Proposed 27th Amendment:
The United States shall restrict tax revenue to a maximum of 15% of all personal income and business profits. Taxes shall be applied equally across all taxpayers. United States government spending for any given year shall not exceed 15% of the previous year's total reported personal income and business profits. If at any point in the year, spending exceeds this limit, payments to all United States government employees shall cease starting with the highest paid personnel until the spending is returned below the limit.
This amendment will essentially enact a flat tax of a maximum of 15% on everyone and every business. Equal application of taxes will remove all exemptions and deductions. Capping goverment spending at 15% maximum with the consequence of the people failing to maintain this cap losing their paychecks will hopefully provide incentive to those making the spending decisions to stay within budget. Basing the cap on the previous year's income will allow for "deficit" spending to support stimulus efforts for up to one year, after which the budget must be trimmed to reflect the new economic conditions.
A flat tax regardless of type (income, capital gains, sale of real estate, profits from business) will ensure no special interest groups will be courted by politicians.