I want a new tax controlled by the Fed. It could even be several taxes: like a small property mill levy, a 0 to 5% progressive income tax, a 0 to 5% capital gains tax and a 0 to 1% sales tax. When the economy heats up, instead of raising rates and making our deficit worse by paying more interest on the debt, which I'm very tired of, the Fed temporarily raises taxes a little. And it doesn't give my former party an excuse to raise taxes, increase spending and then never cut taxes. When the economy cools off, instead of it being an excuse for my fellow Republicans to cut taxes but not spending and then never raise taxes, the Fed cuts them temporarily.
Each of these taxes shouldn't give Greenspan too much room, but enough to help the economy.