I don’t believe in raising other taxes to compensate. The government needs to survive on less money.
One- merge all welfare into a single program, not 80+
Have one bureaucracy that hands out a cash sum, same in all states (states can add to it if they want) but the people have to show up in person once a month to get it. It would be about the same/ a bit more than all the welfare they already get but in cash. It would be enough where we could even use it for the unemployed instead of having a separate program.
Bureaucracy swallows more than half the welfare budget, so doing this would save mega billions without even reducing the actual benefits.
I strongly favor ending the corporate income tax. I believe that would make it much more likely that accurate economics comes into play as to evaluating investments and the payoff from investment.
The current tax structure gives a major tax break to individuals for capital gains income exactly because that income has already been taxed once via the corporate tax. It makes sense that if the corporate tax goes away, the CG structure should also, again, to yield the best market valuation of investments.