Implement a 10 percent flat income tax, cut corporate taxes, and eliminate other taxes.

The Obama administration should a propose a 10 percent flat income tax, a corporate tax cut to 25 percent, the elimination of the capital gains tax, estate tax and alternative minimum tax. The administration should make up for the tax cuts by significantly cutting spending and adding a consumption tax. If these tax cuts get implemented than people will spend a lot more money, businesses will make a lot more money and they will pay more tax dollars and hire more employees which will cause the revenue to increase. These tax cuts would make up for itself over the long term by improving businesses and creating jobs.