As we all know that the real generator of the national debt has been the Republican party, since and including Saint Ronnie.
So obviously fiscal conservatives have been nowhere to be seen for the last four decades.
Phase I
.
Tax rates.
Let the all Bush tax cuts sunset, return to the rates under the Clinton administration.
Capital gains taxes
Once upon a time regarded as unearned income, increase the rate to 30%
Payroll tax
Remove the cap and subject all income at the same rate.
Estate tax
Over $5 million tax at 50%, this in actual fact a cut for nearly all estates.
IRA
Put in place a lifetime upper limit of money held in an account, say $5 million.
Tax havens
Make it illegal to offshore assets.
Loopholes.
Be serious about closing them by simplifying the tax code.
Corporation Tax
Reduce to 30% and give the corporations six months to repatriate their profits or suffer a 60% penalty.
Overcharging by corporations in government programs.
Install a maximum penalty of seizure of all assets.
Corporate Subsidies.
Repeal all.
Carbon tax
Target inefficient and polluting industries set a national carbon efficiency and reduction plan, say 3% per year.
Military spending.
Return to Clinton era funding adjusted to 2013 dollars and then fix for 5 years, say around $400 billion.
Phase II
To offset the major effects of the tax reconciliation and to cut taxes where they will benefit the economy the most.
Raise the national minimum wage
Say $10/h adjusted with real inflation each year
Income tax
To ensure that everyone receives the same tax cuts increase the the amount at which taxes become liable.
Infrastructure
A plan of major investment to repair, improve and modernize. The increased efficiency will benefit all, including businesses.
Renegotiate Trade deals.
The world has changed since many were put in place, and many were based on fixing the value of foreign currencies at that time to the dollar.
Campaign finance reform.
Better to invest the vast amount of money wasted elsewhere. Should also give democracy a vital shot in the arm.
Small Business Bank
So that small businesses can access low interest loans. Another section of this could be a venture capital arm to invest in new technologies.
Energy efficiency grants.
To all home-holders, giving incentives for energy efficient homes and vehicles.
Energy efficiency awards.
Tax cuts to businesses that surpass government targets in energy efficiency, reducing our need for non domestic energy supplies and cost fluctuations.
A carrot and stick approach if you will.