Proposed Amendment to the US Constitution
<<As Posted on Liberty University’s Facebook Page>>
Congressional Compensation & Wealth Accumulation Act
Any earnings after serving in the US Congress will not exceed the 5 year average of earnings prior to running for office.
Any amounts in excess of this 5-year average after adjustment for inflation are to be taxed at 100% to a private social security account with the investment options provided to the general public for their social security payments.
These funds are to be paid back to the congressional retiree in the form of a private retirement account not to exceed the same 5-year average adjusted for inflation annually.
Once the privatization of social security in the original social security act is restored and implemented fully this amendment is null and void until such time as a public option is again implemented.
All existing non-congressional social security payees are given the greater of two options:
Option 1: the existing social security guarantees as written before the publication of this proposed amendment.
Option 2: an amount of government-issued bonds at a value commensurate with payments made at the rate of return given for government bonds at the time payments were taken. The award of the total value of the bonds is then divided over life expectancy as established before this amendment was 1st proposed. The resulting amount is paid until the death of the payee or the death of spouse whichever is longer.
Retroactively all politicians, bureaucrats, who authorized spending from the social security fund forfeit their cumulative wealth in excess of their net worth before running for office.
Once the amendment is ratified the forfeiture clause cannot be reversed and any collections are applied to the social security fund.
Thomas Scott Payne©