Resident Scholar Alan D. Viard

Although Mr. Stein is right that tax increases will be part of the solution to the long-run fiscal imbalance, he misses the mark in recommending "much higher taxes on the truly rich."

While the wealthy have large amounts of disposable income, only limited revenue can be extracted from them without steep marginal tax rate increases that would depress saving and investment. The revenue-raising net must therefore be cast more widely. In addition to telling the American people that tax increases and entitlement cuts are coming, the next president needs to deliver an even less welcome message: Those measures will largely hit the middle class.

Alan D. Viard is a resident scholar at AEI.