It is time to stop Republican attempts to win through blackmail, what they cannot win through ordinary politics. The recession was not caused by high taxes. Business decline was not caused by high taxes. Evidence is clear that the US can thrive with much higher tax rates than we have today. We did so in the 1950’s and in the 1990’s tax increase during Clinton’s term did nothing to hurt the economy. The Republicans are using the current economic crisis as an excuse to lower any government spending, even spending from Social Security that is already funded. The deficit came from a foolish tax cut and 2 wars that were unfunded. During most previous wars the government made some attempt to pay for the wars by raising taxes along with the massive borrowing that was necessary. The Bush effort to cut taxes was ill-advised when it was proposed and it is unconscionable to keep in effect today.
There is so much wrong with the US tax code. The current code is loaded with goodies for the wealthy. Income is income, yet capital gains are taxes at a lower rate than hourly wages. We need to fix that but fixing that will take time and a will that we don’t seem to have. US needs to bring down debt, but neither party acknowledges that everyone probably needs a tax increase, not just the wealthy, but in the current environment there is not excuse not to start at the top.