I don't think it would work too well in the US. So let's say the government was just a little mustachian and saved and invested a mere 10% of revenue. It wouldn't take too awfully long before the US was the major stockholder of all the businesses. That would be disastrous.
It would be much better if taxes were reduced by 10% across the board and then not allowed to increase for several years. You can only manipulate the US budget slightly without a huge impact on lots of people. Even cutting the military budget to near zero, which I am in favor of, could be bad news unless the money was directed to things like energy efficiency upgrades.
Oh wait that is a great idea --- instead of pissing away money killing people in far off lands, how about investing all that money in clean renewable energy. $4,000 per year, per household could buy a lot of solar panels, insulation, heat pumps and LED bulbs. Nah, that would never fly.