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James Tarantin for U.S. Senate

American Dream Economy

Unleash an Economic Miracle for the American Worker.

 

As a teenager James emigrated to a new promised land called America. He had no money, connections, friends, family, no college degree, and English was not his mother’s tongue. From the ages of 18 to 28, James lived in a sub-standard studio apartment with no health insurance and for five years drove a $1,500 car with over 120,000 miles.

During these humbling years, while other candidates established credit in the walls of Washington, cooks would give James food so he would not go to sleep hungry.

Yet against these tough odds, with no local investors, loans, partners, domestic connections a 580 credit-score, a $1,000-limit credit card, and working from library for 4 years, he became the American Dream in action. At 29 it all changed. James was an author, TedX Speaker, and a multi-millionaire businessman.

As the President and sole owner of his companies, he is responsible for balancing budgets, conducting international trade, expanding cash-flows, keeping abreast of business legislation and following the ethical codes of the privately held enterprise.

 

James wants Americans to experience The Miracle of The American Dream

 

PREFACE FOR MORE JOBS and PROSPERITY

 

  1. Striking the proper balance between an economy that desires to move at the speed of light, with a government that was initially designed to move really slow.
  2. James Tarantin believes that a government should do for the people what they may not be able to do for themselves. A government that ushers a new economic era where more Americans working and paying minimal taxes. A prosperity that would reduce the debt of our country.
  3. The specifics of the economy are important, but not as important as the understanding that a viable economy may often require some tender loving-kindness.
  4. Economists from the left and the right agree that’s its pretty easy to just print money and artificially boost the economy. A viable economy requires an Organic Growth, a full employment in the private sector. That is what James Tarantin will tirelessly fight for!
  5. THE COVID-19 outbreak had shattered … lives and businesses; from real-estate foreclosures, UNPAID ESSENTIAL WORKERS, loss of insurance and much more. Therefore, James Tarantin will champion and fight tirelessly to pass The Tarantin Plan for The American Dream Economy.

 

A Personal Message from James Tarantin:

I hope you find my position here humane for Democrats, Republicans, Independents, and people of all faiths.  It is my genuine intention to treat fairly All People from every creed and color living in Maryland and the United States of America.

I will fight with all my might to pass the innovative policies presented here below so YOUR VOICE WILL COME ALIVE. Let’s do this together folks and bring back The American Dream to as many doorsteps as we can.  My whole soul is into this … to Heal America and make YOUR DREAMS COME ALIVE!

 

With profound humility, I genuinely hope that I will have the honor of having your vote for the United States Senate this coming November/8TH, 2022.

 

AN ECONOMIC MIRACLE

 

10 PRAGMATIC SOLUTIONS FOR JOBS & PROSPERITY

 

An Economy that will turn Maryland into a greater Powerhouse, alleviate poverty and lift U.S. middle-class families to wealth.

 

 

SOLUTION 1 – Big TAX CUTS for the People

    • Tax cuts
      Tax cuts for companies based solely upon how many U.S. Jobs they created for the American People. For corporations that create many quality jobs in the U.S. would see their corporate tax as low as 15% and would be able to deduct all their business expenses, rather than a set, flat percentage. LOWER TAXES!
    • New Manufacturing – Made in the USA:
      James Tarantin believes in Made in the USA products
      By USA and Buy USA. Best Tax Cuts anywhere in the world for U.S. factories. Full tax-deductions for whatever the factory purchased in one specific year. As an example; quality steel, aluminum, to be made in the U.S.A and be exported around the world. Bringing manufacturing back to the USA is a huge multiplier of jobs. Emerging manufacturing technologies are critical to our future competitiveness. Incentivize Factories to come Back to Maryland and America
    • Simplify the Tax Code and make it Fair for the Middle-Class
      • The goal – full employment and an economy that works at a full steam
      • 95% of working families in Maryland and across the U.S. must be able to file taxes on their own. This will save them money and time.
      • Pro-equality. Pro-growth. Pro-security tax policies for All Americans
      • Eliminate some Tax deductions for the ultra-rich; like mortgage deductions on second and third homes. This policy favors the rich and not the middle-class.
      • Eliminate the lower taxes the rich make off Capital-gains. This policy rewards risky speculations and not hard work.
      • The Tax code must be simplified. No more loopholes such as giving companies tax-deductions for moving their factories overseas. Cut the red tape.
    • More Tax Credits per child:
      James Tarantin became a parent in 2018.  James believes that we must allow parents in Maryland and in the United States to have more access to capital.
      It’s expensive to raise kids. If a business can get tax write-off, why can’t American parents get a full tax deduction when they invest in their children … in America’s future?Many studies show that more and more families are choosing to have fewer children due to the cost. Two to three decades from now this can create an older population in America and the youth population will shrink.

      • For Our Children: Parents making less than $250,000 a year can fully deduct the basic costs of their children till the age of 15.
      • For Our Children: Parents who create a designated saving account for their children’s college education, whatever monies put there, would be a 100% tax deduction.
      • For Our Children: If a parent is a student on campus raising a child making less than $70,000 a year, this parent would receive $10,000 tax credit for as long he or she studies.

       

    • Cut Taxes now for 95% of working families:
      Increase taxes on the personal income of those making $1 million and more. We want the richest to keep their profits in the company for community growth, hiring and research and not spend their income on luxury shoes they don’t need and are made offshore. In 2016, the top 3% of the richest Americans had half of the nation’s wealth.

      • A Tax Increase on those who make more $1 Million a year or more and limit the number of tax-free gifts they can give a year. A 5% increase on the top 1% can raise $1 trillion of additional revenue over the next 10 years.
      • Capital Gains: Capital Gains income overwhelmingly favor the wealthy. Change the Tax-Code that the income from such gains will be enjoyed after 3 years and not after one. This will create more wealth for America as a whole as the investments linger for a longer time.
      • Parents with one child or more making less than $150,00 would receive an additional $10,000 standard deduction. For families earning between $150,00 and $300,000, increase standard deductions by 5%.
      • Increase the itemized deductions for single filers and married couples filing jointly making less than $250,000 a year.

 

Summary > Cut Taxes. LOWER Taxes. Cut Taxes! Thomas Paine said in the book Rights of Man: “High taxes not only lessen the property of the individuals, but they lessen the money-capital of a nation.” Cut taxes for 95% of Americans.

 

  • A Dignified Retirement and 401 (k):
    • Create a new simple, no-fee way for the people who don’t have access to employer-based plans, to save for retirement.
    • James believes that we should allow more ways for people to use their retirement savings that will produce a life-time income, immediately.
    • James believes that we should use current technologies, enhance security, including Chip-and-PIN tech, to help reduce fraud and better protect Americans’ personal information.
    • Eliminate any regulations for the elderly to receive hearing aids. Over 30 million Americans suffer from hearing loss
  • Jobs. Jobs. Jobs! > James Tarantin believes that we should Focus on full employment. Low unemployment numbers do not reflect the fact that many citizens just stopped looking for employment, because they lost hope. The time is now to lower unemployment rates among minorities, African America, Asian and Latinos. The best form of welfare is a quality, high-paying job.

 

FOR JOBS & PROSPERITY

SOLUTION 2 – More Tax Cuts! – More Cash for the American Working Families

 

    • Payroll Tax Cuts: As agreed by many economists, payroll tax relief is one of the most effective tax cuts you can do to spur economic growth and lower the unemployment rate.
    • Cut the Death Tax: Ensure that no child will ever pay taxes on inherited money in Maryland and in the U.S.A. Moreover, small and closely held businesses, farms, homes, personal properties and heirlooms must be protected and meet no tax upon inheritance.
    • Cut taxes for companies hiring veterans and additional tax-cuts for hiring a veteran with a disability.
    • Real-Estate Tax Cuts: James believes that we should create a major tax-deduction for married couples on the down-payment of their first home. That is the right thing to do.
    • Get Cash Back! Force airlines to pay a fee to customers for delayed baggage. Moreover, force all companies to email to customers the data they shared with them over the phone. Thus, James believes that everything will be in writing and the people will have written proof to get a refund or a clear understanding on where they stand. There have been tens of thousands of cases where companies promise or say one thing to a customer over the phone and then a week later this customer will get a bill of which he or she never agreed on! How is this a moral capitalism?
    • Renters’ Tax Credit: People whose rent is over 30% of their income and make less than $70k a year will get a tax credit. The place you live is so important for your health, your child’s education, and its proximity to your work.

 

FOR JOBS & PROSPERITY

SOLUTION 3 – A Smarter Government

Restore Fiscal Responsibility:

 

  • CUT AND CUT REGULATIONS: James Tarantin believes that for every new regulation eliminate 10 old ones that do not work! Eliminate programs that do not work and cost a fortune to the American Taxpayer. Create an economy free from government’s grip and bathed by the sunlight of human freedom. President Obama said: “I believe in Less regulations”. James believes that the private sector and American innovation will always do a better Job than the Government.
  • CUT Government Excessive Spending: In 1913, the 16th amendment gave Congress the power to tax income, but it didn’t LIMIT the ability to borrow against this stream of future revenue. Just as Maryland families are responsible for their spending, James Tarantin believes that the Government must be responsible for its spending; have a debt ceiling that forces restraint when the debt reaches the ceiling. The answer to curing inflation, according to former FED Chairman Alan Greenspan, is to eliminate wasteful administrative spending AND to operate with a balanced budget. When budget deficits happen then inflation occurs. How do you balance the budget?Its just like protecting your virtues, Embrace the Power of Saying “No”.
  • Bring Cash Back Home: A one-time, tax-fee on trillions of dollars U.S. corporations are holding off-shore. The purpose is to release capital that can create U.S. jobs now. James Tarantin believes that It’s not fair to tax corporations on money they make offshore as long as they bring back their cash reserves to the USA and invest in the United States.
  • Uplift Young Entrepreneurs: How can they forge the industries of tomorrow in Maryland and across the United States, if they have no cash? James Tarantin remembers the days where no investor was willing to invest money in his enterprises and how tough it was to spark a company to life.
    • Entrepreneurs are the crucial engine of Jobs and wealth creation in Maryland and in the United States of America.
    • Create a policy where private venture funds receive tax incentives should they invest money in entrepreneurs from a minority background and propose to hire a min of ten- full time, U.S. jobs for a certain set amount of time.
    • Furthermore, cut regulations so the entrepreneurs of the future can open and close companies quickly.
    • Tax-Deductions for tech manufacturers who are making tech products in the USA and in MARYLAND!
    • Look ahead to future industries in Maryland and across the U.S.
  • Invest in Science and Innovation:
    • Wisely and conservatively invest in American Ingenuity from information technology to biotechnology and more.
    • ARPANET, the predecessor to today’s modern internet, was created with an initial $2.2 million investment made by the Federal Government in 1968. NASA was established by the Government and the American interstate highway system was built during the Eisenhower administration. Wise and conservative federal investments can produce useful things for the people.
    • Congress should establish a cabinet level Department of Technology headed by a Secretary of Technology. This person can turbo charge the American economy. Bill Gates concurs: “What I think our political leadership should do is accelerate innovation. Invest in Government R&D.’” James Tarantin believes that these kinds of wise investments along with a fiscally conservative budget can create the next chapter of global innovation that will benefit Maryland and the United States.
    • The nation should define areas where it wishes to do better. Then offer good cash prizes to private companies of all kinds if they succeed in developing a product that is in the national interest of the People.

 

FOR JOBS & PROSPERITY

SOLUTION 4 – Bigger-than-Life Infrastructure:

Maryland and The United States have some of the oldest roads, airports, railways, and bridges in the modern world. According to Bloomberg, U.S. airports rank 76th in the world in terms of efficiency and modernity. According to the World Economic Forum: Germany has the first hydrogen powered train. China has a giant floating solar-powered power plant and Maryland is behind! James Tarantin will fight for the most ambitious infrastructure projects in the history of America.

An unprecedented investment in American infrastructure includes transit, roads, bridges, tunnels, seaports, water treatment, media communications, air ports and much more …

Let’s make sure that whatever the current government spends now on infrastructure actually goes to infrastructure and not other “things”.

  • Financing new infrastructure projects puts people to work, generates more productivity and raises the Status of America on the international stage. We need to see a forest of cranes in every city rebuilding the country’s crumbling and inadequate infrastructure (air, rail, ports, inland waterways and public road transportation) and giving people millions of new quality jobs.
  • For New Airports – It’s a fact: the country’s air traffic control primarily relies on the 1960s radar system, rather than more modern satellite technology. This limits the ability of airplanes to arrive and depart, on time, to and from airports.

 

TRUE > New infrastructure investment pays dividends in a number of ways. New high-speed trains will reduce carbon emissions and improve life for millions. Well planned transit projects attract investments and support commerce. Upgraded infrastructure is also essential for emergency responses – whether a natural disaster or a totally unpredictable event, better roads, bridges, airports, and communications will improve disaster response.

 

FOR JOBS & PROSPERITY

SOLUTION 5 – Helping Small Businesses in Maryland now

 

James Tarantin passionately believes that we must liberate the spirit of enterprise in the most distressed areas of Maryland and across the land. From this act, new opportunities will rise.

 

  • More SBA Loans for Small Businesses:
    • cut regulations on all small American businesses who need immediate access to capital. America is a small business country. Most jobs come from small businesses. Ask any businessman/businesswoman and they would say: “40 years ago, it was so much easier to make money.”
    • To further assist, on all fronts, certain groups of people who own small businesses; Asian Americans, Black Americans, Hispanic Americans, and Sub-Continent Asian Americans.
  • Protecting Jobs:
    • The nation must encourage entrepreneurs to create and prosper. Some deliberately want to create disruptive technologies that will eliminate jobs of millions of working men and women that have no means of defense. Machines should not replace the middle-class!
    • Hard working men and women should not just find it easy to secure a job, but to be able to have a fair say in the workplace. They should not feel intimidated by employers who threaten to replace them with independent contractors.
  • Better, more Community Banks:
    • According to Bill Clinton, Dec/2010: “If community banks loan money conservatively, they can loan $10 for every dollar that they have in the bank.”
    • It’s very well known by now that the finance industry has shifted away from its essential, original function of allocating capital to productive uses, and moved towards short-term, often predatory money gambles and loans.  Banks with cash-reserves must start to invest NOW and lend to small businesses!
  • Bank Notes to help the Blind:
    • Some countries have braille on the bank notes so the blind can identify them. Sometimes doing good deeds that have no political interest can bring good karma.
  • More Money for Small Business:
    • Any American small business with a total gross revenue of less than $3M per year will not need to pay tax projections/estimates for the following year. This specific practice drains the ability of any small business to invest and grow.
  • South Korea is a Friend of Ours:
    • South Korea has an immense economy. Maybe it will be wise to explore the South Korean idea of creating an alternative stock market tailored to the needs of small businesses so it will be easier for these small businesses to raise capital in a fast and legitimate way

 

FOR JOBS & PROSPERITY

SOLUTION 6 – Reduce the National Debt of America

 

Preface:

 

  • There is a difference between debt and deficit. Think about it; a nation’s debt is the total deficit (amount of money) that it owes. In a given year, If a government spends more than it takes in, then the government has deficit and it borrows money to pay this deficit. Comparing current debt levels to those of 1950 is not accurate way to measure debt levels. One should compare debt as a ratio to GDP for an accurate comparison.
  • The U.S. has over $26 trillion debt and counting!! With OVER $26 trillion national debt (2019) and $60 trillion in unfunded mandatory obligations for programs such as Social Security, Medicare and Medicaid, the U.S. government has a growing obligation of over $79.1 trillion which is 4 times the GDP. James Tarantin believes based on deep research, that the current debt is a real TIME BOMB that will ultimately result in the loss of the purchasing power of the U.S. dollar and even a total meltdown of our financial system.
  • The 2008 recession was not a traditional cyclical recession. Interest rates were zero but one of the main causes was a debt crisis. It was the level of debt that cannot be cured by simple tools of economics. Markets fear that the USA will not be able to return this debt. This effects investments. The 2008 recession was a collapse of the financial system that was governed by officials with self-centered interests. This is an honest statement.
  • America cannot spend more than it takes in, just like any American family. The private sector suffers the penalties when the public sector pays too much to borrow money.
  • SOLUTION > Cut the Deficit: Cutting the deficit is essential to keep mortgage rates low for middle class families, and for the nation to experience a more robust and competitive economy. James Tarantin believes that a great way to reduce the deficit is to create new levels of wealth and jobs by eliminating inefficiencies. 1.5% GDP growth per year is not historically high according to Bloomberg.

 

 

FOR JOBS & PROSPERITY

SOLUTION 7 – The Minimum wage:

 

For it:

 

  1. “No one loses anything by raising wages as soon as he is able. It has always helped us.” Henry Ford. In 1934, 20 years after doubling workers’ pay – a move that help cut employee absenteeism from 10% to 1% and boosted sales 63% in one year.
  2. “Raising the minimum wage won’t make much difference in macroeconomic terms.” Time Magazine March/9th/2015 – It constitutes such a small piece of the economic pie.
  3. Some studies suggest that a 10% increase in the minimum wage would reduce poverty by 2.4%

 

Against it:

 

  1. According to Time Magazine on March/9th/2015 – labor’s share of the economic pie has been decreasing since 1970s. A big reason is the outsourcing of Jobs to low-wage countries and Wal-Street bosse’ who punish companies that raise the minimum wage.
  2. The Congressional Budget office in 2014 noted: “consumers would face higher prices of products as a result of minimum-wage increase.”
  3. Companies may fire employees due to higher salaries.

 

Solution

There are hundreds of articles that support the minimum wage and hundreds of articles that don’t. It’s a question of how many jobs will be eliminated vs. how many working families will be paid a living wage. The Minimum wage should be up to the States with a $-an-hour federal floor agreed by both parties. James Tarantin believes that America needs to pass fair bills with the support of both parties.

 

We need to give workers a wage that reflects the rising inflation and general, annual increase of costs of living.

 

FOR JOBS & PROSPERITY

SOLUTION 8 – Economic Education– New 21st Century Skills:

 

  • The Educated Citizen: People invest in companies without knowing the mindset of the CEO of the company they are investing in. Many CEOs think in terms of quarter-to-quarter profits and not the benefit of society. The honest truth is that CEOs make decisions to please their largest shareholders and NOT what is best for society. Ultimately, people invest in high-yield bonds and junk bonds, without really knowing their true nature.
  • The Educated Citizen: The U.S. retirement market holds about $25 trillion in assets. The problem is that financial brokers and advisors act more like cunning salespeople by recommending to innocent citizens in Maryland to buy inferior products. James Tarantin believes that we need to strengthen rules so that financial advisors put the interests of their clients first in handling retirement accounts. Strengthening means creating a “only healthy food menu” – whatever you choose is healthy.
  • Promotion of Good Laws: We might assume that if a law passes that everyone would know about it. Often the media takes the facts of the policy and presents them in a selected type of way. Large corporations have the staff and resources to study new laws, while small businesses do not and thus cannot progress.
  • Training Centers: Give tax credits to small and large businesses who create training centers that educate the unemployed on skills that he or she will need to land a job in the 21st century workplace.

 

FOR JOBS & PROSPERITY

SOLUTION 9 – A Fair Financial Sector:

The wealthy inject unlimited money into elections which persuade the people to vote for candidates the can give them more money through laws. The Result?  The cards are stacked against the people of Maryland, and this unfair system dissolves opportunity for all Americans. Virtually all governments have an immense safety net for the rich and Wall Street, while love and assistance for The People is virtually nil, zero. James Tarantin will fight with all his might to stop subsidies for the ultra-rich and as seen throughout his detailed and compassionate plan, he will introduce real and innovative legislation, that will quickly lift lives of working-class men and women

 

PROBLEMS:

  1. James Tarantin believes that the financial sector needs to be more responsible and understand that its actions can harm individuals in Maryland and society at large as we saw in the financial meltdown of 2008.  Financial speculations, predatory products, lack of transparency and skyrocketing salaries, all hamper the effort to attain a better middle-class life.
  2. While average CEO pay remained relatively constant at around $1 million adjusting for inflation from the mid-1930s to the mid-1970s, by 2012 the average compensation for the 500 highest paid CEO’s had skyrocketed to $30.3 million. Only 6.3% was salaries and bonuses.  I can’t believe there is anybody who thinks that when a CEO takes $20 Million as a salary package, that that won’t be seen as being taken directly from the wallets of the American worker. Most cannot take comfort in this kind of system.
  3.  Financial markets are inherently unstable and there is no global body that regulates the financial markets as a cohesive unit. Each country has its own rules – central banks or FEC. The proof that a governing board is needed becomes obvious each time financial derivatives hit the market and cause financial chaos worldwide.

 

James Tarantin believes that we must assure fair play where the middle-class gets a fair shot:

 

  • Solution: The SEC should require private equity and hedge funds to further disclose holdings, returns and fee structures. This will increase fair competition in the market.
  • Solution: Enforce the rules. When a financial firm is investigated and admits to no wrongdoing but found guilty, the result is usually imposition of a minor fine. Sadly enough, very often that fine is paid from the taxpayer’s money. No individual is held accountable, no penalties for the board of directors. Many of the current regulations in the Financial sector are enforced by the Federal Reserve and the leadership there is heavily influenced by the largest private sector financial firms.
  • Solution: There is a concern that the federal reserve reflects the interests of the financial markets, with their focus on inflation, rather than the economy as a whole and the American workers who care more about unemployment. They should disclose all potential conflicts of interests and any individual with any conflict of interest should not be able to serve in the Federal Reserve
  • Solution: James Tarantin thinks it’s fair that every public company must be required to have a Living Will. Let’s say that tomorrow the company dies and it can’t meet its financial obligations. There should be a detailed accounting explanation of how these funds / obligations to all taxpayers will be met.
  • Solution: Corporations must disclose in a simple, easy way to understand form, the pay given to the top management. Moreover, improvements should be made to fee disclosure forms that banks give to consumers. Let us eliminate deceptive marketing in the financial system.
  • Solution: James Tarantin believes that businesses must re-commit themselves to the success of the nation. It is about expanding the total pool of economic and social value – Energy Use, Water Use, Employee Health, Worker Safety, Employer Skills, Environmental Impact.
  • Solution: We should all work together to prohibit banks from risky trading that are NOT related to core of the banking business. America must make sure that if the banks fail again, as they did in 2008, the Maryland citizen and the American Taxpayer will not bail them out again.
  • Solution > Protect Earned Income:  Banks and hedge-fund managers must be better regulated on how they can spend the monies the people trust with them. Financial speculation with other people’s money must be kept to a low minimum and consumers warned of its potential deadly outcome ahead of time. Think about it … they manage trillions of dollars worth of monies made by working-class families in Maryland and across this great nation.
  • Solution > Protect People from Credit-Card Schemes:  credit-card company schemes and abusive credit-card rate hikes directly affect the savings of honest working-class families. James Tarantin believes we have to change it.
  • Solution: President FDR signed legislation that sought to end Wall-Street speculation with other people’s money. James Tarantin believes we should tax the profits made from these speculations. Since when did it become humane to profit billions by speculating with the money of hard-working people and then pay almost no tax?
  • Solution: Regarding the Federal Reserve:
    • On the right, many argue for a rule-based system – monetarism, under the influence of Milton Friedman, called for the supply to increase at a fixed rate.
    • On the Left, there is a concern that the federal reserve reflects only the interests of the financial markets, with their focus on inflation. Little attention is given to the economy as a whole or for workers who care more about unemployment.
    • Federal Reserve Board Members should disclose potential conflicts of interests, and any that are found to have any conflicts, would not be able to serve in the Federal Reserve.

 

FOR JOBS & PROSPERITY

SOLUTION 10 – Reduce Credit card Fees for the Poor and Middle-Class: 

 

  • James Tarantin believes that when people pay very high credit and debit card transactions fees, this is one clear example of abuse of power.
  • Modern technology should allow the transfer of money from the individual’s bank account to another, for a fraction of the current price.
  • This market must act competitively and not be subject to an unrestrained monopoly power.

 

James Tarantin believes that we must eliminate fraud and reduce excessive credit-card debts for the poor and the American working, middle-class families, Now.

 

A Personal Message from James Tarantin:

I hope you find my position here humane for Democrats, Republicans, Independents, and people of all faiths.  It is my genuine intention to treat fairly All People from every creed and color living in Maryland and the United States of America.

I will fight with all my might to pass the innovative policies presented here so YOUR VOICE WILL COME ALIVE. Let’s do this together folks and bring back The American Dream to as many doorsteps as we can.  My whole soul is into this … to Heal America and make YOUR DREAMS COME ALIVE!

 

With profound humility, I genuinely hope that I will have the honor of having your vote for the United States Senate this coming November/8TH, 2022.