Whatever you tax, you penalize.
Cigarettes, wealth, renovations, Whites.
So here you are looking at heading into third world status.
What do we do about the debt?
End the socialist programs that take up 3/4 of our budget.
*laughs uproariously*
Then let's defund both the military and the police, to start with. Furthermore, let's reform our judicial system, so our prisons won't be so packed. Furthermore, legalize squatting on land that is not currently in use for any economically gainful purpose, so we won't have to pay for their housing elsewhere.
However, I will not condone putting the cost of paying off the debt on those that are already struggling. If you tax the workers, you penalize work.