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| ACT |
1. ACT a. A grass roots initiative promoting a fair and equitable 35 year solution regarding social security, and peripheral issues, |
| ICIRA |
2. ICIRA a. ICIRAs are new Individual Community Investment Retirement Accounts created and funded by diverting a substantial portion of the current 12.4% social security tax to these accounts |
| Special Obligation Bonds |
3. Special Obligation Bonds a. Government financial instruments issued to the Social Security trust fund when excess social security trust fund cash is transferred to the general revenue fund. Commonly referred to as social security IOUs |
| Equity Partner |
4. Equity Partner a. Under the ACT plan, millions of average working Americans become equity partners, both through their ICIRA account investments, and through the special obligation bond equity participation in next generation green energy proven solutions |
| Inter-Generational Contract |
5. Inter-Generational Contract a. Inter-Generational contract is a commitment contract between those currently recieving Social Security checks, and those millions of average working Americans currently funding the Social Security checks. The workers commit to ongoing funding without revision of current and future social security obligations, in exchange for a reciprocal commitment supporting the 35-year ACT legislation making average working Americans an owner of a new Individual Community Investment Retirement Account (ICIRA). |
| Social Security Tax |
6. Social Security Tax a. That tax levied on worker’s wages to fund existing social security obligations, and disability income (12.4%). In 1937 the first tax was levied at 2% of the first $3,000 earned, or an annual maximum of $60, in 2008 12.4% of first $102,000 of wages, or a maximum of $12,648 annually. |
| Social Security Trust Fund |
7. Social Security Trust Fund a. That is the account set up by the Federal Government to hold, and manage Social Security tax contributions. |
| Original District Founder (ODF) |
8. Original District Founder (ODF) a. One of a group of congressional district residents who voluntarily serve locally to provide a check and balance to protect the interest of their fellow congressional district residents |
| COMMUNITY INVESTMENT PODS (CIP) |
9. COMMUNITY INVESTMENT PODS (CIP) a. CIPs are similar to existing community credit unions; a certain number are designated in each congressional district as official repositories for accepting and managing ICIRA funds |
| ACT LOCAL TAX SUPPLEMENT |
10. ACT LOCAL TAX SUPPLEMENT a. ACT creates an educational supplement and real estate tax relief program by implementing a new 30 second commercial revenue stream for every 30 minutes of TV or radio broadcast time i. Revenues would flow directly into local CIPs |
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