OK, let's say the Federal Deficit will be $2 trillion this year. I think it will be less, but let's keep in simple. The US GDP this year will be something over $25 trillion. We'll just say $25 trillion, again to keep in simple. So, dividing 2 by 25 tells me we can erase the deficit more or less totally by increasing taxes by 8% of GDP.
For perspective, OECD data says in 2021 the US was the 7th lowest of the 38 OECD countries in tax as a % of GDP. Our ratio in 2021 was 26.6%. Raising that by 8% would take us to just a bit over the OECD average in that year, which was 34.1%.
OECD data
So erasing the deficit is a big can-do, if it's as important as people think to do that. Just have to raise taxes some. Progressively now, none of that flat tax nonsense....