Fiscal Cliff: Where Are Your Spending Cuts, Mr. President?

"Washington has a spending problem, not a tax revenue problem. Spending is well above its historical average level and is projected to remain high over the next decade. It gets worse thereafter, as entitlement programs and net interest costs send total spending soaring to 43 percent of the economy, up from 23 percent today. Meanwhile, tax revenues are projected to return to their historical level as the economy recovers and more Americans return to work."     [The Foundry]

Taxing the Wealthy to Balance the Budget Will Not Work

Some argue for taxing the wealthy to reduce federal deficits. However, hiking taxes on taxpayers in the two highest brackets would increase their tax rates to mathematically impossible levels. To close the 2035 deficit, the top two tax rates would increase to 159 percent and 166 percent, and in 2050 they would reach 236 percent and 246 percent.