Why Lower Tax Rates Are Good for Everyone

President Obama on Wednesday announced that any budget deal must include $1.6 trillion from higher taxes. "When it comes to the top 2%," he said, "what I'm not going to do is to extend further a tax cut for folks who don't need it." He argued that we are never going to get anywhere near balancing the budget without more revenue from people earning above $250,000 a year.

He's probably right about that, though not in the way he intends. The country needs an economy that will create more of the "millionaires and billionaires" that Mr. Obama loves to excoriate, not more taxes from those who already exist.

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