Found as a comment at Middle Class Pays for Financial Market Mistakes
Amen! Road to balanced budget:
1. Let all Bush's tax cuts expired
2. Change Medicare's end-of-life policies, allow cross-border healthcare access/providers, open national healthcare exchange for Medicaid, ALL uninsureds and anyone who wants to participate to leverage their bargaining power, and allow Medicare to negotiate drug prescription costs and reimbursement costs (open market, not government mandated rate to prevent cost shifting)
3. End all individual and business tax deductions, subsidies, and loopholes; remove Medicare and SS caps, consider business bonuses, stock options, cap gains, dividends, and interests as ordinary income, eliminate business double taxation, tax inheritance only on untaxed portion and consider it as ordinary income; and tax foreign income at differential rate between foreign country's and US's rate (zero if US rate is higher and no more tax havens)
4. Consider SS as an annuity plan earning 2-yr T-Bill rate and paid out as annuity after retirement until exhausted.
5. Cap defense budget at the combined budget of the next 5 largest foreign defense budgets
6. Set 4 flat tax brackets for both individual and business with max rate at 25% to collect enough revenues to pay for annual spending and investment and initiatives, and paying down the national debt in 20 years (The first 5 items will save more than $2T a year and enable the US with lowest tax nation in the world for both individuals and businesses)
Posted by "Tony"