The most common talking point in opposition to President Barack Obama’s proposal to allow income taxes for those making more than $250,000 per year to return to pre-2001 levels is disingenuous.
Republican leadership claims that such an increase, and other smaller Obama proposals, would net about $85 billion in the first year, only a week’s worth of government spending. They suggest this amount is trivial.
If the looming concern is the size of the deficit, though, the question is what impact the revenue would have on the deficit. The answer is that it would reduce it by about 10 percent, far more than reductions that would accrue from GOP-proposed Medicare and Medicaid reform.
If it is to begin making inroads on the deficit, the federal government needs to focus both on revenue and spending.
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