Do We Need New Taxes?

In budget summit negotiations, the President and Congress originally had agreed in principle to reduce the federal deficit by $50 billion next year and $500 billion over the next five years.  About half of the first year's reduction was to come from reduced spending and the other half from increased taxes.  Events in the Middle East and an apparent economic recession, however, have caused many to question the wisdom of any tax increase at this time.

For complete publication: bg105.pdf