The US simply needs to issue a new electronic currency.
Every transaction can then be monitored, controlled and taxed because big brother will know all when approving and clearing the transactions. Issue each of its citizens and registered businesses an electronic ID serving as a passport/debit card/license/identity/voter registration etc.
These smart cards will have plenty of room to allow states to store data and might as well implant a GPS chip so they can track your every move.
Better yet... Add infrared universal remote and they can track your tv habits and serve you advertisements.
Using an open API, corporations can also piggy back onto this system and load stored value gift cards, security access, vpn keys. Medical records, insurance etc.
I'm sure someone can make an iphone app and this whole federal identity system can reside on your phone.
Give everyone 1 year to redeem their old currency for stored value credit under this new script. Then enact a law declaring it illegal to transact dollars outside of this new system.
To rid our debt and eliminate all tax filings embed a 10% transaction tax system wide. Our government should make surgical implant of this federal identification and tracking system mandatory on all new borns and serve as an e-birth certficate.
The Bionic Dollar.