Your call is met and raised.



First of all, I am not sure we *could* collect enough taxes to meet our current spending levels without breaking our economy.

Second, what indication exists that either party would not simply spend more if they felt more money was available? You seem to be assuming that additional taxes collected would go towards reducing our deficits but I see no evidence of this.

Third, when Bernanke is bailing out connected folks to the new tune of 40B per month and printing money like it was going out of style so the beneficiaries of the bailouts and super low interest rates can turn around and do things like speculate on the commodities markets making more bubbles and driving real inflation up even higher - how on earth does it make sense to squeeze your average taxpayer for even more? (hint printing money - devaluing the dollar is widely considered a tax. so taxes have already been raised quite a bit in real terms.)

The most significant contributor to our current predicament is not the tax/spend calculus. It lies in irresponsible monetary policy. The deficit somewhat contributes, but indirectly at this point. The Fed is culprit #1. Namely, their actions are making it impossible to grow out of our deficit.

Raising taxes willy-nilly at this point, without first addressing the warfare state, the Federal Reserve system and bringing sanity back to our money markets, and addressing entitlement reform (via means testing) is like trying to put out an electrical fire with water - without first shutting off the electricity.

At some point we may in fact need to raise taxes to some degree, though I anticipate most of this to be via raised fees/means testing for affluent people on social entitlements. But raising taxes above and beyond what Bernanke is doing is insanity, without first addressing the real systemic issues.

Last edited by Derid; 09/14/12 09:03 AM.
For who could be free when every other man's humour might domineer over him? - John Locke (2nd Treatise, sect 57)