Limit an individual's social power with money. Instantiating an 80% tax on all wealth accumulation (salary or capital gains) after, say, $1.5 million. Another route would be to allow individual's to choose to invest or get taxed. We must recognize that as flawed humans, no person has the capacity to wield large sums of money without potentially doing mass damage to others.
ELIMINATE the Alternative Minimum Tax for under $150K. CREATE new tax brackets, rates & AMT rates: $500K--41%, 25% AMT; $750K--42.5%, 27.5% AMT; $1M--46%, 30% AMT; $2.5M--50%, 35% AMT; $5M--53.5%, 38.5%% AMT; $10M--60%, 45% AMT; $25M--65%, 50% AMT; $50M--75%, 60% AMT; $100M--80%, 65% AMT; $500M--90%, 75% AMT; $1B--95%, 80% AMT; $2.5B--97.5%, 85% AMT; $5B--99%, 90% AMT.
With gas both liquid and gaseous becoming cheaper due to the Presidents compromises and the industriousness and riches in the land of the free, DO NOT tax at the pomp where the litmus pay big taxes to go to low pawing jobs far away from where they live. Take away the tax breaks from the barons who profit from their government subsidies, and promote their and our addiction to the BLACK gold. Tax the high rollers who actually destroy our infrastructure with their monstrous rigs.
Create a detailed spreadsheet of the line items the federal and state budgets, accessible on the web. Let taxpayers indicate what line item they want their taxes to go to. Presently most people are completely alienated from the evil "Tax and spend Government" as they do not see what their tax dollars support. The proposed webpage will help people understand that their money goes to schools and roads. This also helps us who abhor war to make sure that our dollars do not go to killing people.
Allow a citizen to portion 10% of their tax burden to government projects or organizations of their choice. Congress would still be able to set budgets with the other 90%, and account for any critical deficits, but well liked organizations would be able to receive a bonus for doing a good job and achieving the goals of common citizens. This should incentivize orgs to be more transparent with their mission and spending, while engaging common citizens in their mission.
Nationalize the oil industry. Oil is not produced by the labor of men, it is produced by very slow biogeological processes. While the labor of extraction should be compensated, a considerable amount of the value obtained by an oil company is obtained simply by controlling the natural resource. This practice should be put to rest.
"Lotterize" the federal income tax to put some fun into paying your taxes. Say you owe $3000 in taxes. Give people the option of paying the $3000 OR buying the National Tax Lottery Tickets at a slightly higher amount. (Actuaries could figure out the premium. bit rough example: instead of $3000 you owe, you could pay $3500 for 'lottery tickets' and a chance to win up to a $billion payout if enough folks enter.) Details forthcoming on my blog!
Eliminate tax returns and filing by changing the tax laws and enforcing a 10% accross the board tax for everyone, to be collected by the employer. This would include all Corporations income. If a working person is making less than poverty level, no taxes are to be paid. NO tax returns or deductions. No evasive tax laws. Everyone pays the same pure and simple. Corporations that have their bank accounts out of Country are still required to pay the 10%.
The Supreme Court rules now treats Corporations as "people." Go after Tax Evasion if they moved "Virtual" headquarters to other countries AND TAX corporations at the same rates as normal people, perhaps as high income earners,; but maybe as even Low or Middle income earners...since their incomes are distributed so thinly by shares held by many people. It's NOT $Billions that way, it's $Thousands.
President Obama and the Progressive Democrats should agree with the Republicans about the U.S. Government not having enough money in the budget. Then by executive order declare a fiscal emergency and immediately tax everyone making more than $500,000 / yr at a 90% tax rate until the debt is paid off.