Rather than increasing taxes on the rich, we need to end all loopholes....Preferably via a flat tax system with a minimum floor of ~$30,000 USD.
The US has both a revenue problem (as our taxes as a % of GDP is very low right now in terms of historical averages), and a spending problem. However, spending is far more out of whack than revenue is. Revenue is down approximately 3% from average (about 15% vs. the average of 18%). But spending is about 6% above average.
Here is the chart:
Of the two, which one do you think is causing more of the issue - revenue, or spending? The issue with raising taxes is that our code hasn't changed in the past few years, yet revenues have slumped. So to argue that the only reason we're having a revenue problem starts and ends with Bush is mis-placing the argument in the right context, I believe. Again, we need to kill loopholes and ensure everyone pays what is required of them, but to simply raise them as the answer is not going to solve the problem, as spending is far more the greater issue. For every dollar we raise in taxes, we need to cut at least $2 or even $3 from the federal budget.
Back from the dead, I'm afraid.
