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How to crush our National Debt and Eliminate all Federal Taxes
Sometimes, We The People need to take the bull by the horns and guide our elected officials in the direction that we want them to go. Not in the direction they convince us we should go. We have seen what that has led to. Big government budgets, high taxes, more laws, erosion of personal and community liberty, and mandates that most of us don’t want nor need.
With this in mind, I will present to you in a series of articles what I believe We The People would like to see.
If I were running for President of the United States of America, I would need a platform. Ideas that I would present to the American public. Ideas based on logic and the Constitution of the USA.
Let’s start with ENERGY.
America has a vast reserve of energy. Oil, Natural Gas, Timber, Water, and other elements that are at our disposal to ensure this nation is energy-independent and secure. We have an advantage over most of the nations of the world. We have almost everything our modern society needs to run efficiently within our own borders.
This means we do not need to be dependent on anyone else on this Earth for our societal health. But we do not exploit these resources to their fullest potential. And no, we do not have to destroy our environment in order to extract and use these sources of energy.
In fact, modern technology has made it so that we can now get these resources with a minimum of environmental impact. For you anti-frackers out there, we don’t even need to do any kind of fracking for oil and gas. But we do have to drill.
What would that mean if we actually drilled and gathered our own natural resources in an environmentally sound way? It would mean more than energy independence. It would also mean financial independence.
Basically, if done correctly, we could eliminate most taxes at the federal level. We could eliminate our Federal Debt. We could invest in new forms of affordable energy that are clean and renewable. We could fund a military that would far outpace any other nation on the planet ensuring the security of us and our allies. We are talking trillions of dollars over the next 10 to 20 years. I said TRILLIONS.
Currently, we have a national debt in excess of 30 trillion dollars. With the proper energy plan, we could eliminate that debt in less than a decade, while eliminating many taxes that hamper the American family.
This plan would make energy production affordable, and plentiful and create jobs in many sectors of the economy. It would allow manufacturing of all kinds to flourish because energy would be affordable. It would also allow for deregulation… reducing such a thing to an honest, logical level that would spur innovation and bring down costs while keeping wages high so that the American worker can afford to live and play in their own country. This was the promise of the American Industrial Revolution.
Currently, the USA produces about 12 million barrels of oil per day. We have the ability to double that. In 2022, we consumed about 19 million barrels of oil per day. We could double our production rate to 24 million without much trouble which would mean we could export some 5 million barrels of oil per day to allies and friends.
The real deal is, however, how can we turn this rich level of resources into cash for our governments?
The simple solution is ROYALTIES. Our government gets to collect royalties on our natural resources. This would be the base for funding the Federal Government and maybe even some state governments as well. They do this sort of thing on a smaller scale in Alaska. However, in Alaska, they actually distribute much of their cut of oil to eligible citizens of the state.
What I propose is that we stop that. Hear me out. Currently, we produce about 12 million barrels of oil per day. Our nation consumes about 18 billion barrels per day. We have the ability and resources to easily double our production to 24 billion barrels per day.
What we would do is collect a royalty on every barrel of oil produced. The rate would be 10% of the price of a barrel of oil. And the excess oil that we do not need would be sold to our friends and allies around the world giving them a friendly source of energy without needing to cow-tow to enemies such as those in OPEC and Russia.
Even if we cut our use of oil down to just 12 million barrels per day, that would be about 28 billion barrels per year. With an average price of $65 per barrel that would mean the government would capture $6.50 per barrel. That would equal about $78 million per day or $28 billion per year.
Such a plan would wipe out the need for ALL other taxes that the American people have to pay. It would also allow the USA to pay off its national debt in its entirety in less than 5 years. After that, we could cut the royalty in half to 5%. Meaning an annual revenue of $14 billion per year.
This does not even include Natural Gas production. This means we could further cut the royalty in half to just 2.5% and oil alone would give us around $7 billion per year. Our government doesn’t need $7 billion a year to operate.
By simply managing our own resources and operating on a royalty platform much like many in OPEC do, (and we see how wealthy Saudi Arabia is) we would eliminate the need for all taxes on a federal level. And with revenue sharing with states, we could eliminate most taxes on the state level. All while not hitting the average American in the pocket. In fact, this plan would let Americans keep thousands of dollars per year that currently go to various taxes.
It’s a simple plan using basic math. That is all it takes. And even when oil stops being the major source of energy, our nation would still be able to operate using this royalty system on other resources of energy. This doesn’t have to be complicated.