I propose a tax lottery. This could help pay down the the deficit, add revenue to the treasury and make one tax payer a year tax exempt for life.
Add a box in the 1040 tax forms where you indicate you want $3 to go to the presidential election campaign fund. In the added box, if you check yes, you wish $5 of your tax refund or add $5 to your bill at a chance to win tax free status. (For individuals and married filing jointly only)
There could be a tiered systems of prizes like 1 winner per year gets lifetime tax exemption and 2 winners get 10 years exempt and so on.
According to 2008 numbers, there are 216,885,357 tax payers in the U.S. If all checked the I want a chance to go tax free box, that could bring in around a Trillion Dollars a year. Could balance the budget pretty quick.