CBS: ‘Coffers Are Not Full,’ Need More Taxes

At one point, Smith asked Fiorina:

"How do we do all of this stuff? And we're not making more money, the tax rolls are not growing, the coffers are not full. We're just talking about deficit -- if nobody's going to get taxed, isn't this just going to be deficit city?"

In reality, government tax revenue has tripled since 1965 and since the Bush tax cuts took effect in 2003, corporate income tax revenue has reached its highest level in over 20 years.

Smith began the segment by touting a new CBS poll:

"a recent CBS News poll shows 78% of Americans think the economy is in bad shape."

Considering the "Early Show’s" declaration of a recession last week it’s easy to understand such poll results.

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