It would be better if the income tax was zero and we had a higher tax on consumption (allow a base deduction for poor people if you want) since what you tax you get less of, and we don't want less investment in human capital or physical capital, but less consumption is okay (though obviously still undesirable).
As for the rest, just cut all subsidies to companies and farms, as a start. Then cut the military down to what is needed to defend the US, not to waste money running an empire.
Our food import rate would climb due to the strength of the dollar. Which is fine for the short term. If bad things happen in 20 years and we can't even grow enough good to feed the country? That seems pretty bad.
As for the rest, just cut all subsidies to companies and farms, as a start. Then cut the military down to what is needed to defend the US, not to waste money running an empire.