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While I agree with a lot of the post ,I don't agree that the income tax revenue shortage is due primarily to high income tax evaders when what's actually collected comes largely from the top 10% of filers! The income tax code is a bloated mess with so many loopholes,subsidies,deductions etc. that it's nearly impossible to police and difficult to comply with. While only increasing tax rates on high incomes is easy to "sell" to all those not affected it won't solve the basic problems with the tax code or the revenue shortage.
There needs to be a better definition of INCOME to make the unproductive profit from financial manipulation and speculation fully taxable.
We have to get away from the concept that we should be the world's policeman to cut our military expenses it's true.
Welfare is something we should provide to the best of our ability, but it needs to be better controlled and paid for as part of a real balanced budget instead of hidden within SS, Medicare, Medicaid etc. The cost should be covered by all revenue sources not FICA and Medicare taxes levied on earners and businesses alone.