It is imperative that we raise revenue in addition to cutting waste in existing federal programs. The following three actions would wipe out our debt over a period of only a few years without having to cut Social Security, Medicare or Medicaid programs:
1. Raise federal income tax rates on those earning $500,000 or more per year.
2. Levy a small tax on every stock market transaction.
3. Deduct Social Security payments from everyone's payroll for the entire year with no maximum limit on how much would be deducted during the year.
If we're not willing to take those steps, I have to assume we're not interested in solving the federal debt crisis.
Andrew Mills, Lower Gwynedd, Pa.Copyright © 2014, The Baltimore Sun