Smith proposes a revolutionary new method of taxation that replaces the income tax with a Financial Settlements Tax (FST). Smith defines a financial settlement as "any time money changes hands." Because the number of financial settlements occurring on a daily basis is so large, the FST would completely eliminate the deficit at the remarkable rate of one tenth of one percent. For a financial settlement of $1,000, only $1 would be removed.
Along with the FST, Smith proposes an update to the U.S. banking system that he calls Banking 2.0, in which all private banks would become storefronts for the Federal Reserve. Banking 2.0 would completely eliminate interest on mortgages, among other benefits, slashing the cost of buying a home nearly in half.
Finally, Smith proposes a method of repaying the national debt called Coupon Stripping. By replacing interest-bearing Treasury bonds with non-interest bearing currency, the U.S. would be able to eliminate its debt within five years.
To learn about these solutions and more, read Smith's book A Nobody for Everybody in 2016: My Platform for the Presidency. The book is written for the common reader and lays out Smith's revolutionary economic updates in simple, easy-to-read terms.