Obama Is Wrong About the Need to Raise Taxes – Reason.com

According to the New York Times, Washington D.C. doesn’t have enough revenue.

The problem isn’t taxes, it’s spending (and the dollar, which hardly anyone talks about). The Times editorial disputes this, contending, “Contrary to Mr. Boehner’s ‘spending problem’ claim, much of the deficit in the next 10 years can be chalked up to chronic revenue shortfalls from the Bush-era tax cuts… a deficit caused partly by inadequate revenue must be corrected in part by new taxes.” Yet that’s nonsense. Washington is awash in revenue. President Obama’s own Office of Management and Budget reports that tax revenue in 2011 was $2.3 trillion. That’s about $275 billion more than the $2.025 trillion that arrived in 2000, before President George W. Bush was even inaugurated.

via Obama Is Wrong About the Need to Raise Taxes – Reason.com.

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