Here is a reading on the psychology of higher national taxes at this particular moment.
The American people know, and have made clear they know, that the great issue is spending. If we raise taxes now to cut the deficit, it will depress the entire country, because the American people will interpret it to mean that the government will never control spending, it will only try to tax our way out of debt. This will depress everyone for a number of reasons, including the fact that they know in the long-term higher taxes will make our economy worse by making us less vibrant, less competitive, and more individually burdened.
If we instead refuse to raise taxes right now, we will be setting a stage in which cuts in federal spending are the only path. Cutting spending will seem inevitable, like something that will actually happen. This will give rise to hope. There's a way out! We can do it!
How the cutting is done will be the great question, which raises another one. Will the American people, over the next few years, act seriously on their own beliefs? We're so used to being disappointed in politicians that we forget to be disappointed in ourselves.
http://online.wsj.com/article/SB1000...805391316.html