Use the tax deductions system to spur economic groth, and this is not just another tax cut idea.
I would like to share an idea I had to one, help resort the government budget, and two, to increase economic activity. I have entitled my idea The Non-Profit Employment Incentive: It is outlined in brief below.
The basic concept is for profit businesses large to small, to help employ people who they may lay off, or those who need a job through non-profits. The system would work just like the donation program for tax deductions and so on, only these donations would go specifically to employ people at non-profits. So if company A donates $1 million to a non-profit to hire 20 people for a year, then they would get a tax deduction, and/or reduce liability, and so on.
The two major benefits to this program would be increased employment and economic stability, and increases tax revenue without having to raise taxes. When someone is employed that salary is spent 5 to 7 times in the economy, which also means that tax revenue would be 5 to 7 greater for that money. This should spur economic growth, and make downturns less painful in the future.