The New York Times has a cool graphic wherein you make a variety of choices in order to solve the Federal budget deficit. I did it and had a surplus left over, all without hurting the poor and middle class and the elderly.
Here’s what I did:
I eliminated earmarks and farm subsidies.
I made all of the suggested military reductions.
Yes on medical malpractice reform (you thought I’d choose otherwise?)
I reduced Social Security benefits for those with high incomes.
I returned the estate tax to Clinton-era levels.
I returned the investment tax to Clinton-era levels.
I allowed the Bush tax cuts to expire for those earning over $250K.
Yes to “payroll tax: Subject some incomes above $106,000 to tax” (and I probably have enough of a surplus to ease that one somewhat).
Yes to “Millionaire’s tax on income above $1 million ” and “Eliminate loopholes, but keep taxes slightly higher”
Yes to the carbon tax and bank tax.
Et voila, the poor, elderly, and middle class are mostly unscathed, and I have a budget surplus, albeit with a few toxic pills (higher taxes for banks, polluters, and the rich, oh noooooz!)
Try it and see how you do.