JOB CREATION AND CORPORATE TAX INCENTIVE ACT OF 2028
Preamble: To stimulate economic growth, incentivize job creation, and ensure equitable contributions to the national budget, Congress enacts the Job Creation and Corporate Tax Incentive Act of 2028. This Act establishes a framework for adjusting corporate tax rates based on job creation and livable wage standards, promoting employment opportunities while balancing government revenue needs.
Title I: Corporate Tax Rate Structure and Incentives
Section 101. Adjustment to Corporate Tax Rate
1. Effective January 1, 2029, the federal corporate tax rate shall be revised to:
o A base rate of 30% for all corporations.
o Eligibility for reductions based on job creation and employee retention.
Section 102. Job Creation Tax Incentive
1. For each new full-time employee hired at or above the regionally adjusted livable wage, a corporation shall receive a 0.01% reduction in its corporate tax rate.
o Eligibility Criteria:
The job must be maintained for a minimum of one year.
The employee must work at least 35 hours per week and receive benefits in compliance with federal standards.
The livable wage is determined by the U.S. Department of Labor and adjusted annually based on the local cost of living.
o Cap:
The maximum tax rate reduction is limited to 10% annually.
Section 103. Small Business Tax Relief
1. Small businesses (fewer than 100 employees) shall be eligible for an additional 5% tax reduction if:
o They create at least five new jobs annually at or above the regional livable wage.
o They demonstrate compliance with all federal and state labor regulations.
Title II: Reporting and Verification
Section 201. Employer Certification
1. Employers seeking tax reductions under this Act must submit a detailed annual report to the Internal Revenue Service (IRS) that includes:
o Number of new hires.
o Employee wages, benefits, and job classifications.
o Certification that jobs meet livable wage and retention criteria.
Section 202. IRS Oversight and Audits
1. The IRS shall establish a dedicated Job Creation Verification Unit to:
o Review corporate submissions.
o Conduct random audits to ensure compliance.
2. Corporations found to be noncompliant shall:
o Be required to repay tax reductions with a 10% penalty.
o Be barred from claiming reductions under this Act for three years.
Title III: Public Accountability and Transparency
Section 301. Annual Public Report
1. The U.S. Department of Labor, in coordination with the IRS, shall publish an annual report detailing:
o National and regional job creation statistics resulting from this Act.
o Aggregate corporate tax rate reductions granted.
o Regional trends in livable wage compliance.
Section 302. Public Engagement
1. The Department of Labor shall host annual town halls and online forums to:
o Gather public feedback on the effectiveness of the Act.
o Identify potential areas for improvement.
Title IV: Economic Impact and Evaluation
Section 401. Evaluation Metrics
1. By December 31, 2030, the Congressional Budget Office (CBO) shall conduct a comprehensive evaluation of this Act, including:
o Impact on federal revenue.
o Effectiveness in stimulating job creation.
o Trends in corporate compliance and worker retention.
Section 402. Legislative Review
1. Congress shall hold hearings to review the CBO report and determine:
o Whether to extend, amend, or repeal provisions of this Act.
Effective Date
This Act shall take effect on January 1, 2029, with all reporting and certification requirements applying to the 2029 tax year.
Conclusion: The Job Creation and Corporate Tax Incentive Act of 2028 balances economic growth with fiscal responsibility by incentivizing job creation at livable wages. By linking tax reductions to employment outcomes, it promotes equitable opportunities while safeguarding federal revenue.
EQUITABLE INCOME TAX REFORM ACT OF 2030
Preamble: To create a fairer and more sustainable federal income tax system, incentivize wage growth, and promote economic equity, Congress enacts the Equitable Income Tax Reform Act of 2030. This Act establishes new tax brackets, rewards income derived from job creation, and provides relief to middle- and low-income earners.
Title I: Revised Federal Income Tax Brackets
Section 101. New Tax Bracket Structure
1. Effective January 1, 2031, the federal income tax brackets for individual taxpayers shall be as follows:
o 0% Tax Rate: Income up to $20,000 (standard deduction remains applicable).
o 10% Tax Rate: Income between $20,001 and $50,000.
o 20% Tax Rate: Income between $50,001 and $100,000.
o 30% Tax Rate: Income between $100,001 and $250,000.
o 40% Tax Rate: Income between $250,001 and $500,000.
o 50% Tax Rate: Income above $500,000.
Section 102. Adjustment for Inflation
1. Tax brackets shall be indexed annually to the Consumer Price Index (CPI) to ensure they reflect inflationary changes.
Title II: Tax Credits for Employment and Wage Growth
Section 201. Job Creation Tax Credit
1. Individual taxpayers who own businesses or have direct hiring authority shall be eligible for a tax credit of $1,000 per new full-time employee hired at a livable wage during the tax year.
o The credit is limited to a maximum of $50,000 annually per taxpayer.
Section 202. Wage Growth Tax Credit
1. Businesses increasing employee wages by at least 5% above the rate of inflation during the tax year shall be eligible for a tax credit equal to 2% of the total wage increase.
2. To qualify, the wage growth must apply to at least 80% of the company’s workforce.
Title III: Middle- and Low-Income Relief Measures
Section 301. Earned Income Tax Credit Expansion
1. The Earned Income Tax Credit (EITC) shall be increased by 25% for all eligible households, effective January 1, 2031.
2. Eligibility thresholds shall be adjusted to include households earning up to 150% of the Federal Poverty Line.
Section 302. Child Tax Credit Enhancement
1. The Child Tax Credit shall be increased to $3,600 per qualifying child, fully refundable, effective January 1, 2031.
2. Eligibility for the full credit shall extend to households earning up to $150,000 for single filers and $250,000 for joint filers.
Title IV: Public Accountability and Reporting
Section 401. Transparency in Wage Reporting
1. The Internal Revenue Service (IRS) shall require employers claiming job creation or wage growth credits to submit annual reports detailing:
o Number of employees hired and their wage levels.
o Percentage wage increases relative to the previous tax year.
Section 402. Public Availability of Data
1. Aggregated data on job creation and wage growth incentives shall be published annually by the U.S. Department of Labor, ensuring transparency and public accountability.
Title V: Economic Impact Evaluation
Section 501. Congressional Budget Office Review
1. The Congressional Budget Office (CBO) shall conduct a comprehensive review by December 31, 2033, assessing:
o Revenue impacts of the revised tax brackets.
o Effectiveness of job creation and wage growth credits.
o Changes in income inequality and overall economic growth.
Section 502. Legislative Review and Adjustment
1. Congress shall hold hearings to evaluate the findings of the CBO report and determine necessary adjustments to this Act.
Effective Date
This Act shall take effect on January 1, 2031, with all provisions applying to the 2031 tax year and beyond.
Conclusion: The Progressive Income Tax Reform Act of 2030 introduces a balanced approach to income taxation, incentivizing job creation and wage growth while providing meaningful relief to middle- and low-income families. By fostering economic equity, it ensures a fairer tax system for all Americans.
LIVABLE WAGE AND JOB CREATION ACT OF 2032
Preamble: To promote economic security, reduce poverty, and ensure that all working Americans receive fair compensation, Congress enacts the Livable Wage and Job Creation Act of 2032. This Act establishes regionally adjusted livable wages, provides incentives for businesses to exceed wage standards, and strengthens worker protections.
Title I: Establishment of Livable Wages
Section 101. Regional Livable Wage Standards
1. The Department of Labor (DOL) shall establish a National Livable Wage Index (NLWI) to determine regionally adjusted minimum livable wages based on:
o Cost of housing, food, healthcare, transportation, and other essentials.
o Regional economic data and inflation rates.
2. Effective January 1, 2033, all employers shall pay a minimum hourly wage based on the NLWI for their region.
o Example Base Rates (2022 dollars):
Urban areas: $20/hour.
Suburban areas: $18/hour.
Rural areas: $16/hour.
o These rates shall be adjusted annually for inflation.
Section 102. Exceptions and Phase-In Period
1. Small businesses (fewer than 50 employees) shall receive a two-year phase-in period to comply with the regional livable wage requirements.
2. Businesses with revenue below $500,000 annually may apply for temporary waivers, subject to approval by the DOL.
Title II: Incentives for Exceeding Livable Wage Standards
Section 201. Livable Wage Tax Credit
1. Employers paying 10% or more above the regional livable wage shall qualify for a tax credit equal to 5% of their total payroll for full-time employees.
2. Employers providing additional benefits (e.g., healthcare, childcare, retirement plans) shall qualify for an additional 2% payroll tax credit.
Section 202. Public Recognition Program
1. The DOL shall establish a "Livable Wage Employer Certification" program to recognize businesses exceeding wage and benefit standards.
o Certified employers will receive federal promotional support, including public listings and advertisements.
Title III: Worker Protections and Accountability
Section 301. Anti-Wage Theft Measures
1. Employers found guilty of wage theft or misclassification of employees shall:
o Repay stolen wages with a penalty of 150% of the amount owed.
o Face suspension from federal contracts for a minimum of five years.
Section 302. Whistleblower Protections
1. Workers reporting wage violations shall be protected under federal whistleblower statutes and may receive compensation from penalties collected.
2. The DOL shall establish a confidential reporting system for wage violations.
Section 303. Employer Reporting Requirements
1. Employers must submit annual wage reports to the IRS and DOL, including:
o Total wages paid.
o Number of employees by job classification and region.
o Benefits provided.
Title IV: Support for Small Businesses
Section 401. Small Business Wage Support Fund
1. The federal government shall establish a $5 billion annual fund to assist small businesses in meeting livable wage standards.
o Grants shall be awarded based on demonstrated need and a clear plan for achieving compliance.
Section 402. Technical Assistance Programs
1. The Small Business Administration (SBA) shall offer technical assistance to help businesses adapt to wage increases, including:
o Budget planning.
o Productivity enhancement strategies.
o Access to federal and state resources.
Title V: Economic Impact Evaluation
Section 501. Annual Review of Wage and Employment Data
1. The Bureau of Labor Statistics (BLS) shall conduct an annual analysis of:
o Changes in employment rates and job creation.
o Wage growth and its impact on poverty reduction.
o Business compliance with regional livable wage standards.
Section 502. Congressional Oversight
1. Congress shall receive an annual report from the BLS and DOL, with recommendations for adjustments to the NLWI and tax incentives.
Title VI: Effective Dates and Sunset Clause
Section 601. Implementation Timeline
1. This Act shall take effect on January 1, 2033.
2. Regional livable wage standards shall be phased in over two years for small businesses and businesses with low revenues.
Section 602. Sunset Clause
1. The Livable Wage Tax Credit shall expire on December 31, 2043, unless renewed by Congress based on demonstrated effectiveness.
Conclusion: The Livable Wage and Job Creation Act of 2032 ensures that all Americans receive fair compensation for their work, reduces reliance on social welfare programs, and incentivizes businesses to invest in their employees. By balancing wage standards with support for businesses, this Act promotes equitable and sustainable economic growth.
WORKER EMPOWERMENT ACT OF 2034
Preamble: To promote a more equitable economy, empower workers, and foster a mutually beneficial relationship between employees and employers, Congress enacts the Worker Empowerment Act of 2034. This Act establishes measures to redefine workers as corporate assets, expand profit-sharing opportunities, and enhance workforce development.
Title I: Recognizing Workers as Corporate Assets
Section 101. Reclassification of Workforce Investments
Corporate spending on employee training, education, and retention programs shall be reclassified as capital investments under federal tax law.
These expenditures will qualify for accelerated depreciation over five years, effective January 1, 2035.
Workforce investments include:
On-the-job training programs.
Tuition reimbursement initiatives.
Health and wellness programs.
Long-term career development plans.
Section 102. Workforce Valuation Reporting
Publicly traded companies shall include workforce metrics in annual reports to shareholders, including:
Employee turnover rates.
Total expenditures on workforce development.
Employee satisfaction surveys.
Productivity metrics linked to workforce investments.
The Securities and Exchange Commission (SEC) shall develop standardized guidelines for workforce reporting by December 31, 2035.
Title II: Expansion of Profit-Sharing Programs
Section 201. Profit-Sharing Tax Incentives
Employers offering profit-sharing programs to at least 80% of their workforce shall qualify for a federal tax credit equal to 5% of the total profits shared.
To qualify, profit-sharing programs must:
Be non-discriminatory and include all full-time employees.
Distribute profits equitably based on tenure or performance.
Tax credits are capped at $1 million annually per employer but may be extended for companies demonstrating exceptional profit-sharing practices.
Section 202. Employee Stock Ownership Plan (ESOP) Expansion
The federal government shall increase funding for the ESOP Loan Guarantee Program to $2 billion annually to support businesses transitioning to employee-owned models.
ESOP companies shall qualify for an additional 2% tax credit on payroll taxes if they:
Provide training programs to educate employees about their ownership roles.
Maintain employee ownership of at least 50% of the company.
Title III: Workforce Development and Skills Training
Section 301. National Workforce Training Initiative
The Department of Labor (DOL) shall launch a $10 billion annual Workforce Training Initiative to:
Partner with community colleges and trade schools.
Provide grants to employers for upskilling their workforce.
Focus on high-demand industries such as technology, healthcare, and renewable energy.
Funding priority shall be given to:
Companies with strong workforce retention records.
Programs targeting underrepresented groups, including women and minorities.
Section 302. Apprenticeship Program Expansion
The federal government shall triple funding for registered apprenticeship programs to $5 billion annually by 2036.
Incentives shall be provided to employers who establish apprenticeships in emerging fields, including:
Tax credits for each apprentice trained and retained for at least one year.
Grants for developing apprenticeship curricula.
Title IV: Worker Representation and Rights
Section 401. Worker Representation on Corporate Boards
Publicly traded companies with more than 500 employees shall designate at least 20% of board seats for worker representatives.
Worker representatives shall be elected by non-managerial employees through a democratic process.
The SEC shall issue guidelines for implementing worker board representation by December 31, 2035.
Section 402. Collective Bargaining Support
The National Labor Relations Act shall be amended to:
Prohibit employer interference in union elections.
Streamline the union certification process to reduce delays.
Employers with certified unions shall be eligible for a 1% corporate tax reduction if they:
Provide unionized employees with benefits exceeding regional livable wage standards.
Title V: Economic Impact and Accountability
Section 501. Annual Economic Impact Reports
The Congressional Budget Office (CBO) shall submit an annual report to Congress assessing:
The economic impact of workforce investments and profit-sharing.
Changes in income inequality and job satisfaction.
Progress in workforce skill development.
Section 502. Public Accountability
The Department of Labor shall host annual public forums to:
Gather feedback from workers and employers on the effectiveness of this Act.
Identify areas for policy improvement.
Title VI: Effective Dates and Review
Section 601. Implementation Timeline
This Act shall take effect on January 1, 2035.
All provisions requiring SEC or DOL guidelines shall be fully implemented by December 31, 2036.
Section 602. Legislative Review
Congress shall review the effectiveness of this Act by December 31, 2040, based on reports submitted by the CBO and Department of Labor.
Conclusion: The Worker Empowerment Act of 2034 seeks to redefine the role of workers in the U.S. economy by treating them as essential assets, expanding profit-sharing opportunities, and fostering workforce development. By strengthening collaboration between employers and employees, this Act promotes equitable growth and sustainable economic prosperity.
FEDERAL INFRASTRUCTURE AND JOBS ACT OF 2036
Preamble: To modernize the nation’s infrastructure, stimulate job creation, and ensure economic resilience, Congress enacts the Federal Infrastructure and Jobs Act of 2036. This Act invests in critical infrastructure projects, prioritizes employment in underserved communities, and fosters public-private partnerships to address future economic and environmental challenges.
Title I: Infrastructure Investment Program
Section 101. National Infrastructure Fund
1. The federal government shall establish a $1 trillion National Infrastructure Fund over a 10-year period (2037-2047) to finance:
o Transportation networks (highways, railroads, airports, and public transit).
o Renewable energy projects (solar farms, wind farms, and energy storage).
o Water and sewage systems modernization.
o Broadband expansion in rural and underserved areas.
Section 102. Project Selection and Prioritization
1. Priority shall be given to projects that:
o Create significant employment opportunities in high-unemployment regions.
o Advance climate resilience and environmental sustainability.
o Enhance the efficiency and connectivity of supply chains.
2. A bipartisan Infrastructure Review Committee (IRC) shall oversee project selection to ensure transparency and equitable distribution of funds.
Title II: Job Creation and Workforce Development
Section 201. Federal Employment Program
1. The Department of Labor (DOL) shall create a Federal Employment Program to:
o Hire workers directly for federally funded infrastructure projects.
o Provide training and certification programs in construction, renewable energy, and technology.
o Ensure at least 40% of hires are from historically underserved communities.
Section 202. Wage and Benefit Standards
1. Workers employed under this Act shall be guaranteed:
o Wages at or above the regional livable wage standard.
o Access to healthcare benefits and retirement plans.
2. Contractors receiving federal funds must comply with these standards or face penalties, including disqualification from future projects.
Title III: Public-Private Partnerships (PPPs)
Section 301. Incentives for Private Sector Collaboration
1. Corporations investing in federally approved infrastructure projects shall receive:
o A 10% tax credit on investments exceeding $10 million.
o Accelerated depreciation for infrastructure-related assets.
2. PPPs must adhere to federal wage and hiring standards outlined in Title II.
Section 302. Accountability Measures
1. Private partners shall:
o Submit detailed project reports, including cost breakdowns, timelines, and workforce metrics.
o Undergo annual audits conducted by the Government Accountability Office (GAO).
2. Non-compliance shall result in repayment of federal incentives and possible legal penalties.
Title IV: Green Infrastructure Initiatives
Section 401. Renewable Energy Infrastructure
1. The National Infrastructure Fund shall allocate $200 billion over 10 years to renewable energy projects, including:
o Solar and wind farm construction.
o Development of national energy storage networks.
o Grid modernization for efficient energy distribution.
Section 402. Climate Resilience Projects
1. The Federal Emergency Management Agency (FEMA) shall collaborate with state and local governments to:
o Build seawalls and flood mitigation systems.
o Upgrade infrastructure to withstand extreme weather events.
2. Priority funding shall be given to communities most vulnerable to climate change impacts.
Title V: Broadband Expansion and Digital Equity
Section 501. Rural Broadband Access
1. The Federal Communications Commission (FCC) shall oversee a $50 billion investment in broadband expansion to:
o Ensure 95% of rural households have access to high-speed internet by 2045.
o Subsidize internet service for low-income families.
Section 502. Digital Literacy Programs
1. The Department of Education shall allocate $5 billion over 10 years for digital literacy programs targeting:
o Schools in underserved areas.
o Adults seeking workforce retraining opportunities.
Title VI: Economic and Environmental Impact Evaluation
Section 601. Annual Impact Reports
1. The Congressional Budget Office (CBO) and the Environmental Protection Agency (EPA) shall jointly publish annual reports evaluating:
o Job creation statistics.
o Economic growth driven by infrastructure investments.
o Environmental benefits achieved through green projects.
Section 602. Legislative Review
1. Congress shall hold biannual hearings to:
o Assess progress in implementing this Act.
o Adjust funding allocations based on program performance.
Title VII: Effective Dates and Sunset Clause
Section 701. Implementation Timeline
1. This Act shall take effect on January 1, 2037.
2. Funding allocations shall commence immediately upon enactment.
Section 702. Sunset Clause
1. The National Infrastructure Fund and associated programs shall terminate on December 31, 2047, unless extended by Congress.
Conclusion: The Federal Infrastructure and Jobs Act of 2036 invests in modernizing critical infrastructure, creating millions of jobs, and addressing climate challenges. By leveraging public-private partnerships and prioritizing underserved communities, this Act ensures sustainable economic growth and equitable opportunities for all Americans.
NATIONAL ECONOMIC EQUITY ACT OF 2038
Preamble: To reduce economic inequality, enhance access to opportunities, and create a more equitable economy, Congress enacts the National Economic Equity Act of 2038. This Act implements equitable taxation measures, establishes targeted social investments, and expands programs aimed at fostering economic mobility and reducing systemic disparities.
Title I: Progressive Wealth Taxation
Section 101. Introduction of a National Wealth Tax
1. A 1% annual tax shall apply to net wealth exceeding $50 million, with an additional 2% annual tax on net wealth above $1 billion.
2. The Internal Revenue Service (IRS) shall establish a dedicated unit to:
o Evaluate and verify taxable wealth.
o Ensure compliance and transparency.
Section 102. Use of Wealth Tax Revenue
1. Revenue from the wealth tax shall fund:
o Education and workforce development programs (40%).
o Affordable housing initiatives (30%).
o Universal childcare and healthcare subsidies (20%).
o Small business grants in underserved communities (10%).
Title II: Expanding Economic Opportunity
Section 201. Universal Basic Mobility Program
1. A Universal Basic Mobility (UBM) stipend of $500 per month shall be provided to individuals aged 18-64 earning below 200% of the Federal Poverty Line.
2. The stipend is:
o Administered through direct deposit or electronic benefit transfer.
o Funded through wealth tax revenue and general appropriations.
Section 202. Affordable Housing Expansion
1. The Department of Housing and Urban Development (HUD) shall receive $100 billion over 10 years to:
o Build affordable housing units.
o Renovate existing housing stock.
o Provide rental assistance to low-income families.
2. Local governments receiving HUD funds must:
o Prioritize underserved communities.
o Ensure adherence to fair housing laws.
Title III: Education and Workforce Development
Section 301. National Workforce Training Fund
1. The Department of Labor (DOL) shall establish a $200 billion National Workforce Training Fund over 10 years to:
o Provide grants to community colleges and vocational schools.
o Offer free or subsidized training in high-demand fields, including technology, renewable energy, and healthcare.
Section 302. College Affordability Grants
1. A $50 billion fund shall be created to:
o Expand Pell Grant eligibility to families earning up to 300% of the Federal Poverty Line.
o Provide tuition-free community college for all eligible students.
Section 303. Early Childhood Education Programs
1. The Department of Education shall allocate $25 billion annually to:
o Expand access to universal pre-kindergarten programs.
o Improve compensation and training for early childhood educators.
Title IV: Support for Small Businesses and Entrepreneurs
Section 401. Small Business Equity Grant Program
1. The Small Business Administration (SBA) shall create a $30 billion fund to:
o Provide grants to small businesses owned by underrepresented groups, including women, minorities, and veterans.
o Offer technical assistance and mentorship programs to entrepreneurs.
Section 402. Community Investment Tax Credit
1. Businesses investing in underserved areas shall qualify for a tax credit of up to 15% of their investment costs.
o Eligible investments include infrastructure, job training programs, and community facilities.
1. The Department of Health and Human Services (HHS) shall launch a $75 billion initiative to:
o Expand Medicaid in states that have not adopted the program.
o Subsidize healthcare premiums for low-income individuals and families.
Section 502. Justice and Economic Opportunity Program
1. The Department of Justice (DOJ) shall establish a $10 billion fund to:
o Support reentry programs for formerly incarcerated individuals.
o Provide grants to organizations addressing systemic economic barriers in disadvantaged communities.
Title VI: Accountability and Evaluation
Section 601. Annual Reporting Requirements
1. The Congressional Budget Office (CBO) and the Government Accountability Office (GAO) shall jointly publish an annual report assessing:
o Economic impacts of the wealth tax and UBM program.
o Progress in reducing income and wealth inequality.
o Effectiveness of funded programs.
Section 602. Public Transparency Portal
1. The federal government shall create an online portal to:
o Track revenue generated by the wealth tax.
o Provide detailed information on funded projects and their outcomes.
Title VII: Effective Dates and Sunset Clause
Section 701. Implementation Timeline
1. This Act shall take effect on January 1, 2039.
2. Wealth tax assessments shall begin in the 2039 tax year.
Section 702. Sunset Clause
1. The wealth tax provisions shall expire on December 31, 2049, unless extended by Congress following a comprehensive evaluation of their economic impact.
Conclusion: The National Economic Equity Act of 2038 addresses systemic disparities through equitable taxation, targeted investments, and expanded opportunities for economic mobility. By reducing inequality and fostering shared prosperity, this Act builds a stronger, more equitable economy for all Americans.
TAX FAIRNESS AND GROWTH ACT OF 2040
Preamble: To ensure equitable taxation, stimulate economic growth, and foster job creation, Congress enacts the Tax Fairness and Growth Act of 2040. This Act implements a dynamic corporate and individual tax structure that incentivizes employment, innovation, and wage growth while maintaining fiscal responsibility.
Title I: Corporate Tax Reform
Section 101. Tiered Corporate Tax Rates
1. Effective January 1, 2041, the federal corporate tax rate shall be restructured as follows:
o Base Rate: 28% for all corporations.
o Employment-Based Reductions:
A 0.01% reduction per new full-time job created at or above the regional livable wage.
Maximum reduction capped at 10% annually.
o Innovation Incentive:
An additional 2% reduction for corporations investing at least 5% of gross revenue into research and development (R&D).
Section 102. Compliance and Accountability
1. Corporations claiming employment-based or innovation incentives must submit annual reports to the Internal Revenue Service (IRS) detailing:
o Number of new full-time jobs created.
o Wage and benefit compliance for these jobs.
o R&D expenditures and associated projects.
2. Corporations failing to meet reporting or compliance standards shall:
o Forfeit claimed tax reductions for that fiscal year.
o Pay penalties equal to 5% of their taxable income.
Title II: Individual Income Tax Adjustments
Section 201. Progressive Tax Brackets
1. Effective January 1, 2041, the federal individual income tax brackets shall be adjusted as follows:
o 0% Rate: Income up to $25,000.
o 10% Rate: Income from $25,001 to $50,000.
o 20% Rate: Income from $50,001 to $150,000.
o 30% Rate: Income from $150,001 to $500,000.
o 40% Rate: Income above $500,000.
2. Tax brackets shall be indexed annually to the Consumer Price Index (CPI).
Section 202. Tax Credits for Families and Workers
1. Child and Dependent Tax Credit:
o Increased to $4,000 per child or dependent, fully refundable.
2. Worker Retraining Credit:
o A $2,500 credit for individuals enrolling in accredited job training or certification programs in high-demand fields.
Title III: Small Business Incentives
Section 301. Small Business Tax Relief
1. Small businesses (defined as those with fewer than 50 employees or less than $10 million in annual revenue) shall be eligible for:
o A reduced base tax rate of 20%.
o An additional 5% reduction for hiring at least five new employees annually.
Section 302. Access to Capital Grants
1. The Small Business Administration (SBA) shall create a $25 billion annual fund to:
o Provide grants to small businesses for expansion, modernization, and employee training.
o Offer low-interest loans to startups in economically distressed areas.
Title IV: Economic Stimulus Programs
Section 401. National Job Creation Initiative
1. The federal government shall establish a $500 billion 10-year fund to:
o Invest in infrastructure projects that create jobs.
o Expand renewable energy production and energy efficiency programs.
o Partner with private companies to develop technology hubs in underdeveloped regions.
Section 402. Wage Growth Bonus
1. Employers increasing wages by at least 10% above inflation annually for 80% of their workforce shall receive:
o A 3% corporate tax reduction for that year.
Title V: Transparency and Public Reporting
Section 501. Annual Tax Benefit Report
1. The IRS and Department of Labor shall jointly publish an annual report detailing:
o Tax reductions claimed by corporations and individuals under this Act.
o Job creation and wage growth outcomes.
Section 502. Public Accountability
1. An online portal shall be established to:
o Allow citizens to track corporate compliance with job creation and wage growth requirements.
o Provide detailed information on how tax revenue and reductions impact federal programs and services.
Title VI: Effective Dates and Sunset Clause
Section 601. Implementation Timeline
1. This Act shall take effect on January 1, 2041.
2. Reporting and compliance requirements shall commence for the 2041 tax year.
Section 602. Sunset Clause
1. The provisions of this Act shall expire on December 31, 2051, unless extended by Congress following a comprehensive review of its economic impacts.
Conclusion: The Tax Fairness and Growth Act of 2040 establishes a balanced tax structure that incentivizes job creation, wage growth, and innovation while ensuring fiscal responsibility. By supporting workers and small businesses, this Act promotes equitable economic growth and national prosperity.