Under the Obama tax plan, the Bush rates would be repealed for the top brackets. Yet the "cost" of extending all the Bush rates in 2011 over 10 years was about $3.7 trillion. Some $3 trillion of that was for everything but the top brackets—and Mr. Obama says he wants to extend those rates forever. According to Internal Revenue Service data, the entire taxable income of everyone earning over $100,000 in 2008 was about $1.582 trillion. Even if all these Americans—most of whom are far from wealthy—were taxed at 100%, it wouldn't cover Mr. Obama's deficit for this year.
More at the Wall Street Journal
This should put the lie to the liberal canard that the Bush tax cuts "for the rich" birthed the deficit. Like spilled milk liberals such as Nicholas Kristof are lapping up Obama's call to higher taxes, and I'm embarrassed for them.
That's a broad hint that one sensible way to overcome our difficulties would be to revert to tax rates more or less as they were under President Clinton. That single step would solve three-quarters of the deficit for the next five years or so.....
Yet even so, the Republican plan shows continuing budget deficits until the 2030s. In short, we can't plausibly slash our way back to solid fiscal ground. We need more revenue.
More at the New York Times
One fantastic way to not make that happen is to hike taxes in an economy like the one we currently have. Kristof makes a laughably feeble attempt to debunk this by using faulty cause/effect logic comparing the Clinton hike to the Bush cut (which is actually a different can of worms altogether), but you can't defy common sense that down or recovering economies don't bounce back with hiked taxation.
Furthermore, the annual "cost" of the tax cuts is, if you believe the Wall Street Journal, about $370 billion. Even if you wanted to accept the tax cuts contributed nothing to economic growth, and only added debt, lil' Nicky Kristof still has to come to grips with the fact that number is not anywhere near "three-quarters of the deficit problem" (I'm assuming he goes Nicky, because there's no silent "h" to trip him up like counting does, his editors are jazzing him up).
In honor of this downward spiral in what should be a nation saving discussion, here's a few ways we could "raise revenue" that make more sense:
Sell Biden's head to science. Don't donate it...think of what the medical community would pay to find out how a human being can operate with a head that contains no brain.
Double or nothing have Obama challenge everyone in China to a bow-a-thon
Have the government put up Boehner's tears on eBay as "Crybaby eyedrops that melt Democrats"
Develop a 21st century Manhattan Project that consists of an iPhone app that promises the secret to America's destruction that (unbeknownst to the buyer) crashes on startup, set the price at $14 trillion.
Defund ObamaCare, but reinsert and enforce the botox
tax fee. Also, leave in the tanning tax fee, if Snooki gets $30K speaking to students more educated than she is, then she can afford it.
We could apply --> Biden's solution to the war on poverty <-- to the debt
Auction all the booze Ted Kennedy left behind. (I'm not speaking ill of the dead, just the booze...if he didn't drink it then how bad was it? Even then imagine the money we'd rake in)
Sell Government Motors to a third world country that really needs scrap metal
Capitalize on the growing level of unhappiness with Obama by
taxing putting a fee on it.
Or we could raise taxes, scratch our heads when the public adjusts their economic activity to "pay" for them, and then go with the next brilliant liberal idea of instantly closing a 14 trillion dollar gap by taxing everyone at 1000%.