You didn't answer the question.
You're question depends on the assumption that we actually need equal compensation for every dollar we are currently collecting.
When is the last time we had a major tax cut that wasn't immediately followed by a significant increase in the deficit?
There hasn't been one. Which means one of two things. Either our government is hyper efficient, not wasteful in anyway and are taxing exaclty and only what they need.....or not.
To answer your original question though I would be in favor of eliminating income tax and replacing it with a national sales tax.