ECONOMY

A FAIR & JUST ECONOMY FOR ALL

OUR VISIONARY ECONOMY

WE are running on a visionary platform. Angelica, with the help of the people of CA29, will work in Congress to push for a 21st Century Economy where we lift those out of poverty, grow the middle class, make the wealthy billionaire class pay their fair share, protect our environment, and keep in mind the quality of life for workers and their families when it comes to economic policy.

A 21st Century Economy where each and every one of us has a job that pays a living wage and where you can work 30 hours a week and not live in poverty while being able to spend more quality time with yourself and your family. A 21st Century Economy where there are tens of millions of well-paying jobs that: preserve our environment, invest in the expansion of public transportation, and rebuild our crumbling infrastructure. A 21st Century Economy where idea creation and community building are financially rewarded and encouraged, and where the top 1% pay their fair share and corporations cannot avoid paying their taxes by incorporating or stashing their money overseas. And most importantly, a 21st Century Economy that focuses on the preservation of our environment through the transition from our reliance on fossil fuels and natural gas to 100% clean renewable energy by 2030. As the wealthiest nation on Earth, if other countries can implement the change that we need, so can we.

 

JOB GUARANTEE PROGRAM

WE believe that our Government should have a Job Guarantee Program to achieve the goals of increasing GDP and full employment. The national unemployment rate is around 5%, while the unemployment rate for California’s 29th Congressional District is around 6.5%. Our Government should offer anyone who is out of work and looking for a job a secure job at a livable minimum wage rate as a transitional measure to give them an adequate source of income and job readiness for employment in the private sector once a position becomes available. 

 

GUARANTEED BASIC INCOME

As wealth and income inequality continues to rise, jobs become harder to find, transitions away to clean renewable energy, work and life balance becoming harder and harder, and as technology and automation begins to advance, replacing human labor, it only makes sense to provide universal guaranteed income to cover any living costs a person may need. 

 

GREEN NEW DEAL

WE will work to move towards 100% clean renewable energy by 2030. It is time to end our reliance on fossil fuels and natural gas and protect mother earth. Climate change is a real threat to the entire world and the scientific community has agreed that it is human-caused. The Green New Deal would create 20 million new well-paying jobs and it will also protect the environment and the health of the people around the world. 

 

HELPING LOCAL SMALL BUSINESSES

WE will help provide small business incentives such as subsidies and tax credits to small local businesses making less than $500,000 a year in revenue and less than 10 full-time employees. Many small business owners need help especially the mom and pop businesses that are part of the community whether it be a family owned restaurant, convenience store, or grocery store. 

 

A LIVING WAGE: $15 FEDERAL INDEXED MINIMUM WAGE

WE will fight for $15/hr federal indexed minimum wage, which is currently $7.25/hr. Just like the "Raise the Wage Act" (which has not passed), the minimum wage will be indexed against the annual percentage increase in the median hourly wage of all employees as determined by the Bureau of Labor Statistics and According to the Center for Economic and Policy Research.

If the minimum wage had continued to move with average productivity after 1968, it would have reached $21.72 per hour in 2012! For the past 40 years, wages for the middle class have increased a merely 6%, while wages for the top 1% have increased 140%, total productivity has increased over 140%, and the costs of living have increased over 200%.

For small businesses, especially those in the community, we believe the Government should provide assistance in the form of tax breaks and subsidies and less regulations to help them cover the costs the increased Federal Minimum Wage.

 

RIGHT TO UNIONIZE AND PROTECT WORKERS' RIGHTS

WE will fight to give workers the right to unionize by introducing legislation like the Employee Free Choice Act which would give employees more power and freedom to form a union if they had a majority vote to unionize. We would also work to increase penalties on employers who try to intimidate workers who try to unionize by sending in union busters. We would also work to provide overtime for those making a salary of $47,000 or less.

WE will fight to repeal of the Taft-Hartley Act. Getting rid of the Taft-Hartley Act would allow for more people being allowed to join unions, all of which would benefit ALL working people. The repeal of the Taft-Hartley Act would be one important step in restoring workers right to organize into unions and achieve a living wage Nationwide. 

 

30-HOUR WORK WEEKS

WE will push for the opportunity to have 30-hour work weeks (6 hours a day). What we’ve seen in America is that employees are working 40+ hours just to make ends meet, missing quality family time and doing more personal related activities. Especially in Los Angeles, the amount of time it takes to get to work (even just a few miles) can take 30 minutes to even more than an hour in traffic going to and from work. We are seeing workers spend a majority of their days doing work related activities from 7am to 7pm including getting ready for work, travelling to work, working, and travelling home from work, only to get home in the evening leaving very little time for family and personal life.  

 

WORKER CO-OPERATIVES

Democracy isn't just about voting every other year. When Exxon hides its own scientists' warnings about climate change for over forty years while funding groups that spread misinformation to protect its profits instead, we can see that even the survival of our species may depend on establishing democracy at work.

Worker co-ops have had the ability to provide workers with higher wages and be able to provide to their community's access to healthy food, insurance, and even better ethically conscious banking options like credit unions. As a Government, we should encourage businesses that value their employees as an integral part of the work that they do. Therefore, we should work to provide tax credit, subsidies, and grants to help worker co-operatives have access to the resources they need, especially in communities where we have seen monopolies like large chains of fast food restaurants and retail hypermarkets like Walmart that have taken the place of many local small businesses.

 

FAIR TRADE DEALS

WE will work to oppose any free trade agreements, including any sort of fast track that doesn’t give time or scrutiny on trade deals that do not give a fair deal to both counterparts to the United States and the country it is trading with. Our fair trade policies have failed the American worker shipping job overseas and competing against foreign workers who are working pennies on the dollar. We will also work to renegotiate disastrous trade deals like NAFTA and will continue the fight to make sure the Trans Pacific Partnership (TPP) does not pass which would give foreign entities the power to sue a government for missed profit due to regulations imposed by a country. In addition, we will fight to make sure no trade deal is made in private where no one, not even from Congress, has a say on the type of trade deals to be agreed upon.

 

JOB PROGRAMS FOR THE YOUTH

WE will work to create job programs for the youth, especially in underserved communities, and reward them for excellence in school and serving their communities. The idea is that youth unemployment is currently at around 12% where youth of color lead the youth unemployment figure. If we can financially reward the youth with working responsibilities that can actually help build and improve their communities whether it be picking up trash to taking care of the elderly to creating and finding solutions, then we should be taking that opportunity to empower them with jobs.

 

REDISTRIBUTION OF WEALTH

WE will work to decrease our military spending where currently 54% of our discretionary budget goes towards.  For example, the F-35 fighter jet program, is costing taxpayers over a trillion dollars. Instead we should put these funds into social programs such as Medicare for All, guaranteed income, tuition free public college and university, housing, and financial assistance to small businesses to boost our local and national economy. We will also work to audit inefficient and wasteful spending in government programs as well. For example, the US Army made trillions of dollars of accounting mistakes and often did not have the receipts or invoices needed to support figures in its budget.

 

MAKING WALL STREET PAY THEIR FAIR SHARE

WE will work to incorporate a Financial Transaction Tax to ensure that no low-middle income wage earners pay more as a percentage of their income to taxes than higher income wage earners do.

  • 0.5% on Stocks

  • 0.1% on Bonds

  • 0.005% on Derivatives

  • 0.001% on all other Financial Securities

For example, in the LAST SEVEN business days of December, the New York Stock Exchange (NYSE) had $213,954,582,805 worth of Stock Trades. If there were a financial transaction tax of 0.5% on those stocks, that would equate to $1,069,772,914 worth of revenue generated to go towards education.

That could cover 66,092 undergraduate students going to Cal State University of Los Angeles (CSULA), and only 27,000 are enrolled per year! That could also cover 47,791 undergraduate students going to UCLA for a year.

AND that's only SEVEN DAYS worth of trading from ONE stock exchange.

 

REINSTATING MODERN-DAY GLASS STEAGALL

WE will work to reinstate Glass-Steagall which will separate commercial banking activity with investment banking activity. We will also work with Congress to break up the big banks because the banks have too much power that if they were to go underwater again by engaging in risky or fraudulent betting, millions of people will suffer just as we saw in the 2008 financial crisis.

 

INCREASING TAXABLE INCOME CAP FOR SOCIAL SECURITY

WE will protect the right of seniors to retire with Social Security. WE oppose cutting benefits or raising the retirement age. WE will work to lift the cap on taxable income that goes towards social security for our elders. Currently, someone who makes $118,500 a year pays the same amount into social security as a billionaire. We will remove the cap so that the wealthy pay the same share of their income. This will also expand the life and solvency of the Social Security fund for more than 60 years.

 

TAXING CAPITAL GAINS AT ORDINARY INCOME

WE will work to tax capital gains at the same rate as ordinary income. Many billionaire investors pay less of a percentage of their taxes on capital gains than people do on their ordinary income due to the fact that the capital gains tax is lower than ordinary income tax. This will apply only to those individuals making more than $250,000 a year in taxable income.

 

TAXING THE WEALTHIEST AMERICANS

Like Jill Stein and Bernie Sanders, WE will work to increase higher income tax rates on the richest 2% of households in America. Individuals making less than $200,000 or married couples making less than $250,000 will not have their income taxes increase. We will push for these progressive tax increases on the top three income tax brackets. 

 

MAKING AMERICAN CORPORATIONS PAY THEIR FAIR SHARE

WE will work to make sure that U.S. corporations are paying their fair share of corporate taxes by working to ensure that money being stashed overseas by Wall Street and large corporations are not deferred or delayed in paying taxes due to it being stashed overseas. We will work to close this tax loophole and ensure that income is taxed as they are earner no matter where the money is.

Many large companies incorporate their businesses in the Cayman Islands or other tax haven countries to delay or defer their tax liability. In addition, many large corporations are also having their manufacturing plants in countries with very low to no corporate tax rates. These are the tax incentives that we will be trying to close so that no matter where they are located, they still get taxed their fair share.

The revenue generated can used for public services such as rebuilding our crumbling infrastructure, preserving our environment, or towards social services that should be considered a right such education and healthcare.

 

ENDING CORPORATE SUBSIDIES

WE will work to end corporate subsidies given to corporations who are more than capable of taking care of themselves. Every year over a trillion dollars in corporate welfare are being take advantage of by companies and their CEOs. From billions of dollars on tax breaks on CEO bonuses, to Wall Street and fossil fuel subsidies, to taxing capital gains lower than ordinary income, and to federal contracts for the biggest companies, it is clear the wealth and large companies are clearly capable of taking care of themselves. 

WE will work to end corporate subsidies for large multinational corporations and executives who are profitable and clearly capable of running their business without tax dollars.

  • Close tax loopholes for CEO/Executive compensation packages. Currently CEOs can write-off compensation packages, stock options, and performance-based bonuses.

  • End tax deductions for companies to writing off the purchase of luxury corporate jets and other luxurious vehicles.

  • Eliminate Big Oil subsidies in order to move our nation towards clean renewable energy and to protect our environment.

  • Eliminate pharmaceutical subsidies for big pharmaceutical companies who charge some of the highest drug prices in the world. Many of these pharmaceutical companies buy out the patents for drugs that were largely developed with taxpayer funds. Our government should be able to buy up the drug patents as soon as they are available to eliminate the monopoly of life-saving prescription drugs.

  • Work to eliminate wasteful spending on subsidies for Agri-business where farmers are taking advantage of programs by growing crops on land that is damaged or unproductive and making money off of insurance claims rather than on crops. WE will also eliminate subsidies for factory farms, which slaughter billions of animals every year while polluting our rivers and giving off greenhouse gases that make them one of the top causes of climate change.

  • WE will eliminate corporate welfare for Wall Street by working to break up the big banks. They are too big to fail and have access to the purse of the Fed to borrow large amounts of money at little to zero interest rates. 

In addition, we also want to make sure there is oversight over the use of federal funding used to provide these corporate subsidies to ensure that there is any growth or positive return on investment to better society.


EQUAL PAY

WE will sponsor legislation to ensure that there is equal pay regardless of gender, race, or age. If people are working the same position with the same amount of skill and job experience, then they should be paid the same as their counterparts.

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