Balance Budget Amendment

Liberty Election Reform & Political Integrity
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Balanced Budget Amendment Proposal

Summary:
This amendment would require the federal government to spend only what it collects in revenue each year, preventing excessive national debt and ensuring responsible fiscal management.

Key Provisions:

  1. Spending Limits: The government cannot spend more than it earns in tax revenue, except in cases of declared war or national emergencies (requiring a supermajority vote).

  2. Debt Reduction: A structured plan to gradually reduce the national debt over time without harming essential services.

  3. Emergency Flexibility: Allows for deficit spending during major crises but requires a clear repayment plan.

  4. Economic Growth Focus: Encourages efficient spending and tax policies that support business growth and job creation.

Why This Makes Sense:

Stops Reckless Government Spending – Forces politicians to make responsible budget decisions.

Prevents High Inflation – Limits excessive money printing and national debt, protecting the dollar’s value.

Encourages Economic Stability – Businesses and investors gain confidence in a fiscally responsible government.

Protects Future Generations – Prevents leaving massive debt for future Americans to pay off.

Implementation Strategy:

A constitutional amendment proposal requiring two-thirds approval from Congress and ratification by 38 states.

Phased transition over 5-10 years to ensure a smooth economic shift.

Bipartisan support through provisions protecting critical programs like Social Security and defense.

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collects from whom?

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The government collects revenue primarily through taxes, which are paid by individuals, businesses, and other entities. This includes:

  1. Individual Income Taxes – Paid by citizens based on their earnings.

  2. Corporate Taxes – Paid by businesses on their profits.

  3. Payroll Taxes – These fund programs like Social Security and Medicare, paid by both employees and employers.

  4. Excise Taxes – Applied to specific goods or services, like gasoline or tobacco.

  5. Tariffs and Customs Duties – Collected on imported goods.

In short, the government collects revenue from the public, businesses, and other taxable entities through various forms of taxation and duties.