WSJ has a great editorial and accompanying chart showing that raising tax rates will NOT generate more tax revenue. No matter the tax rate, revenues cannot rise above 20% GDP without becoming intolerably oppressive.
Tax increases are NOT the answer. Government spending must be REDUCED. And tax rates must be lowered as well. Lower tax rates grow the economy. We cannot be taxed into solvency. We must GROW and PRODUCE and SAVE and INVEST our way into solvency.