I propose a far simpler way of taxation--and you won't have to pay the tax if you don't want to.
The stock markets trade in excess of twenty trillion dollars annually. A 10% tax on the purchase of stocks--with no tax obligation on the sale--will generate more money than is now received in income taxes. A 15% tax would generate enough of a surplus to seriously pay down the national debt. (After the debt was gone, the tax rate could revert to only what is necessary for the government to function.)
Opponents of this plan might argue that it would discourage investment.