Foolhardy Tax Hikes | Alan Reynolds | Cato Institute: Commentary

Foolhardy Tax Hikes | Alan Reynolds | Cato Institute: Commentary: "As puny as it is, the official $34 billion estimate of the revenue from Obama's crusade against high incomes is wildly optimistic. To begin with, it fails to take into account how taxpayers would react. To make matters much worse, if there are any adverse effects on the economy at all, the net effect would be to reduce, rather than increase, federal, state, and local tax receipts in 2011. Are these risks worth taking in the foolhardy hope of paying for nine days' worth of deficit?"