Aecetia wrote:Raising tax

[Ash Housewares]

[quote=Aecetia]Raising tax rates lowers tax revenue. The government is going to end up imploding if they continue down this path…Time to get your head out of the sand.[/quote]

Or not. All evidence points to the US being well onto the left side of the laffer curve, where cuts in tax rates decrease revenue. Even the early 1980s (much higher) tax rates were on the left side of the curve, as the Reagan tax cuts decreased revenue.

The Congressional Budget Office estimated that extending the Bush tax cuts of 2001-2003 beyond 2010 would increase deficits by $1.8 trillion over the following decade:
http://www.cbo.gov/ftpdocs/78xx/doc7878/03-21-PresidentsBudget.pdf

Nice unbiased reporting by the WSJ, giving credit to Bush for the cuts, but calling their expiration Obama’s tax increase.