I would also add that the U.S. is not going to get out of its fiscal mess unless future hikes are more regressive than the current tax environment. In other words, people who pay little or no taxes today are going to be expected to pay
something in the future (hence the appeal of a VAT).
How ironic is it that the election of Barack Obama may very well drive the decline of the "47%" -- simply because a lot of those people are going to soon join their "53%" counterparts as taxpaying citizens.
Bret on fox last night was interviewing communist patty murray and she said that any tax deal would have to cover everyone... that all Americans will have to share in the tax burden... to be fair and to meet with marx’s approval... they must cover every working American. They are coming after everyone... wait until the obamaphone creatures find out that they owe obammy... or dey gets da slammy.
LLS