To the Editor:
The single most effective remedy for our deficit problem would be a tax that tracks the national debt. It would be levied as a surtax on all income. The revenue from this “debt tax” would be dedicated solely to paying interest and principal on the national debt. Those interest payments are fast approaching a whopping $500 billion per year.
This surtax would gradually reduce itself to zero as the debt was paid off, or increase as the debt rose. Such a tax — especially if itemized on pay stubs — would be a constant irritant to taxpayers and politicians alike, providing an effective means of inhibiting future deficits.
Rochester, N.H., Aug. 7, 2011