Friday, July 08, 2011

Ten easy ways to balance the budget:

1) Make all earned income, not just the first $106,800, subject to the 6.2% Social Security tax on employees and match that by 6.2% of all earned income from employers.
2) Get rid of Bush tax cuts.
3) Get rid of mortgage tax deduction on everything but the primary residence.
4) Means test the mortgage interest tax deduction, the property tax deduction and Social Security income.
6) Change tax laws to eliminate loop-holes such as hedge fund manager allowing income to be taxed as investment income.
5) Means test co-pays for Medicare for high income individuals on a sliding scale.
7) Eliminate tax breaks for oil and gas industries
8) Eliminate ethanol subsidies
9) Eliminate ability to write off depreciation on corporate luxury items such as yachts and corporate jets.
10) Tax investment income the same as earned income.