I did some quick research earlier today and concluded that raising taxes on those making over $250K per year is not enough to get our deficit under control. Here are some numbers:
Approximately $2.1T in revenue comes from individual income taxes, which accounts for approximately 38% of all tax revenue ($5.1T total tax revenue).
Approximately 2% of Americans earn over $250K per year, with the total from all those making in excess of $250k equaling approximately $770B, or approximately 36% of individual income taxes. If these taxes would be raised 3% it would only result in $23B in additional revenue. That isn't enough to make a difference in our debt.
The top 10% of income earners account for over 70% of income tax revenue and the top 50% account for over 96% of income tax revenue.
In 2011, Congress totaled more than $1.3T in discretionary spending.
I believe there is much more room to cut spending.
I also believe there needs to be some tax increase.
There must be both in order to make progress in decreasing our debt.