Not Just the Size of the Debt | Michael D. Tanner | Cato Institute: Commentary

Not Just the Size of the Debt | Michael D. Tanner | Cato Institute: Commentary: "In 2008, the Congressional Budget Office reported that in order to simply pay for spending that was locked in at that time, we would have to raise both the corporate tax rate and the top individual tax rate from their current level of 35 percent to 88 percent, raise the 25 percent tax rate for middle-income workers to 63 percent, and raise the 10 percent rate for low-income Americans to 25 percent. That was before Obamacare and the post-2008 spending binge."

Taxing the rich won't fix the problem.