According to Forbes there are 536 Billionaires in the United States in 2015 http://www.forbes.com/billionaires/list/#version:static_search:united%20states
Their total Net Worth equals over 2.5 Trillion dollars.
10% equals over 250 Billion dollars
Now being a Pirate that sounds like a lot of booty that is not necessarily working for the US economy.
Now I am a conservative and have always been against excessive government taxes against individuals.
But never in my wildest dreams did I think so few would hoard so much of the the worlds assets.
We need to ask:
- how much does one individual need?
- Can this hidden wealth be used to stimulate the economy of the United States and create 1000’s of jobs?
- Should we put cap on an individuals earnings if the accumulation of wealth damages the economy?
- How could over $250 Billion dollars be used to stimulate the economy of the United States?
I know what you are thinking. What if we took the 250 Billion and divided it up amongst the population?
Based on a population of 300 Million that would be a paltry $800 each. It may help short term but do nothing long term for the economy.
But what if we used a nice round number like 1,000,000 loans to Americans? That would equal $250,000 each.
Now you ask “What would I do if I was given $250,000?” Most would say “Buy a house” or “Go on a vacation”.
Both are great ideas, but would only have a short term impact.
Now ask yourself what would an entrepreneur do with $250,000?
That one is easy START A BUSINESS
A small business is the heart of America. Every town in America has one.
They provide service, they feed America, they employ Millions!
Think about it.
What if we create a non profit annuity that supplies $250,000 tax free startup loans to entrepreneurs across America?
What if we made it easy to qualify for?
Would you want to live your dream and be your own boss?
In my mind, this is how it would work.
Every 5 years ALL BILLIONAIRES in the United States donate 1/10th of their net worth to the fund. This can be handled as a tax write off of some sort. In all honesty most Billionaires should feel good about this as the funds will go to growing the economy that they depend on to make more Billions.
The non-profit will have a goal of loaning out 200,000 $200,000 loans a year at zero interest.
That roughly equals 40 Billion dollars a year into the economy! The remainder creates an annuity to earn interest and to make additional loans annually.
Funds will also be used to create an online small business education system where potential business owners and learn how to write a business plan, deal with finances including taxes and learn about hiring and training employees.
Here is who we lend to:
- New / Very Small emerging business
- Entrepreneurs in every state
- 25% To existing very small businesses
- 25% to minority / economically disadvantaged, primarily in urban areas
- 50% to applicants who demonstrate and provide a valid feasible business plan and have a net worth of under $100,000
Here are some sample goals:
- Participate in a mentor program
- Complete basic online financial classes
- Produce a business plan for a sustainable long term successful business
- Create a profitable business
- Create at least 3 new jobs
- Make money honestly and ethically and pay your taxes.
- Stay small pay back 1/2 loan with zero interest.
- Grow, thrive and exceed goals payback reduced to zero in 5 years
Obviously this is still at the 30,000 ft level, but I think the theory is sound.
The $250,00 is just a number. Some businesses may need more, some less.
I cannot think of anything better than being able to reward citizens and finance their dreams.
If it works the $250,000,000,000 could easily create the next generation of millionaires who started with a small businees. And just maybe there could be some future billionaires created also,
So my question is: What Billionaire will be the first to step up to the plate and donate?