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A simplistic approach would be  to  consider a tax system in which, a person who earns $64,000.00 does not pay any federal income tax. For persons earning  up to $250,000.00, double their standard deductions. No other deductions to be allowed.  A percentage of sales tax  on non essential items goes to fund the national deficit.  Below are some facts that should guide us from making irresponsible statements. Bills have to be paid, especially the cost of the three major wars in the last two decades. In short, I am a strong proponent for a  simplified taxation and a balanced budget. 
NO ONE TOUCHES SOCIAL SECURITY AND MEDICARE, if you have paid in cash you should get back in cash.

 http://www.cbo.gov/publication/21938 Federal Revenues:

 Trends and Projections Over the past 40 years, federal revenues have ranged from nearly 21 percent of gross domestic product (GDP) in fiscal year 2000 to less than 15 percent in fiscal years 2009 and 2010, averaging 18 percent of GDP over that span. Most of the revenues--about 82 percent in 2010--come from the individual income tax and the payroll taxes used to finance Social Security, Medicare, and the federal unemployment insurance program. Other sources of revenues include corporate income taxes, excise taxes, estate and gift taxes--all together about 13 percent of revenues in 2010--and nontax revenues such as earnings of the Federal Reserve System, customs duties, fines, and various fees. Variation in individual income tax receipts, stemming from both policy changes and economic developments, has generated the largest fluctuations in revenues as a percentage of GDP. Under current law, revenues will rise significantly from their recent low relative to GDP as the economy recovers from the recession and the tax reductions enacted in 2001, 2003, and 2009 expire. The Congressional Budget Office (CBO) projects that under current law, federal revenues will reach 21 percent of GDP in fiscal year 2020, just above their peak share of 10 years ago.

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