A few thoughts on how the Federal Budget process and results can be improved.
1. Revert back to pre 1968 non-unified budget. Report on SS and Medicare separately since they both have their own tax/revenue streams. In 1968 the budget was ;Unified' so the large surpluses in SS taxes would offset the increasing General budget deficits. With the separation the future of both would be much easier to predict/maintain and isolate their funding needs.
2. Have all agencies/Depatments produce a budget for their funding needs that would be approved by Congress. Those smaller budgets would then be added to arrive at a more complete budget. That budget would then have added to it both a provision for paying the interest on the current debt as well as a dedicated line for paying down the existing national debt. From this the next years' tax rate would be calculated using the best estimates for taxable incomes.
3. Reduce the complexity of the Federal Tax Code (Section 26 of US Code) which is currently 3,837 pages of overly detailed regs and exceptions. The tax code could/should be very simple and easy to comply with. Income brackets would be set in a way that would be progressive, limited deductions and other exemptions. The amount from each tax bracket would be weighted so that the upper brackets would provide more of the total - but all citizens would be required to pay at least a token amount - have skin in the game.
4. An amount of each yearly budget would have to have an amount dedicated to national debt reduction sufficient to bring that debt to zero over a set period. 20 or 30 years would be one idea - much like paying down your mortgage.
1. Revert back to pre 1968 non-unified budget. Report on SS and Medicare separately since they both have their own tax/revenue streams. In 1968 the budget was ;Unified' so the large surpluses in SS taxes would offset the increasing General budget deficits. With the separation the future of both would be much easier to predict/maintain and isolate their funding needs.
2. Have all agencies/Depatments produce a budget for their funding needs that would be approved by Congress. Those smaller budgets would then be added to arrive at a more complete budget. That budget would then have added to it both a provision for paying the interest on the current debt as well as a dedicated line for paying down the existing national debt. From this the next years' tax rate would be calculated using the best estimates for taxable incomes.
3. Reduce the complexity of the Federal Tax Code (Section 26 of US Code) which is currently 3,837 pages of overly detailed regs and exceptions. The tax code could/should be very simple and easy to comply with. Income brackets would be set in a way that would be progressive, limited deductions and other exemptions. The amount from each tax bracket would be weighted so that the upper brackets would provide more of the total - but all citizens would be required to pay at least a token amount - have skin in the game.
4. An amount of each yearly budget would have to have an amount dedicated to national debt reduction sufficient to bring that debt to zero over a set period. 20 or 30 years would be one idea - much like paying down your mortgage.
