Dealing With the Budget Deficit: Does the Middle Class Have to Take the Hit?

Adam Davidson has a piece in the NYT magazine about how the middle class will have to take a hit to deal with the country's deficit. It's a bit quick to reach this conclusion.  

First, the piece too quickly dismisses the possibility of getting substantial additional tax revenue from the wealthy. It presents the income share for those earning more than $1 million as $700 billion, saying that if we increase the tax rate on this group by 10 percentage points (from roughly 30 percent to 40...