tl;dr the war on drugs does nothing for us, the war on terror is a huge economic and foreign policy burden, the only taxation fixes split the country in two politically so we have no way out but bitter political turmoil
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The war on drugs was mainly a sort of war to enforce the US's policy of not legitimizing drug use, partly a method to keep the fervor over the crack epidemic and quickly worsening ethnic communities from bringing real social change, and perhaps partly a way to exert some control over the countries that generated the products.
The war on drugs didn't really help anyone, though it made a small industry (prisons) more profitable. I would say it's mainly about pursuing a simplistic political agenda, and less about money or anything else.
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The war on terror is a product of 9/11, a gigantic behemoth of a money-maker for the military industrial complex, and a way to gain influence over the middle east in order to control/influence the nations which have huge oil revenues - the most widely traded commodity in the world.
The war on terror has had a similar effect to Prohibition in that it reduced revenues to the country when it was in a depression. But it actually has been much worse than that: the deficit has increased dramatically in the intervening years, in part due to borrowing to pay for the war on terror, in combination with tax cuts at the same time, which is basically criminally stupid economics. But any tax cut feels good to the people being taxed.
Realistically, the war on terror should be making people way more pissed off than it is, but there's an ace up the sleeve in the vein of fear and patriotism. Both of those, when amped up to hyper-realistic levels, result in immense support by the population. All we would need is a new depression for people to start lynching Muslims - the way the English lynched innocent people living in the UK during WWII just because they were German, or the way we imprisoned civilian asian-americans after Pearl Harbor.
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At this point, the only way to make people happy and tax ourselves back to profitability is to take either the extreme-left or extreme-right options.
Extreme left: Heavily tax the wealthy, close loopholes for corporations to hide their taxable revenue, heavily reduce spending on the miltary and intelligence community, and further economic and foreign policy reforms.
Extreme right: Remove most "entitlement" spending, reduce regulations on companies to allow more exploitation of natural resources, continue to try to influence oil-rich nations in order to eventually control the cost of oil, give tax cuts to corporations and the rich, offload the rest of the tax onto the general population.
The problem with either of these scenarios, though, is in either one there will be a very loud group pissed off at either having less money or having less social services/environmental protection. Until you can find one solution that makes everyone happy, none of this shit will work.