I was wrong.
Plain and simple, I was wrong.
What I thought would be a mild recession has turned into something worse — maybe much worse.
I didn't think the government should get involved. Now, I think it has no choice.
If the markets can't correct things, maybe Uncle Sam can.
And maybe, just maybe, politicians demanding a greater government role are right.
But that government role doesn't come cheap.
They know this.
Belatedly, I know this too. So, let me be clear: We need to raise taxes.
You heard me right — raise taxes.
Not across the board and hopefully not permanently.
But enough to right some wrongs and pay some long overdue bills.
The rich have had a nice ride. Paying a little more for the pleasure won't kill them and it won't kill me.
The rich are a treasure trove of potential bucks for the government and for desperately needed government programs — programs aimed at helping close the chasm between rich and poor in this society.
We've tried desperately to bring the poor up. Maybe it's time to teach the well-to-do a thing or two and bring them down.
They won't miss the money. But maybe they'll get the point.
Yes, it's time to raise taxes and the sooner the better.
Because, yes, I was wrong: Cutting taxes isn't the answer. Hiking them, now, more than ever is.
Mark it down. This date: April 1st, 2008.
April Fools Day.
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Neil Cavuto serves as senior vice president, anchor and managing editor for both FOX News Channel (FNC) and FOX Business Network (FBN). He is anchor of FNC's Your World with Cavuto - the number one rated cable news program for the 4 p.m. timeslot - as well as the FNC Saturday show Cavuto on Business. He also hosts Cavuto on FBN weeknights at 8 p.m. In addition to anchoring daily programs and breaking news specials on FNC and FBN, Cavuto oversees business news content for both networks and FNC's weekend business shows, including Bulls & Bears, Forbes on Fox, and Cashin' In. Click here for more on Neil Cavuto.