Originally Posted by Mr.Meanie
There's only so much you can do with taxes, and considering our tax rates are at historic lows that argument isn't as powerful as it might have been in the 50's or even in the 80's.
There has to be an intelligent balance between the tax rates and the overall revenue, otherwise you run budget deficits like we have for the past decade.
The U.S. Corporate tax rate is the highest in the world. And like I stated earlier, if you increase the tax rate on people making over $250,000 per year, you only trim 5% off the deficit.
Current levels of federal spending are at a historic high (24% of GDP). Reducing federal spending to the 30-year average (~18%), would reduce the deficit to almost ZERO.