If you want to see what Fred Thompson thinks about tax hikes and cuts, see the article linked above (the title is the link). Here's a quick excerpt:
President John F. Kennedy was an astute proponent of tax cuts and the proposition that lower tax rates produce economic growth. Calvin Coolidge and Ronald Reagan also understood the power of lower tax rates and managed to put through cuts that grew the U.S. economy like Kansas corn. Sadly, we just don't seem able to keep that lesson learned.If he's not running, I'll eat my blogging hat.
Now, as before, politicians are itching to fund their pet projects with the short-term revenue increases that come from tax hikes, ignoring the long-term pain they always cause. Unfortunately, the tax cuts that have produced our record-breaking government revenues and personal incomes will expire soon. Because Congress has failed to make them permanent, we are facing the worst tax hike in our history. Already, worried investors are trying to figure out what the financial landscape will look like in 2011 and beyond.
This issue is particularly important now because massive, unfunded entitlements are coming due as the baby-boom generation retires. We simply cannot afford higher taxes if we want an economy able to bear up under the strain of those obligations. And beyond the issue of our annual federal budget is the nearly $9 trillion national debt that we have not even begun to pay off.