JUBILEE PROGRAM FOR ECONOMIC RECOVERY
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1) Declare a 1-year moratorium on collection of FICA (federal payroll) taxes for all employers and employees. This will, in effect, give every employer a tax break equal to 7.65% of payroll, and every employee a 7.65% “raise,” thus providing the "jolt" that our economy needs right now.
2) After the first year, start phasing the tax back in, as follows: Increase the tax by 2% each year (each, for employer and employee) for 4 years, while also raising the social security limit (the amount of gross annual income against which the tax is levied) by $50,000 each year.
3) After four years, abolish the social security limit altogether, so FICA taxes are collected on all earned income (remember, it’s only 15.10% of annual income up to $113,700 now; under my proposal, after 4 years, it’ll be 16% of all earned income).
4) Give strong incentive for people to invest additional funds on their own toward their retirement.
5) For five years, give a tax deduction for 100% of the interest paid on purchases of any big-ticket item manufactured in the U.S.
6) Beginning in year 6 of the interest deduction, reduce this deduction (except for the home mortgage interest deduction) by 10% per year until it disappears, leaving only the home mortgage interest deduction intact.
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