When socialism finally comes to America it will likely be in the midst of some overwhelming calamity, such that the existing US Constitution would be swept away. If, however, the Constitution were to survive it would obviously need amending.
Although there are many different versions of socialism — Marx even declared wryly that he was not a Marxist — below is a look at what a socialist amendment might consist of. It calls for comprehensive, interdependent changes including a public banking system, currency reform, a minimum and maximum income, election reform to end two-party domination, tax reform eliminating middle class taxes, and authority for nationalizing private companies as found to be necessary.
The people of the United States, having chosen to be governed under democratic socialism, hereby amend the Constitution as follows.
1. Congress, acting in the collective interest of the people, may nationalize any privately-owned corporation, enterprise or industry within the United States. Congress shall determine what compensation, if any, is granted to the dispossessed owners.
2. A national bank is to be established for the centralization of credit; whereupon the Federal Reserve System will be abolished. Currency shall henceforth be issued as a sovereign asset in the form of United States Notes.
3. To promote social equality and prevent poverty, there shall be a guaranteed minimum annual income for citizens over the age of 25 years who have not been convicted of a felony.
4. To prevent the undue concentration of wealth, excessive personal income shall be taxed at a rate of 100 percent. Excessive personal income is that which exceeds thirty times the guaranteed minimum annual income.
5. Congress may not impose any tax except: (a) Tax on excessive personal income. (b) Inheritance tax. (c) Wealth tax. (d) Corporate income tax. (e) Tariffs and customs duties. (f) A temporary tax expiring within one year.
6. The Electoral College is hereby abolished, and the President shall be elected by majority vote of the people. The Vice President shall be appointed by the President, subject to advice and consent of the Senate, and shall serve at the President’s pleasure.
7. In any election for public office, if no candidate receives a majority of votes a runoff election must be held within thirty days. First-past-the-post elections are henceforth prohibited.
8. The rights guaranteed by the Constitution apply only to natural persons and not to corporations or other fictitious legal entities.
9. Congress may enact appropriate legislation to implement all sections of this Amendment.