To eradicate the corporate United States structure and restore America to the original constitution of the republic, the NESARA law was created. The purpose of this law was to restore the original glory of America and reduce poverty in the nation.
There are even more dynamics related to the NESARA law, and if you want to know about it, you have to keep reading. We will discover some unknown aspects of this law in front of you to give you a better insight into this phenomenon.
What Is NESARA Law?
NESARA law is the acronym of the National Economic Security and Reformation Act. The purpose of this law is true tax reform, but tax reform is possible only when there is true monetary reform. Before the NESARA, another project was designated to restore the U.S.A. to its original glory. It was initiated in 1950 and leveraged the minds of military people and intelligent civilians. We called these people the ‘White Knights.’
With this restoration process came the NESARA law. The children of wealthy families became concerned about earth’s condition when they observed the amount of poverty, starvation, and disease in the world. One hundred of these rich children decided to correct this situation, and we knew them as ‘Wealthy Visionaries.’
Their initiative started in 1980, where they invested millions of dollars out of their pocket to start this humanitarian process. So, that’s how the NESARA law was created. It is a transitional solution for the nation to eliminate the poverty issues and other problems.
Tax Concerns Of NESARA Law
According to the Nesara law, the necessities of modern lives such as groceries, rents, medical services, insurances, and leases are ignored from tax consumption. Initial stocks and bonds issues are also exempt from tax considerations. Even the law also considers the charities as long as their expenses are made for non-profit purposes. Government purchases and government services are also exempt from tax consumptions.
The national consumption tax rate for revenue-neutral purposes is 14%. However, the secondary sales of securities tax consumption rate are only 1.4%. The tax rate of gaming sponsors’ gross profit is 8%. Since gaming is a government-licensed activity, the players remain free from the tax consumptions, and only the profit sponsor is taxed. Social security and Medicare services are exempt from tax until the government decides otherwise.
According to the Nesara law, the spending limit determines the level of the tax burden. So, if poor people spend money on their essentials, they will pay less tax or no tax at all. However, if the rich people spend more cash buying things and eating in fancy restaurants, they pay more tax. Therefore, the government initiates a non-exempt retail transaction to be eligible for this tax collection.
What Are The Recent Changes Of Nesara Law, And How Are They Impacting The Current Economy?
Nesara law has implemented a few changes in the act. Let’s take a look at them;
- Putting an end to the income tax.
- Increasing benefits for senior citizens.
- Reducing the amount of credit card, mortgage, and bank debts.
- Returning the constitutional law in all courts of the U.S.
- Monitoring the elections and preventing illegal activities.
- Creating the new U.S. treasury currency with precious metals like gold, silver, and platinum.
- Putting a flat rate of 14% for sales tax revenue on the non-essential items.
The flat 14% tax on the non-essentials is easy to manage because there’s only a single percentage to assess—the actual cost of government in a simple, flat consumption tax format. In addition, the monetary reform provisions of the Nesara law have stabilized the U.S. economic system. A balanced national consumption tax is stable, transparent, and also easily manageable.
The Nesara law is blind to individual incomes. If the item is not essential to live in the United States, it must have tax consumption. Since the reformations have taken place, the economic growth and competitiveness of the U.S. economy have known no bounds. Approx $1 trillion of the national debt is eliminated now. Approximately $500 billion is available in the bank reserves for lending purposes.
There’s a modest growth of 2.5% every year at the labor productivity now. If it continues to grow at this rate, it would likely double people’s living standards 20 years from now. Moreover, if other nations also apply the reformations of Nesara law to their economy, it is believed that they will also witness progress like this mighty country.
Frequently Asked Questions [FAQs]
Do you think we have answered all your questions regarding the Nesara law? If yes, then you can choose to ignore this section. However, if you feel we have not answered all your questions, you can look at the FAQ questions.
1: What Are The Effects Of Tax Changes In The Nesara Law?
Ans: The price of non-exempted products and services is inflated for a temporary period. The cost of necessities to live in the U.S. is now cheaper. As an immediate result of the national consumption tax, the living standard of poor people has been elevated instantly. It is expected that the price of non-exempt goods will stabilize over time.
2: Has The Nesara Law Reformations Been Effective For The Banks?
Ans: Banks will have more reserves since the secured loans are converted now under the Nesara law. It is estimated that approx $500 is stored in U.S. banks now for lending purposes. This massive pile of cash will also benefit the community members or government projects.
3: What Are The Impacts Of Transitions, And Tradeoffs On The Nesara Law?
Ans: The impact of this dramatic transition has elevated the tax compliance rate in the U.S. People won’t have to fill out forms anymore to discharge their tax liabilities. The government also does not have to pay tabs anymore on citizens to keep track of their income.
The Bottom Line
In the end, we can only tell you that the Nesara law is a highly beneficial proposal in the U.S. economy. It has got some beneficial reformations too. As a result, it has made the U.S. economy even more progressive. For example, more government intrusion and more government spending are avoided in this act. So, we think it will benefit the future generation more. If you have any queries regarding this law, post them in the comment box.