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The Balanced Budget Amendment
1. If the Federal debt is higher at the end of the calendar year than it was at the beginning of the calendar year, or the United States shall default on its obligations, the budget is not balanced.
2. If the budget is not balanced, Congress shall take a temporary twenty percent pay cut for five years. This money, and all other public money due to members of Congress, plus twenty percent of all other income, from any source, public or private, shall be placed in an interest-bearing account. If the budget is balanced at the end of the fifth year, the money with interest shall be returned to the members of Congress. If the budget is not balanced, the money shall be forfeited to the Treasury, and the cuts and taxes on Congress shall be permanent. For the next five years there shall be a further twenty percent cut under the same rules. This process shall continue until the budget is balanced.
3. The power to tax is exclusively reserved to the people, and no tax or other revenue-enhancing measure shall be created, and no existing tax or other revenue-enhancing measure shall be increased except by a vote of the majority of the people at a regularly scheduled Federal election.
4. The highest rate of the income tax will not be more than twenty times the lowest rate, and if there is any level of income not taxed, or for which the taxes are rebated under any pretext, the lowest rate will be deemed to be zero, and no one will pay income tax.
5. In time of war or grave emergency, the people may suspend the requirement for a balanced budget by majority vote in a Federal election, but no such suspension shall be in effect for more than two years.
The Balanced Budget Amendment
1. If the Federal debt is higher at the end of the calendar year than it was at the beginning of the calendar year, or the United States shall default on its obligations, the budget is not balanced.
2. If the budget is not balanced, Congress shall take a temporary twenty percent pay cut for five years. This money, and all other public money due to members of Congress, plus twenty percent of all other income, from any source, public or private, shall be placed in an interest-bearing account. If the budget is balanced at the end of the fifth year, the money with interest shall be returned to the members of Congress. If the budget is not balanced, the money shall be forfeited to the Treasury, and the cuts and taxes on Congress shall be permanent. For the next five years there shall be a further twenty percent cut under the same rules. This process shall continue until the budget is balanced.
3. The power to tax is exclusively reserved to the people, and no tax or other revenue-enhancing measure shall be created, and no existing tax or other revenue-enhancing measure shall be increased except by a vote of the majority of the people at a regularly scheduled Federal election.
4. The highest rate of the income tax will not be more than twenty times the lowest rate, and if there is any level of income not taxed, or for which the taxes are rebated under any pretext, the lowest rate will be deemed to be zero, and no one will pay income tax.
5. In time of war or grave emergency, the people may suspend the requirement for a balanced budget by majority vote in a Federal election, but no such suspension shall be in effect for more than two years.

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