Massive deficits & ballooning public-sector debt in the USA is NOT about too few people paying too few taxes or the rich not paying their “fair” share.
It is about waste, corruption, populism & rent seeking that leads to too much public-sector SPENDING.
As for allowing the Bush-era tax cuts expire, expect the following:
“Capital gains and dividend tax rates will climb to 20% & 39.6%, respectively, from 15%, & the top two income tax rates will climb to 38% & 41% (including deduction phaseouts), from 33% & 35%. The typical family with an income between $40,000 & $75,000 a year will pay as much as $2,000 more in 2011, as the 10% tax rate bracket & the $1,000 per child tax credit vanish. “
”No legal plunder: This is the principle of justice, peace, order, stability, harmony, and logic.”
~Frederic Bastiat~ (The Law, 1850)