The problem is not with raising taxes per se. The real problem is that the tax hikes will not be used to actually reduce debt, they will simply be spent, and if past history is any indication, they will be spent at multiplier greater than one.
For every major tax increase since the imposition of the Federal income tax, on average Congress has raised spending by $1.40 for every new $1.00 in increased taxes. Raising taxes by $1.6 trillion implies we will increase spending by $2.24 trillion in addition to the automatic baseline increases already on tap.
This doesn't include any decrease in economic activity from tax hikes, only the static analysis of past political performance.
Conclusion: cut the spending UP FRONT. Then we'll talk about taxes.
Fred-that’s about as serious as “Build the fence first.”