Thomas Paine Debt Reduction & American Innovation Act
The ultra-wealthy use a loophole to avoid taxes. This bill closes it. 40% pays down the national debt. 30% funds innovation. 30% builds infrastructure. Only affects the richest 0.01%.
📜 What Does This Bill Do?
America owes $35 TRILLION. Meanwhile, the ultra-wealthy (net worth over $200 million) use a trick called "Buy, Borrow, Die" to avoid paying taxes like the rest of us. They borrow against their stocks instead of selling them, so they never pay tax on the gains! This bill closes that loophole and uses the money to pay down the national debt (40%), fund American innovation (30%), and build 50-year infrastructure (30%). It only affects about 10,000 households—the richest 0.01%. NOT a single dollar goes to cash payments. This is about PAYING DOWN DEBT.
"A share of the earth's resources and accumulated wealth belongs to the community that made that wealth possible."
— Thomas Paine, Agrarian Justice (1797)
🚫 What This Bill is NOT
NOT Universal Basic Income
Zero cash payments to individuals
NOT Wealth Redistribution
Money goes to debt, innovation, infrastructure
NOT an Entitlement
Creates no right to receive payments
NOT for 99.99% of Americans
Only affects $200M+ households
💰 Who Does This Affect?
Affected
Ultra-high-net-worth households with $200M+ who use Buy, Borrow, Die
NOT Affected
Everyone else—middle class, upper-middle class, even most millionaires
🔓 Closing the "Buy, Borrow, Die" Loophole
Here's how the ultra-wealthy avoid taxes—and how this bill stops it:
BUY
Buy stocks or assets that grow in value
BORROW
Borrow against the assets instead of selling (no tax!)
DIE
Pass assets to heirs—gains are wiped out ("stepped-up basis")
FIXED
This bill taxes borrowing over $10M and gains at death
🏦 The 40-30-30 Rule: Where Every Dollar Goes
NOT ONE CENT to cash payments. Every dollar invested in America's future:
Debt Reduction
Pay down the $35 trillion national debt. PRIMARY purpose of the Act.
American Innovation
High-risk research via NSF & small business entrepreneurship via SBA.
50-Year Infrastructure
Bridges, dams, ports, broadband backbone—built to last generations.
🏅 National Civic Honor Medal
Wealthy Americans who contribute MORE than required earn public recognition—not policy influence.
Bronze: The Steward
Silver: The Builder
Gold: The Patriot
Titanium: Guardian
Platinum: Equalizer
Star Sapphire: Paine
🛡️ Built-In Protections
Full Confidentiality
IRC 6103 applies. Anonymized reporting only.
Due Process
Written notice, admin review, judicial appeal.
No State Mandates
Federal only. States not affected.
Prohibited Uses
Cash payments, UBI, bailouts are VOID.
GAO Review by 2034
Mandatory evaluation before reauthorization.
10-Year Sunset
Expires 2036 unless Congress reauthorizes.
📜 Pay Down the Debt, Build the Future
America owes $35 trillion. The ultra-wealthy use "Buy, Borrow, Die" to avoid taxes that working families pay. Thomas Paine said large accumulations of capital carry civic obligation—this bill honors that principle. Only 10,000 households affected (the richest 0.01%). 40% pays down debt. 30% funds innovation. 30% builds infrastructure. NOT ONE CENT to cash payments or redistribution. This is fiscally conservative debt reduction—inspired by a Founding Father. That's showing your work.
Gregory Burgess for Congress
No Party Preference • California's 2nd Congressional District
"Show Your Work" Campaign