How the US Debt, Deficit, Economy and Taxes Will Be Fixed

Commerce Secretary Lutnick describes how the US Debt, Deficit, Economy and Taxes will be fixed.

The US has been spending $6.5 trillion but taking in $4.5 trillion with a $2 trillion deficit and $37 trillion in debt.

However, the US has $500 trillion to $1000 trillion in assets.

DOGE will cut $1 trillion of waste, fraud and abuse.
Lutnick will increase government revenues by $1 trillion.
This will balance the US budget.

$200 billion out of $1.2 trillion of Covid PPP money went to China fraud gangs. This was known and proven but there was no effort to stop that fraud because of lack of incentives.

Lutnick is going to adjust the GDP calculation for the last 25 years. They will remove the unproductive of what is currently included in GDP.

There was no income tax before 1913. Income tax was started for WW1. There was no removal of income tax after WW1 as the US rolled into the great depression and then WW2.
After WW2 the tariffs was lowered for other countries as they were rebuilt.
After the other countries were bailed out, the tariffs were left at favorable levels to other countries.

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The tariffs are targeted at industries and companies can be brought back to the USA or purchased from others in the USA.

The reason US software has not been updated since 1975 is that government accounting was changed that forced government agencies to pay for ten years of software up front.

Google, Amazon, XAI/Tesla and other technology are building all new software for free for the US government. Why do this for free? They will then be able to make the same and integrated software for all of the other countries in the world.

The US sovereign wealth fund will be guaranteed returns. The US government will buy from various companies and those contracts will boost the value of the companies. The US government will take 20% warrants from those companies. If the US government buys huge vaccine orders and that triples the companies value, then providing the US government warrants lets US citizens benefit from the value that is created.

Lutnick’s $1 trillion of revenue will be getting rid of Tax and other scams (cruise ships, maritime ships, Ireland), Gold cards (1 million or so) and tariffs.

Ships will not be able to flag with Liberia and pay no taxes or fees in the USA.

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Once the budget is balanced and Lutnick and Elon each do more than $2 trillion combined then at least no taxes for anyone making less than $150,000 per year and possibly no income tax at all. About 85% of americans make less than $150,000 per year.

Bessent says
1. They will reduce the spending at a rate that will not cause a recession. They will get to a 3% of GDP deficit. Every $300 billion/year of spending cut is 1% of GDP.
2. Re-order international trading system (using tariffs) to get jobs back to the US.
3. Low and predictable taxes, slash regulations, predictable regulations and cheap energy. Get 1.5%+ or more in GDP growth.