“The problem, sir, is a simple one -- that if we were to tax these individuals 100 percent of their income, we still could not cover our deficit this year alone. As a matter of fact, to tax our way out of debt we would need to increase taxes across the board on every man, on every woman and every business by 60 percent. You simply cannot tax your way out of this debt,” Scott said.
In his fiscal address Wednesday, President Obama expressed his desire to allow Bush-era tax cuts to expire for individuals making $200,000 or more a year and couples making $250,000 or more as part of his plan to reduce the deficit.
President Obama was critical of Rep. Paul Ryan’s (R-Wis.) plan, The Plan To Prosperity, which would keep the current tax rates from the Bush era tax cuts of 2001 and 2003 in place.