LYNN BERGMAN: THE ECONOMIC FERTILIZATION ACT OF 2010
“Apply 10-10-10 in 2010”
The Economic Fertilization Act of 2010
Focus Federal Lawmaking on the Prioritization of Limited Resources!
Proposal for Survival of a Free U.S. Economy
- Enact a flat 10% Federal Inheritance Tax (no exemptions, no deductions)
- Limit Entitlement Spending to 10% of previous year’s GDP by year 2020
(12.5% in 2010, 12% in 2012, 11.5% in 2014, 11% in 2016, 10.5% in 2018, 10% in 2020 and thereafter)
- Limit the National Debt to 10% of previous year’s GDP by year 2020
(100% in 2010, 80% in 2012, 60% in 2014, 40% in 2016, 20% in 2018, 10% in 2020 and thereafter, except in times of declared war on one or more enemy sovereign nations).
Background Information:
United States Gross Domestic Product (GDP)
US GDP in year 2000 was $9.75 Trillion.
US GDP peaked in year 2008 at $14.44 Trillion.
US GDP was $14.26 Trillion in 2009, smaller due to the national economic recession.
United States Entitlement Spending
Entitlement spending has risen from approximately $976.94 Billion in year 2000 to $1695.95 Billion in year 2009. It is estimated that entitlement spending in year 2013 will reach $2073.07 Billion (over $2 trillion).
The United States National Debt
The current (February 10, 2010) United States National Debt is $12.3 Trillion, very nearly the current dollar value of all goods and services produced in the United States in year 2009 (2009 GDP = 14.26 Trillion. The interest on the national debt in year 2009 was just over $700 billion.
The Federal Inheritance Tax
The federal “death tax” is effectively a flat tax of 45% for deaths occurring in year 2009. It is expected that congress will extend this rate for year 2010 rather than let it automatically fall to zero as in current law.
© 2010 Mr. Lynn A. Bergman
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