Yes. The federal government is primarily in deficit not because taxes are too low but because spending is too high. $70 billion of additional revenue per year from not extending the tax cuts will not make much of a dent in an annual deficit of around $1 trillion. Penalizing successful small businesses and entrepreneurs with higher tax rates is also not the way to encourage more innovation and hiring. We need to focus on encouraging better economic and job growth, while addressing the deficit problem through tax and entitlement program reform, rather than pitting higher income versus lower income Americans.