American Compass, a think tank promoting a conservatism lacking even a rhetorical commitment to free markets, recently called for Republicans to support tax increases. The organization claims a GOP embrace of higher taxes will enable the uniparty’s left (Democratic) and right (Republican) wings to create a deficit reduction plan balancing tax increase with spending cuts.
American Compass is correct that both parties need to prioritize deficit reduction. The 35 trillion dollars (and rising) national debt is a big threat to prosperity and liberty in America. However, history shows that any “bipartisan” agreement to raise taxes and cut spending results in higher taxes and higher spending. The classic example is the deal President Reagan made with congressional Democrats to cut spending by three dollars for every dollar in tax increases. Congress eagerly authorized the higher taxes and then........