Hide your wallet — the legislature is in session:

But much of what Obama is talking about is raising tax revenue without actually raising tax rates. In Washington-speak, lawmakers will try to collect more tax money by closing tax loopholes, perhaps limiting popular tax deductions and to some degree changing the way citizens pay into the popular Medicare and Social Security programs.

If we must raise taxes (and we don’t), this isn’t such a bad way to do it. A better way would be to eliminate every deduction, every loophole, every everything. And then eliminate the income tax altogether, repeal the 16th Amendment, and institute the Fair Tax.

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