Hitting budget deficit beyond 2011 is irresponsible, and it goes against Obama's campaign promise.
Increase tax revenues by line item by line item, not on a broad economic activity such as investing and working.
Increase tax revenues by increasing medicare and medicaid contribution, not increasing the income tax and capital gains tax rate. More wealthy and affluent will contribute more towards medicare and medicaid despite the fact that they will use it or not. They may not even need it at all if they are a millionaire.
Increase tax revenues on marijuana and legal drugs, alcohol, tobacco, gambling at casinos, gambling on real estate by banks and financial entities, traveling across national boundaries not in the intent of conducting legitimate business not related to gambling that are not necessities. Increase tax revenues on luxury items that are also not necessities. Food, energy, clothing, and housing to live, not to gamble, are necessities.
Increasing income tax and capital gains tax rate will have devasting and even rolling back effect on the recovered economy by mid-2011, hurting once again the consumer confidence and falling back to where we are at right now.
Increasing medicare and medicaid contributions are considered to be investments, not expenses. It is taxpayers investment on the government to cover citizens' future. However, I fear that this increased revenues will be squandered like Social Security funds in plugging short-term budget deficit. Then, we'll definately be cold turkey.