1) Eliminate the personal income tax code. Replace it with lower tax brackets and allow no deductions except for contributions to a tax deferred retirement account, charity, and the current primary residence capital gains rules and investment property rules.
2) Raise SS tax cap from $108K to $180K. Continue adjusting the cap afterwards using the current formula for the SS wage base.
3) Tax capital gains, dividends, and interest as regular income.
4) Cut Medicare/Medicaid benefits, raise applicable taxes, or a combination thereof.
5) Pass a 5% national sales tax to retire foreign-held U.S. sovereign debt. Americans holding American debt is not the problem. The tax becomes inactive when foreign-held debt is zero and active when it hits 5% of GDP (allows for deficit spending in crises).