Current government budgeting only deals with spending. Tax policy in recent years has mostly focused on cutting marginal tax rates with the promise of fostering economic growth and providing sufficient revenues for the operation of the government. I am proposing that we also budget revenues. This would permit the government to set the deficit or surplus for any year. At the end of the fiscal year if the budgeted revenues are not collected a graduated income tax is imposed on the top 40% of income earners and all corporations. This tax will have adjustable marginal tax rates to make up the deficit. If the budget is in surplus, the surplus could be rebated to taxpayers, used to pay down the debt or support additional spending.
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