on 2005 Census and HHS guidelines). Tax all income (including capital gains) exceeding (20) times the current poverty rate at a 90% rate (in other words, restore the top tax bracket to where it was in the 1950’s). Impose a 5% Federal Assets Tax (“FAT cat” tax) on assets exceeding $500K (excluding primary and secondary residences, retirement savings, and family-owned farms and businesses valued at less than $2 million). Impose an 8% business gross receipts tax dedicated to funding Social Security and our national health care system. Tax corporate profits at a rate of 50% (in other words, restore the rate to where it was in the 1950’s). 3. Wages Require employers to distribute at least 25% of after tax profits to employees in the form of profit sharing. Guarantee all Americans annual cost of living adjustments to prevent wages from eroding through inflation. Ensure all employees are paid overtime for hours worked in excess of the standard work week (currently 40 hours). Cap CEO salaries at 20 times the salary of the enterprise's lowest paid employee. Raise the minimum wage to $10/hour. 4. Paid Time-Off Guarantee all Americans a minimum of six weeks paid vacation; (14) days paid "short-term" leave for illness, child or elder care, or other personal business; (26) weeks paid "long-term" leave for maternity/paternity, extended illness, or family medical emergencies; and flexible work schedules. Establish a four-day, 32-hour work week. 5. Health Care Extend Medicare to all Americans.  Eliminate the existing Medicare payroll tax and co-pay deductibles and instead finance the program through a 4% business gross receipts tax. Extend the Medicare prescription drug benefit to all Americans.  Eliminate drug program premiums, deductibles, gaps, and co-pay arrangements and instead finance the program through a 1% business gross receipts tax. Regulate the cost of drugs on a cost plus 5% basis. Coming soon: Proposals on cost of living, jobs, education, and national security.