A Constitutional Amendment recognizing that tax cuts on the rich do NOT pay for themselves, which has been repeatedly, analytically, economically demonstrated for decades. Therefore, all tax cuts on the rich may ONLY be given with specific, corresponding cuts elsewhere in the budget, which may not result in increasing the tax burden on the lower and/or middle classes.
America has been monetarily sovereign since abandoning the gold standard in 1971. And according to every known definition it boils down to the Federal government never needing to tax or borrow or enforce austerity to fund Federal government programs which serve public purpose. That's because the Federal government is the sole issuer of the dollar. Therefore, Congress should appropriate funding to achieve full employment without needing to tax or borrow.
The current tax code should be scrapped in it's entirety. It should be replaced with a simple code that allows all individuals and corporations to deduct the same fixed percentage from gross income for expenses and a similar identical percentage for savings or investment. There should be no other deductions allowed. All remaining income would be taxed at the same rate. A realistic poverty level should be set for individuals and families where no taxes would be paid.
The American people (taxpayers) deserve a thorough, deep investigatopm into this nation's Foreign Aid program. And the results should be made known through the media. If Congress is serious about saving money and lowering the national debt, this is a very good place to start. There are billions to be saved here which could be used to solve problems at home. The U.S. should stop being a credit card for the rest of the world!
Make yearly adjustments to taxes based on wealth distribution If the bottom 1/5 of the country by wealth owns less than 2% of the country’s wealth, increase the taxes on each of the other 4/5s by 1% per year. When the bottom 1/5 of the country by wealth get above 5% of the country’s wealth, start retracting the 1% that were added. There is more.
Don't tax the first dollar of anyone's Adjusted Gross Income unless/until they are making *more* than the median income for individuals in the U.S.. Effectively, this is like a "standard deduction" applicable *after* all other deductions and exemptions are taken, which is equal to the median individual income in the United States. The richer the average American becomes, the more Congress can tax them.
Progressives should champion the idea of paying off the national debt by discontinuing the sale of Treasuries thereby forcing the minting of high seigniorage platinum coins. The debt would be paid off in 30 years which would cripple the Fed. The process would also force owners of treasury bonds to invest, spend or put their money in banks as the rest of us do. It would also, once and for all, dispel the myth that the government needs tax money to operate the government.