In the days since the election, large deficits and the upcoming threat of a “fiscal cliff” have renewed the Democrats’ call to raise taxes on the rich. This is not new. What is new is the Republicans’ willingness to entertain the idea. Unfortunately, this sudden convergence of interests allows both sides to focus on taxes and avoid talking about what they should really be doing: cutting spending.

To be sure, the tax code is a mess. Tax liability actually has little to do with how much one makes, but has much more to do with whether one lives in a high or low tax state, has kids, or rents or owns a house. These loopholes have made the tax code complex and unfair. Also, rates are too high. Finally, it discourages savings investments by double taxing them. It should be reformed.