New taxes won’t be applied to any of the debt or deficit. New taxes will be used to justify even more spending. The politicians will be lining up and figuring up all kinds of ways to spend any new revenues.
I understand that fear, and until Obama took office, that was correct. Even Clinton and Carter hesitated GREATLY about spending like drunks...but this president, and his party, now, COULD CARE LESS about the size of the deficit - it simply is not hurting them, as most Americans cannot even comprehend what’s going on.
So, I think spending and revenue are totally decoupled at this point. If the Dems want to spend more, they will, regardless of whether there exists a means to fund it. So, given that - higher revenues really only mean one thing, less debt.
Now one can argue that higher taxes will slow the economy and not increase revenue, but I don’t buy it, providing that the tax is regressive enough - as taxes on the poor simply force them to stop buy cigarettes and Nike’s, and instead pay that in taxes. Increasing taxes on “the rich” has just the opposite effect, as the rich have ways to avoid the taxes.