Surprisingly for someone who was so closely connected with Ronald Reagan, Will apparently didn't realize that Reagan, too, wanted a Homestead Act — but extended to industrial and commercial assets instead of being limited to land. That being the case, we sent a letter to George:
Dear Mr. Will:
|Reagan addressing the Task Force on Project Economic Justice|
The Task Force developed a plan to counter the spread of Marxism in Central America and the Caribbean Basin through an aggressive program of expanded capital ownership based on the ideas presented by Louis O. Kelso and Mortimer J. Adler in their two collaborations, The Capitalist Manifesto (1958) and The New Capitalists (1961). The Task Force did not receive one cent of taxpayer money, but was funded entirely with private donations.
|Senator Russell Long and President Reagan at the presentation.|
The backing of the money supply would thereby shift from government debt (bills of credit), to private sector assets (bills of exchange). This, as the subtitle of Kelso and Adler's The New Capitalists has it, constituted "A Proposal to Free Economic Growth from the Slavery of [Past] Savings."
Building on the work of Kelso and Adler, our Center for Economic and Social Justice (CESJ) under the leadership of Dr. Norman G. Kurland, has developed a proposal we call the "Capital Homestead Act." Dr. Kurland (with whom you met at the time) served as Deputy Chairman of the Presidential Task Force. In 2004 we published Capital Homesteading for Every Citizen. We addressed the growing problem of Social Security by presenting the book as "A Free Market Solution for Saving Social Security."
|Organizing to form the Task Force|
Special Capital Homesteading "full payout" shares would give the owners of the newly issued shares access to the full stream of income attributable to their ownership share. Tax deductibility of all dividends at the corporate level would encourage corporations to issue new shares to finance growth, while full payout of earnings would stimulate the economy naturally instead of through inflation. Corporations could avoid income taxes by paying out all earnings. Dividends would be taxed as regular income at the personal level unless used to make tax-deferred payments on shares held in a Capital Homestead Account.
If these ideas interest you, you might want to talk to Dr. Kurland again. He can be reached using the contact information on the CESJ website.
Thank you. We look forward to a most interesting and fruitful discussion.
Yours, etc., etc.