2. Limit the Economic Power of the State, in order to end special privileges and monopolies, especially discriminatory access by already wealthy people to the money-creation and credit powers of the Federal Reserve System.
3. Restore Private Property Rights, especially in corporate equity shares, by reversing laws and court decisions that deny capital owners: (a) full voting powers in corporate governance; (b) full transparency over management decisions; and (c) access to full profit distributions. Discriminatory double- and triple-taxation of corporate profits would be ended by full dividend payouts, with capital incomes taxed at the same rates as labor incomes. Furthermore, new capital would be financed by the issuance of new shares, to be purchased by workers and other new owners using capital credit. Capital credit would be insured to cover the risk of default and made repayable with the full stream of future profits earned on those shares.
4. Restore True Free Markets and Just Trade as the most democratic means to determine just prices, just wages, and just profits. This would eliminate monopolistic, bureaucratic, or other coercive or unjust attempts to substitute centralized control over economic choices for the more democratic, more objective, more free, and more efficient laws of supply and demand.
* End Wage and Welfare Slavery through Ownership Incomes for Every Citizen
We will reform American economic policy to shift from its present reliance on inflationary wages, job-destroying employer benefits, and incomes dependent on redistributing incomes earned by taxpayers. Instead, we will promote income independence for every citizen by accelerating investment in new wealth-creating, income-generating productive assets in ways that widely broaden individual capital accumulations, new jobs and property-based earnings, while improving ecological conditions for healthier lives and a healthier planet earth.
* Expand Capital Ownership through Capital Homesteading
We will enable every child, woman and man from birth to set up a personal Capital Homestead Account at a local bank and receive at least $7,000 of Federal Reserve-created, interest-free, and insured capital credit every year throughout their lives to invest their annual Capital Homestead credit allocation in newly issued corporate growth stock of an expanding private sector, with such credit repayable entirely with future pretax profits derived from the added productiveness of the newly formed capital assets.
We will reduce Social Security, Medicare and welfare benefits to the extent property incomes from accumulated assets in a citizen's tax-sheltered Capital Homestead Account replace that citizen's dependency on incomes redistributed from other taxpaying workers and capital owners. This would radically reduce future deficits for Medicare and Social Security, a mounting burden on future generations the present value of which is now projected at $129 trillion, 11 or a hidden debt of over $400,000 on every child, woman and man in today's America.
* Lift Barriers to Universal Access to Money Power and Broad-Based Ownership of Newly Created Capital Assets
We will reactivate Section 13(2) of the Federal Reserve Act of 1913 12 to supply asset-backed currency through the discount windows of each of the 12 Federal Reserve Banks in order to: (a) enable local commercial banks to finance sustainable, non-inflationary regional growth of industry, commerce, and agriculture through tax-sheltered Capital Homestead Accounts, (b) de-monopolize the power of money, productive credit and ownership and decentralize ownership power to every citizen as a new right of citizenship, and (c) restore an elastic, asset-backed reserve currency to replace the present government debt-backed currency system. We will amend the Federal Reserve Act to democratize share ownership of each of the 12 regional Federal Reserve Banks so that ownership rights and governing powers in each region's central bank would be exclusively and equally shared by each one of its regional citizens.
* Create a Radically More Simple and Just Tax System
We will control government spending through a national tax system 13 designed to: (a) encourage accelerated rates of investment, sustainable green growth in urban and rural communities, productive jobs, and widespread personalized ownership opportunities; (b) eliminate the double- and triple-tax on corporate profits and job-destroying Social Security, Medicare, and other payroll taxes; (c) continue to fund all personal entitlements out of general revenues until reduced and eventually exceeded by capital incomes earned through Capital Homestead Account assets; (d) eliminate all individual income taxes below a "living income" exemption of $30,000 per adult and $20,000 per dependent, (or $100,000 for a family of four); and (e) balance the federal budget and gradually repay old debt through a single rate tax on all personal incomes above the taxpayer's "living income" exemptions.
We will enable all citizens to report their incomes from all sources on a postal card, while allowing corporations, as with subchapter S corporations, partnerships, and cooperatives, to avoid business income taxes by treating full dividend payouts and other profit-based distributions as business deductions, taxable only when received at the personal level. We will provide citizens whose incomes (whether from private charity or other sources) are below the poverty level, with a monthly voucher check to meet their basic subsistence needs until earned income from their Capital Homesteading dividends and labor incomes rises above the poverty level.
* Avoid Concentrations in Wealth Transfers from One Generation to the Next
We will advocate reforms to the laws dealing with inheritance and gift-tax policies that encourage the top 5 percent of wealth-holders to distribute broadly their capital accumulations from one generation directly to the next, or through tax-sheltered Capital Homestead Accounts of individual members of their families, workers, teachers, the poor and disabled, and other citizens with little or no income-producing assets. Recipients would be subject to a one-time individual income tax on the gift or bequest, applied to the portion of the gift or bequest that brings their personal capital accumulations (excluding their primary residence) above $1 million.
III. DOMESTIC AND HUMAN-RIGHTS ISSUES
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