Truth Before Dishonor

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Posts Tagged ‘Generally Accepted Accounting Principles’

The Official Truth Before Dishonor Balanced Budget Amendment Proposal

Posted by John Hitchcock on 2012/09/11

Within five years of ratification of this Amendment to the US Constitution, the Federal Budget shall be balanced, and shall remain in Balance thereafter, using the same Generally Accepted Accounting Principles (GAAP) mandated by the Federal Government for all Corporations. The Federal Budget Deficit must maintain an incremental and substantial annual reduction during the four years leading to Balance in the fifth year or prior.

Any and all new taxes must be approved by three fifths of each Branch of Congress and signed by the President in order for passage. Any and all tax increases must be approved by three fifths of each Branch of Congress and signed by the President in order for passage. If the President vetoes any Bill containing new or increased taxes, it shall be returned to Congress whereupon each Branch of Congress must pass such Bill by two thirds vote to override the President’s veto. If the President does not sign or veto a Bill containing new or increased taxes within ten days, it shall be deemed vetoed and each House of Congress must pass such Bill by two thirds vote to override the President’s veto.

In the event the Federal Budget is not in Balance, all salaries and expenses of all Federally elected officials and their staffs shall be zero until such a time as the Federal Budget is in Balance. All Federal non-military Government officials shall have their salaries reduced to zero until such a time as the Federal Budget is in Balance.

In the event Congress does not pass a Federal Budget by April 15 of each year, no other Legislation shall be discussed or passed until the Federal Budget is passed. Any and all Legislation passed during the time following April 15 and preceding the passage of the Federal Budget shall be deemed null and void.

Posted in Constitution, Law, Philosophy, politics, Tax | Tagged: , , | 2 Comments »

 
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