Its easy.
Balance the budget. Reduce defense spending. Increase medicare age slowly. Increase safety nets (free insurance for kids, free childcare, free school meals, etc)
Increase taxes for the wealthy. Reduce or stable taxes for middle class. Little taxes for poor.
There are enough loop holes where the rich dont pay nearly enough taxes and the middle class pay too much. Bad for society and bad for the economy.
What is rich? Pick an income level and asset level. 1 million, 10 million, 100million..
10 million (13-14 million) is the top 1% now.
1. As for your ideology on taxes. You are halfway there. If you look at other progressive societies like Denmark with free (or close to free) social services like higher than after high school or healthcare Everyone including the poor pay more in taxes as a portion of their income compare to the USA
Even for adjusting for USA social security taxes the poor pay in the USA. The danish poor still pay more in taxes. It’s a shared responsibility. And of course the wealthy in the Denmark pay more in national federal Denmark taxes than the wealthy in the USA.
Im just using Denmark as an extreme example how everyone pays for socials services.
I would propose raising capital gains taxes again in the USA Becuase that’s where many of the wealthy in the USA make their money. But I’m not sure that’s the answer. While the Northern European countries capital gains rates are as high as 42% in Denmark. Many European countries have 0% long term capitals gains like
“
A number of European countries do not levy capital gains taxes on the sale of long-held shares. These include
Belgium, the
Czech Republic,
Luxembourg,
Slovakia,
Slovenia,
Switzerland, and
Turkey. Of the countries that do levy a capital gains tax,
Greece and
Hungary have the lowest rates, at 15 percent.
On average, the European countries covered tax capital gains arising from the sale of listed shares at 19.55 percent.”
In many countries, investment income, such as dividends and capital gains, is taxed at a different rate than wage income. Denmark levies the highest top capital gains tax of all countries covered, at a rate of 42 percent. Norway levies the second-highest top capital gains tax at 37.8 percent...
taxfoundation.org
The answer for raising tax revenue to support social services is so complicated to try to accomplish that in the USA as our population is 5-6x the size as most European countries. There is no easy solution.