Cuts in tax rates always generate more revenue for the treasury because of the resultant increase in economic activity, thus completely contradicting the fallacy that tax cuts "have to be paid for". Liberals often have a hard time with this concept in that they view the economy as static instead of dynamic.

As to who pays taxes, the top 1% paid more taxes than the bottom 95% combined; that is unsustainable, not to mention teetering on being morally reprehensible. Eventually there will be severe repercussions from this situation.