Global Issues and Human Needs

Current State of the World

• Poverty, racism, and violence are dividing people, widening the gap between the haves and have-nots
• The prosperity and freedom of future generations, as well as the health of people and the planet, are being threatened
• The Doomsday Clock is moving closer to midnight due to the rising threat of nuclear war and natural disasters fueled by climate change

Basic Human Needs

• Every person needs freedom, opportunity, power, and justice to survive and thrive
• These needs are essential for citizens of a community, nation, and the world

Economy and Ownership

• We need a thriving economy that produces goods and services, with incomes from good jobs and growing businesses
• Businesses need customers with money to buy goods and services
• Working people must compete with lower-wage workers and labor-displacing technologies like artificial intelligence and robots
• Jobs alone won't bring economic security; each person also needs a share of ownership in growing businesses
• Capital earns profits for its owners, providing an independent source of personal income
• Spreading economic power and Capital ownership extends real political power to citizens

Historical Context

• President Abraham Lincoln enacted the Homestead Act in 1862, providing a free and equal opportunity for non-owners to become owners of 160 acres of land in the western frontier
• General William Sherman's promise of 40 acres and a mule to freed slaves in 1865 was later reversed
• The Homestead Act created many new citizen owners, turning America into the world's most productive agricultural economy
• After Lincoln's assassination, his vision of widespread citizen ownership was abandoned as America moved into the Industrial Age
• The ownership of industrial and commercial wealth became concentrated in fewer hands due to industry and bank financing

The Economic Democracy Act

• A modern, just, and voluntary economic program is needed to develop the future technology frontier
• Every citizen needs equal ownership opportunities and the means of acquiring Capital over their lifetime
• The Economic Democracy Act would offer a more sustainable, free market-oriented, and just way to finance new Capital being added and existing Capital transferred
• The Act would stimulate real jobs, encourage entrepreneurship and innovation, and spread prosperity and economic power

How the Economic Democracy Act Works

• Companies would sell new growth shares or transfer existing shares that pay out full dividends and provide full voting rights to their owners
• Citizens would have the right to receive, at no cost, a personal allotment of insured, interest-free Capital Credit each year to purchase new shares
• The 12 regional Federal Reserve Banks would use their existing powers to create new money for Capital growth and transfers
• Risk would be covered by private sector Capital Credit Insurance and reinsurance
• Citizens would use their allotment of interest-free credit to invest in qualified shares, guided by their local bank or Certified Financial Advisor

Tax Reforms

• The Economic Democracy Act would introduce a more fair and simple single-rate personal income tax
• Every citizen would get a living income exemption of $30,000 per adult and $20,000 per dependent
• Businesses would be encouraged to finance their growth by selling new voting shares and deducting all dividends paid out to shareholders
• The Act would eliminate payroll taxes, corporate income taxes, and tax deductions, credits, and loopholes that mainly benefit the rich
• A single tax rate would be calculated to pay government costs, including Social Security and Medicare, maintaining a safety net, and gradually paying off the national debt.

Current State of the World

• Poverty, racism, and violence are dividing people, widening the gap between the haves and have-nots
• The health of people and the planet are being threatened by climate change and the rising threat of nuclear war
• The Doomsday Clock is moving closer to midnight due to these threats

Basic Human Needs

• Every person needs freedom, opportunity, power, and justice to survive and thrive
• These needs are essential for citizens of a community, nation, and the world

Economy and Ownership

• A thriving economy requires good jobs and growing businesses that produce goods and services
• Businesses need customers with money to buy goods and services
• Working people face competition from lower-wage workers and labor-displacing technologies
• Jobs alone don't provide economic security; each person needs a share of ownership in growing businesses
• Capital earns profits for its owners, providing an independent source of personal income
• Spreading economic power and Capital ownership extends real political power to citizens

Historical Context

• The Homestead Act of 1862 provided free land to non-owners, turning America into the world's most productive agricultural economy
• General William Sherman's promise of 40 acres and a mule to freed slaves was later reversed
• The ownership of industrial and commercial wealth became concentrated in fewer hands after the Industrial Age
• America abandoned Lincoln's vision of widespread citizen ownership

The Economic Democracy Act

• A modern, just, and voluntary economic program is needed to develop the future technology frontier
• Every citizen needs equal ownership opportunities and the means of acquiring Capital over their lifetime
• The Act would stimulate real jobs, encourage entrepreneurship and innovation, and spread prosperity and economic power

How the Economic Democracy Act Works

• Companies would sell new growth shares or transfer existing shares with full dividends and voting rights to owners
• Citizens would receive a personal allotment of insured, interest-free Capital Credit each year to purchase new shares
• The 12 regional Federal Reserve Banks would create new money for Capital growth and transfers
• Risk would be covered by private sector Capital Credit Insurance and reinsurance
• Citizens would invest in qualified shares using their allotment of interest-free credit, guided by their local bank or Certified Financial Advisor

Tax Reforms

• The Act would introduce a more fair and simple single-rate personal income tax
• Every citizen would get a living income exemption of $30,000 per adult and $20,000 per dependent
• Businesses would be encouraged to finance growth by selling new voting shares and deducting dividends paid out
• The Act would eliminate payroll taxes, corporate income taxes, and tax deductions, credits, and loopholes
• A single tax rate would be calculated to pay government costs, including Social Security and Medicare, maintaining a safety net, and gradually paying off the national debt