As I explained, the reason Democrats are looking more to the wealthy for tax increases is that it will have less impact on the economy.
As I've also explained, I think government spending can and should be cut, particularly in defense and through entitlement reform. I would also do away with agricultural and oil subsidies.
But even then, our revenue is insufficient to maintain a reasonable deficit.
Half of Americans pay no federal income tax - Business - Personal finance - Tax Tactics - msnbc.com
now I am waiting for an answer to my first question, why did Democrats renege on their promise to cut $3 in spending for every $1 in tax increases by GHW Bush?
It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
"Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911