This article appeared in yesterday's Wall Street Journal. Here's a quote that sums up the author's thesis, along with a very interesting chart:
"Six decades of history have established one far-reaching fact that needs to be built into fiscal calculations: Increases in federal tax rates, particularly if targeted at the higher brackets, produce no additional revenue. For politicians this is truly an inconvenient truth."
The chart shows that regardless of how tax rates change, Federal tax revenues over the past sixty years have hovered around 20% of GDP. This relates to the blog post I made a few weeks ago discussing the income side of national deficits. In that post, I promised that I would make future posts discussing the expense side of deficits. I will follow through on that later this week - I promise.