Not really. We are coming to reality of a low wage service economy which can't support generous social welfare. We don't need new taxes, although some scams need to be addressed like hedge fund mgr exemption, we need a larger tax base. Solves two problems gets more people off social welfare and become payers and deficit which destroys value of savers.
You're right, of course, but I question how much we can really grow the tax base at this point. Sure, once (if?) the economy turns around, unemployment might drop to the normal 4%-5% and that will bring in more tax revenue. If real wages continue shrinking for the middle class, however, I'm not sure that increasing employment alone will be enough.
What else is there?
1. The capital gains tax laws definitely need to be reviewed and adjusted. A billionaire paying an effective rate of 16 or 17% (forgive me if I'm wrong, I'm recalling this from memory) because his income comes from capital gains is ridiculous. They need to pay an effective rate in the 30% range (at a minimum), just like middle class people do. I'm not asking them to pay a higher percentage than I do; I am asking them to pay an equivalent percentage.
2. We need to legalize marijuana and tax it heavily.
3. Spending cuts must be made. Period.
4. See: my earlier list.
You'll note that my earlier list had some things which one poster called "small potatoes." I wanted to address that point before I forget. I realize that, for example, foreign aid is a very small percentage of our expenditures. IIRC, it is something like $50 to $75 billion per year. The problem I have with using the "It is a small drop in the bucket" argument is two fold. For starters, lots of small drops can fill a bucket. Let's turn the faucet off! Secondly, I have a philosophical issue with giving other countries money when we are borrowing money ourselves.
At a minimum, if we must give this money out to countries, it should be a loan with those countries paying interest. You can also argue that in some cases, the foreign aid we give out more than pays itself back by protecting American interests. That's fair enough, but I think we still need to perform a detailed analysis of each case to see if that is still the case or if it is, to what extent it really helps.