Almost. Institute a flat tax of 5% on individuals and 7.5% on businesses/corporations. That would be much closer to what the framers of the Constitution envisioned. Allow education and welfare to be handled by churches, charitable organizations and private industry. Tariffs on incoming products would be implemented to produce the remaining funds that would be funneled to a dramatically downsized federal government; it would concentrate on the purpose it was largely designed for, specifically, organizing and providing a military. It would be out of the business of education, health care, social security and other manner of social engineering experiments.
Of course all of this would result in Americans having to accept greater (gasp!) p-p-p-personal responsibility for themselves.