Steve Hayward makes the case that we do need to raise taxes -- but not on the rich:
Maybe it will help if I qualify this by saying that I think taxes should be raised sharply on the middle class and the poor, many of whom currently pay almost no federal income tax at all, while cutting the capital gains tax, the corporate income tax, and the highest marginal income tax rates. Feel a little better? I thought not.
But here’s the case: one problem with our current tax policy is that at the moment the American people as a whole are receiving a dollar of government for the price of only 60 cents. (I don’t say a “dollar’s worth of government,” but let’s leave that snark for another time.) Any time you can get a dollar of something at a 40 percent discount, you are going to demand more of it. My theory is simple: if the broad middle class of Americans are made to pay for all of the government they get, they may well start to demand less of it, quickly.
Hayward goes on to flesh out his argument more, so be sure and read the whole thing over at Powerline. It's an interesting argument, even if it's kind of a non-starter in political circles. Still, there's definitely an underclass in the country that are accustomed to getting something for nothing. The irony being that while Democrats have coasted on stoking this soak-the-rich resentment for decades the bill is coming due. We can't possbly raise enough revenue from rich people to begin to address our current debt issues, and it's the middle class and poor that are going to be hurt when things fall apart.