Freeze current taxes, both income and payroll, at their current levels for any family making $250,000 or less. Raise taxes a modest amount (3% to 5%) on incomes over that level plus an extra kicker (1% to 2%) for those that make over a million. Hold the current level on capital gains but dump this idea that dividends should somehow NOT be treated like regular income. Raise the income cap on payroll taxes to $250,000, and include dividends in this calculation.
As for cutting expenses, everyone has to accept that the Pentagon does NOT need to continue spending enough resources so that we are capable of fighting TWO Iraq-style wars at one time while maintaining the ability to wage a potential global strategic war against another 'superpower' like a China or Russia.
As for Social Security, we need to accept the idea that we really should delay full benefits till an older age, perhaps 70 years, but do not remove the safety-net provisions of Social Security for people who really can't work until that age due to health or work-related issues (should we really expect someone in a foundry to work to 70 in order to get the same amount as does a clerk working in an office with A/C).
We need to do more to enhance education in this country, at all levels, so that we can return to a status of not only being a military superpower, but an economic one as well. Also R&D needs to be funded in all areas including things like stem-cell research because if we're really going to increase the wellbeing of an aging population we will need some really big breakthroughs and hopefully a healthcare system that can increase their effectiveness without becoming too expensive for society to afford. It still costs way too much to die of cancer in this country. We need these potential medical breakthroughs and just spending money on 19th century style programs will not provide solutions to our 21st century problems.
Well that would be a start...
BTW, what would you do?
OCU
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