Where the Money Goes — Five Ledgers
~$11.8T
General Fund
All obligations except ring-fenced trusts. Distributed Healthcare, Social Security 2.0 benefits, Defense, Infrastructure, Universal Child Allowance, Skills, Housing. Debt retirement flows from the General Fund, governor-guaranteed within 50 years.
$0.82T returned
Pre-bate + Stipend
VAT Pre-bate ($0.58T) + Energy Stipend ($0.24T). Delivered monthly via FedCard, one month early.
GF commitment after 2034
SS 2.0 (existing Trust, then GF)
The existing SS Trust draws down on the 2026 OASDI Trustees Report schedule (OASI depletes Q4 2032; combined OASDI holds to Q3 2034). The Accord follows the existing schedule — same drawdown, same timing. After exhaustion the Trust is permanently closed and SS 2.0 benefits flow from the General Fund as a permanent statutory commitment. The Accord prevents the ~22% automatic benefit cut OASI depletion would otherwise force. No payroll-tax carve-out for SS; receipts flow undifferentiated to GF. The Debt Sunset Governor protects long-run solvency.
$0.83T/yr
Climate Adaptation Trust
Carbon fee revenue after stipend. Ring-fenced. Expert Board (EPCR) allocates by adaptation ROI.
$0.03T/yr → $0.5T target
too-big-to-fail bank Reserve
Systemic risk levy. Buffer against financial crisis. Financial Stability and Disbursement Board manages. Three pre-authorized deployment triggers.
Implementation details — VAT + Pre-bate
- Input-credit DENIAL on luxury-banded goods bought by businesses for non-resale use (the company-car dodge; mirrors passenger-car input-VAT blocks).
- Anti-splitting SINGLE-SUPPLY rule: an article cannot be unbundled into sub-threshold components — hull plus fittings is still a yacht.
- Dealer second-hand sales use the same excess-over-floor base on the resale price; private-party sales sit outside VAT.
- Luxury floors defined by HTS/HS code families and indexed to CPI-U; NSB publishes the schedule by rule.
- Exports zero-rated; imports pay at customs (destination principle).
Full registry entry: /programs