CBO projections don’t show much change in the annual deficit over the next decade. So even if the additional income taxes amounted to the $829 billion figure, the extra revenue would not eliminate the annual deficit, and it would do nothing to pay down the accumulated national debt of $16 trillion.
http://www.freerepublic.com/focus/f-news/2963733/posts
That was the backdrop of my “nitwit” judgment. No matter how much they take, and from whom they take it, there will never be enough to pay for the “benefits” our government is currently promising. As Mark Steyn says, there’s not enough money in the whole world to pay the U.S.’s bills.
In my opinion, there is no reasonable outcome other than a complete crash. The author’s closing line about matching higher taxes with spending reform is just the same old dream sequence. It will never happen. If the political will to reform spending existed, the reform would happen without any increases in tax rates ... and then revenues would increase, anyway, as the economy crawled out from under a rock and began laying eggs (so to speak).