"Let’s just disengage ourselves from the myth that Ronald Reagan never raised taxes. He did. And here are four big ones. So I hope this will clear the air for some of the groups today. In 1982, the Tax Equity and Fiscal Responsibility Act, that rolled back about a third of his 81 tax cuts, raised corporate tax rates, and to a lesser extent income tax rates. Raised taxes by almost one percent of GDP, which at that time was the largest percentage in peacetime increase ever. 1982 gas tax increase, 1983 Greenspan commission raised payroll taxes…Then there was the 1984 deficit reduction tax…Then there was the Railroad Retirement Revenue Act, Consolidated Omnibus Budget of 85…So there were a lot of them. Just thought I’d throw that in," - Alan Simpson, reality-based conservative.
If you want to cut the debt, you will have to raise taxes. Letting all the Bush tax cuts expire is a start. Ending an unsustainable tax cut is not a tax hike. It is simply financing the government through taxation rather than borrowing from the Chinese.
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