On the recordFebruary 7, 2007
The problem is not that people are taxed too little; it is the government is spending too much. I didn't just make that up. I didn't come up with that now. I am paraphrasing the words of President Ronald Reagan and comments he made several decades ago. But it is every bit as true today as it was then. The reason that we have a deficit, the issues with our government budget, are not that people are taxed too little; it is that government spends too much. Why, as a matter of fact, since 2003, revenues to the Federal Government, income to the Federal Government, have increased by 46 percent... If you are making $50,000 a year in 2003, in order for your income to keep up with what the Federal Government's income has been, you would have to be making over $72,000 today... But what's interesting is, that is not because taxes were increased.
Source
govinfo.gov
