I think tax revenues should be less and a lot of government revenue should come from sales of military weapons, the National Parks system, and reduction of federal water socialism. Ideally, the state would be abolished. However, it can't all be done in one step.
From Obama's requested budget I figured out at least $1.9Tn that could be reasonably cut, $500Bn (guesstimate) of which includes his requested tax increases cut, Obamacare cut, and some new tax reductions. Those tax reductions are as follows:
reduction of the Corporate tax to a 13% flat marginal rate and removal of all employer/corporate deductions for health expenses;
repeal of capital gains taxes on precious metals;
repeal of the AMT (we didn't have it before LBJ was President);
increase of personal deductions including personal deductions for all medical expenses, combining the personal exemption and standard deduction into an automatic exemption;
allowing complete deductions of state and local property and income taxes (whenever applicable);
100% individual income tax free HSAs
There would be two tax increases: which would be a low fee on all goods flowing into and out of the country (that would replace the current tariffs and all quotas would be repealed so there would be no more protectionism).
Sar-Ox and Dodd-Frank need to be completely repealed also.
I think the above is generally reasonable considering what we could face if we don't balance the budget immediately. The poor would not suffer more than the wealthy under my budget which means there wouldn't be any riots. Some poor would suffer, but not as much as the MIC, Big Pharma, and protected, subsidized corporations would be cut off.
From Obama's requested budget I figured out at least $1.9Tn that could be reasonably cut, $500Bn (guesstimate) of which includes his requested tax increases cut, Obamacare cut, and some new tax reductions. Those tax reductions are as follows:
reduction of the Corporate tax to a 13% flat marginal rate and removal of all employer/corporate deductions for health expenses;
repeal of capital gains taxes on precious metals;
repeal of the AMT (we didn't have it before LBJ was President);
increase of personal deductions including personal deductions for all medical expenses, combining the personal exemption and standard deduction into an automatic exemption;
allowing complete deductions of state and local property and income taxes (whenever applicable);
100% individual income tax free HSAs
There would be two tax increases: which would be a low fee on all goods flowing into and out of the country (that would replace the current tariffs and all quotas would be repealed so there would be no more protectionism).
Sar-Ox and Dodd-Frank need to be completely repealed also.
I think the above is generally reasonable considering what we could face if we don't balance the budget immediately. The poor would not suffer more than the wealthy under my budget which means there wouldn't be any riots. Some poor would suffer, but not as much as the MIC, Big Pharma, and protected, subsidized corporations would be cut off.