Tax Hike Would Accomplish Nothing

Reason reports:

Moreover, if the $80 billion yearly "cost" (that is, if tax receipts don't drop after a tax hike) is such a drag on the economy, why doesn't the president match it with $80 billion in spending cuts? If the Bush tax cuts "cost" us so much, what is one to make of the president's proposed budget, which would add $6.4 trillion in deficits between 2013 and 2022, according to the nonpartisan Congressional Budget Office?

Great moments of socialism.