A tax increase in this economy at this moment would be further suicide, it would just further enlarge the government and suck more blood from the host.
It wouldn't raise much in the way of "revenue" anyways as there is 9% U.E, zero real growth and stagnant wages. Taxing the rich makes for a great cliche, a great tag-line and excellent class-warfare garbage but it would be pissing in the ocean, so to speak. You'd have to raise taxes on all brackets to even see any relevant revenue, and yes, that means actually have the 50% of the population that has no income tax liability start to pay their fair share. Anyways, you'll get your tax hike ,that you want so desperately, when the payroll tax cut is rolled back in the near future.
How much more money would that suck out of the economy that is in critical condition?
That's what everyone is missing, you could double the rates and still fall well short of erasing the deficit.
S&P wanted at least 4 trillion in cuts, it didn't get it, so they downgraded the nations credit rating. The political wrangling from both sides influenced the decision as well, no talk of serious entitlement reform (where 100 trillion in unfunded liabilities is) defense cuts or tax reform either.
You can be played by the media/govt. complex and drink down the distraction propaganda all you want, but facts are facts.
