Deficit reduction

There is always much discussion on how to balance the budget and here are four options for raising revenue. 1. Eliminate itemized deductions and apply standard deduction to everyone. Currently 90% use the standard deduction. This would bring in $340 billion. 2. Impose a new payroll tax of 2%. This would bring in $250 billion. Current tax is 6.2% 3. Five percent value added tax. Brings in $300 billion per year. 4. Impose a 2% surtax on all adjusted gross income above $100,000. Brings in $340 billion Three ways to reduce mandatory spending. 1. Establish a uniform SS benefit at 150% of poverty level (about $2,000 per month). This saves $283 billion. 2. Cap Medicaid spending at present level and save $459 billion 3. Adjustments to Medicare Advantage plans and save $110 billion These all total $2.1 trillion which would offset this years $1.7 trillion deficit. The problem is that these savings would not be applied to the deficit but used for new programs. Just like Trump is considering the tariff money to refund $2,000 to lower income people instead of applying it to the deficit. There are no votes to be gained from lowering the deficit.