National Savings Accounts: A Bailout for the American People

PROBLEM: MAINSTREET HAS YET TO SEE ANY BENEFIT FROM THE CORPORATE BAILOUT OF WALLSTREET AND, AS A RESULT, THE ECONOMY REMAINS LETHARGIC.

SOLUTION:Enter the Forced Individual Income Savings Tax Accounts (FIIST’S):Give each Middle-Class Household $30,000 ($10K+$10K+$10K.)

METHOD: A CREDIT CARD THAT ACTS LIKE A HYBRID BETWEEN A CREDIT-LINE FROM A BANK AND A SECURE CREDIT CARD, BUT WITH ONE MAJOR ADDITION, ITS’ FUNDS ARE REPLENISHED THREE WAYS: THROUGH A TAX ON AN INDIVIDUAL TAXPAYERS (WEEKLY/BI-WEEKLY OR MONTHLY) WAGES, THROUGH REPAYMENT ON WITHDRAWLS MADE BY TAXPAYERS, WITH AN ADDITIONAL 5 PERCENT ADDED IN WITH THE RE-PAYMENT, TAKEN FROM WAGES AUTOMATICALLY OVER A YEARS TIME TO HELP ENSURE REPAYMENT.

THE FIRST $10K
$10k dedicated to a special interest bearing savings account, one that taxpayers can use like a credit-line, but they have a limit (say 10%) on the amount they can borrow from it at one time and or on any one thing, before a repayment must-Have a ‘Forced Individual Income Savings Tax’ income tax that supplies and replenishes an individuals account, as taxpayers earn income while working. The ‘Forced Individual Income Savings Tax’(FIIST) is extracted each pay period through the year, to avoid an additional lump-sum tax at the end of the year. Additionally, ‘FIIST’ funds can be used for necessities like food, Mortgage/Rent payments or for the purchase of a ‘real asset’ (and never for liabilities) which is anything legal that will produce income for the taxpayer (e.g. a patent right, higher education costs [i.e. books and tuition], the materials needed for the start-up of a legitimate business enterprise [a business plan must be presented during audits] equity producing home improvements [receipts for all work done must be presented during audits] *note: The purchase of a home, in and of itself, does not constitute an asset for these purposes, unless it is being used as rental property, in which case , a taxpayer could use a portion of their ‘FIIST’ account toward the purchase of property. To help prevent catastrophic loss of the entire ‘FIIST’ account balance, certain controls were put into place. One of them is, the ’EGGBASKET’ measure, which prevents all the ‘FIIST’ funds from being spent in one place or at one time. The ‘FIIST’ accounts are overseen by an automated computer system, designed after already existing banking technology that detects any discrepancies or violations of ‘FIIST’ account regulations. Once alerted by the system ‘FIIST’ Auditors make contact with the taxpayer whose account has been called into question and adjudicate the claim made by the system.

THE SECOND $10K: ECONOMIC GROWTH AND JOB CREATION
These funds are dedicated to creating a business that hires at least two employees, one of whom was not the businesses creator or they can be used to pay for educational costs (e.g. student loans and or tuition.)

THE THIRD $10K: TRICKLE-UP ECONOMICS
These funds are left completely to the taxpayers’ discretion. They are funds taxpayers can invest, save and or spend however they like. These funds should not be controlled in anyway.

BENEFITS:
Banks will have money to invest and lend while hold the Federally Insured ‘FIIST’ funds. The Middle Class will have a much needed backup, for lean times. These funds will also spur on new growth of the economy, through renewed investment, innovation and a rekindling of the entrepreneurial spirit, which are what made our country great.