Uh, I did clearly say I don't like the specifics.......and that's part of what I don't like.
I prefer something like this:
eliminate the SSN and other "special" taxes, and just have income taxes....no more FICA and SSN and whatever the hell else. You can still say a percent of taxes have to go to a stupid trust fund if you want....
Eliminate all deductions (not counting losses on investments, this part can be tricky.....) except number of people in your immediate family. I'd be OK with some kind of upper limit, but I don't need one.
Tiered taxes:
1-2% on the first 50K of net income (to cover SSN and other stuff)
x% on the next 50K
x% on the next 100K
25% on anything over 200K
I don't know the exact percentages. This applies to any kind of income, investment or salary or whatever. I think this is at worst revenue neutral, but probably raises more money. I'm ok with that. I also think inheritance is income, and should be taxed. Heck, the people getting the money likely did NOTHING to earn it.....
On the spending side, change farm subsidies to be income subsidies for farmers that actually farm.....eliminate federal subsidies to any company that makes more than $10MM in revenue in a year (like McDonalds and oil companies). I am all for a more free market when it comes to not picking which companies we help succeed.
Actually, and this is radical.......
I'd create an account for every person in the US. I'd cut all Medicaid/Medicare, etc (have to be phased in). Every person gets some thousands a year into their account, which can only be spent on healthcare and education. That money is invested in the market. Once you are past 18, you can change the investments. I think I did the math some 30 years ago, and this is pretty easy to pay for if you cut most individual and corporate subsidies.....