Can someone give me the Austrian economic theory (if there is one) on how to eliminate national debt?

I’m aware that, IF people don’t leave the country because of it, the United States could theoretically balance its budget by raising income taxes on the top 1% up to 50%. However, economics theory would suggest that some portion of the rich would rather emmigrate than pay half in taxes. Those of you who have studied this: what is/are your recommended alternative solution(s)?

EDIT: Some people have asked where I got this number from. I’m going to copy-paste a comment up here to save yall’s time. I presume you are aware that to balance the budget, we would either need to spend about 30% less, or tax about 40% more. Some of you have already made reference to this fact.

If anyone has comments/criticisms of my math, I want to read them:

“The top 1 percent earned 26.3 percent of total AGI and paid 45.8 percent of all federal income taxes” according to the Tax Foundation: https://taxfoundation.org/data/all/federal/latest-federal-income-tax-data-2024/

Now, we can look at the percentage of their income they pay: https://smartasset.com/data-studies/taxes-top-1-percent-2024 which has a range between 21.4 and 27.7. This data table includes state taxes.

In order to increase government revenue by 40% by taking the 1%, we would have to increase the proportion of taxes paid by a factor which, multiplied by the aforementioned contribution percentage, increases it by 40. We can calculate this by dividing the desired product by the initial figure.

That is, 85.8 ÷ 45.8 ≈ 1.874

This next part is just multiplying this product by the current tax rate, to figure out what the new tax rate would be. It varies by state, so the actual number could be lower, but I’m now going to multiply by 26%.

This yields 48.7074235804. Earlier, I randomly used 26.21, which yielded 49.1.

So actually, it is a bit lower than 50%, but again, since tax fleeing is to be anticipated, rounding up is sensible here.