...In 1993, before the 13 years of no tax hikes began, the federal deficit was 3.9% of GDP. Today, after 13 years of tax cuts, it's about 2.5%.
And back in 1993 the cumulative federal debt was 49% of GDP. Now it's only 39%.
So let's see here. We cut taxes for 13 years. The stock market performed better. The deficit went down. The debt went down.
So what's the stupidest thing we could possibly do now? That's right (all at once, now): raise taxes....
-Don Luskin, "New Tax Hikes by Congress Will End the Bull Run for Stocks"