Barack Obama has promised that he will not extend the Bush Tax Cuts again, saying that any deal to raise the country’s debt ceiling would include revenue increases. Republicans insist that any deal will be restricted to spending cuts and entitlement reforms. A showdown appears inevitable.
Let’s make sure Obama keeps his promise. In order to do this, however, we need to do more than remind Obama of his promise, we also need to make sure Republicans feel lots of pressure. Destroying Medicare and cutting funding for education alone is not going to balance our budget. We currently have the lowest real rate of taxation as a percentage of GDP in 60 years. Republicans continue to assert that lower taxes will create more jobs, but it obviously hasn’t worked out that way. We need to balance our budget, and raising taxes a modest amount — especially on those people whose incomes have soared and who can most afford it — is a necessary and reasonable step.