The house of representatives in Washington DC should be split into three houses. One house would represent the top 25%, the second house would represent the middle 50% and third house would represent the bottom 25% (in terms of income). All the houses would be required to approve any legislation.
The top 25% of the wealthy should be responsible for paying down the 16 trillion dollar debt in ten years with an income tax. As their net worth is 40 trillion, this should be a relatively small task. The justification is that since the opulent have 85% of the wealth, they should also own 85% of the debt.
The middle 50 percent should only pay social security taxes plus a ten percent sales tax. The top 25% and bottom 25% also pay these taxes, but the middle income would with their normal spending habits, pay the majority of these taxes. The middle 50% should have no income taxes.
The bottom 25% pay little in the way of taxes, but should be required to live within a budgeted 7% of the national income, redistributed to them.
The ten percent sales tax should pay for the military, government and poor. Once the wealthy have paid off the national debt in ten years, their income taxes would contribute to payment of these expenses.
No, this budget wouldn’t balance for ten years, as there isn’t sufficient revenue as long as the income taxes of the wealthy are used to pay down the national debt. I assume that government being what they are, would have to borrow.