Felix Salmon provides important context for Bush tax cut debate:

  • Federal taxes are the lowest in 60 years, which gives you a pretty good idea of why America‚Äôs long-term debt ratios are a big problem. If the taxes reverted to somewhere near their historical mean, the problem would be solved at a stroke.
  • Income taxes, in particular, both personal and corporate, are low and falling. That trend is not sustainable.
  • Employment taxes, by contrastthe regressive bit of the fiscal structureare bearing a large and increasing share of the brunt.

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