Reducing the deficit

I watched two old guys (experienced and wise old guys) offer what I thought was a pretty good idea. Their committee was formed to try and reduce our massive deficit. I'm sure it's not as simple as it sounds. They presented that we should all pay a 16% or so income tax. No figuring out rules and tax laws, no crazy deductions. Just a straight % for all. Period. And they proposed cutting spending in every part of government. Again I say, sounds good.
The best part was, besides being simple and making sense, they worked on it with some young people. They said they liked working with the young people because other old people said it couldn't be done. The young people didn't think that way going in, they just said, "Let's do this!"

Here is the video.
http://video.foxnews.com/v/4425979/the-men-with-a-plan/?playlist_id=86925

So! Let's do this!