Raising taxes to reduce the federal deficit is the last thing Americans need.

Dick Armey, former House majority leader, writes that high tax rates (particularly for corporations) threaten our country’s economic growth. The key, he says, is reduced spending.

Globalization has made tax rates competitive, with each nation vying for businesses. But the United States is falling behind and risks losing out as a result.

Nobel Prize winning economist Milton Friedman once said that he was "in favor of any tax cut, under any circumstances, in any way, in any form whatsoever." The reason, he said, had nothing to do with the myriad complexities of the U.S. economy, but instead with a simple moral argument — that individuals have a right to keep what they earn.