Economic Policy
Will Scarlet represented the Robin Hood Party at the Economic Summit on Wednesday the 18th. Scarlet made it clear that the Robin Hood Party’s main goal is wealth equality, as many of their policies and goals focus on raising the lower class, such as the Nottingham Program.
The group plans on implementing an expansionary policy in an attempt to encourage economic growth. Robin Hood will also increase spending on education and welfare to strengthen the lower classes, and (hopefully) enabling them to get better jobs. Scarlet also mentioned that they would decrease defense and healthcare spending, as well as maintaining current pension rates. Scarlet also mentioned that the government would increase its investments on small businesses in the future, more on this later.
On the subject of the current government deficit, the Robin Hood Party plans on putting five percent of the money gained from a new capital gains tax on the upper 5 percent of the public. This will come from a reorganization of the current capital gain tax rates. The lowest 50 percent of the public will have capital gains taxed at a 10 percent rate, the middle 45 percent at 20 percent, and the upper 5 percent at a 30 percent rate. As far as income tax goes, current rates will be maintained.
The Robin Hood Party’s main initiative is Proposition Nottingham. Nottingham would give anyone who makes more than $3 million in capital gains the option to invest up to 25 percent back into a startup company or small business as a loan or grant, while 5 percent will still go to the government. If the money is given as a loan, the investor is guaranteed up to half of their initial investment, so 12.5 percent of their capital gains, to be paid back while the other 12.5 percent of the initial investment will be paid back to the government. In the case of a grant, the investor will simply give the business 25 percent of their capital gains, with no expected return. There is a caveat that the investor may not invest in its own startup/small business. The alternative is for the person or establishment to simply pay the 30 percent tax to the government, with no payback. Other initiatives include education for all which will loosely follow the German model, with trade skills being encouraged. Robin Hood will also cut subsidies for fracking and increasing subsidies in other places. It should be noted that these “other places” are not specified at this time. An intended theme with these is that they are focused on domestic, not international, issues, which is their justification for cutting defense spending as mentioned earlier.
While this plan has some good points that should benefit America as a whole, like the education reforms and Proposition Nottingham, the information provided in the summit did not address some major issues, like the current debt. Scarlet and his party intend to put just 5 percent of the capital gains tax from the top 5 percent of the public towards reducing the nation’s growing $18 trillion debt. Coupled no change in income tax, the increases in education and welfare spending, and an expansionary fiscal approach, it is possible that the debt may continue to grow. The Robin Hood Party has good intentions with decreasing the wealth gap, but their current economic policy needs some major improvements in other areas.
The group plans on implementing an expansionary policy in an attempt to encourage economic growth. Robin Hood will also increase spending on education and welfare to strengthen the lower classes, and (hopefully) enabling them to get better jobs. Scarlet also mentioned that they would decrease defense and healthcare spending, as well as maintaining current pension rates. Scarlet also mentioned that the government would increase its investments on small businesses in the future, more on this later.
On the subject of the current government deficit, the Robin Hood Party plans on putting five percent of the money gained from a new capital gains tax on the upper 5 percent of the public. This will come from a reorganization of the current capital gain tax rates. The lowest 50 percent of the public will have capital gains taxed at a 10 percent rate, the middle 45 percent at 20 percent, and the upper 5 percent at a 30 percent rate. As far as income tax goes, current rates will be maintained.
The Robin Hood Party’s main initiative is Proposition Nottingham. Nottingham would give anyone who makes more than $3 million in capital gains the option to invest up to 25 percent back into a startup company or small business as a loan or grant, while 5 percent will still go to the government. If the money is given as a loan, the investor is guaranteed up to half of their initial investment, so 12.5 percent of their capital gains, to be paid back while the other 12.5 percent of the initial investment will be paid back to the government. In the case of a grant, the investor will simply give the business 25 percent of their capital gains, with no expected return. There is a caveat that the investor may not invest in its own startup/small business. The alternative is for the person or establishment to simply pay the 30 percent tax to the government, with no payback. Other initiatives include education for all which will loosely follow the German model, with trade skills being encouraged. Robin Hood will also cut subsidies for fracking and increasing subsidies in other places. It should be noted that these “other places” are not specified at this time. An intended theme with these is that they are focused on domestic, not international, issues, which is their justification for cutting defense spending as mentioned earlier.
While this plan has some good points that should benefit America as a whole, like the education reforms and Proposition Nottingham, the information provided in the summit did not address some major issues, like the current debt. Scarlet and his party intend to put just 5 percent of the capital gains tax from the top 5 percent of the public towards reducing the nation’s growing $18 trillion debt. Coupled no change in income tax, the increases in education and welfare spending, and an expansionary fiscal approach, it is possible that the debt may continue to grow. The Robin Hood Party has good intentions with decreasing the wealth gap, but their current economic policy needs some major improvements in other areas.
By Josh