Eliminating the Bush tax cuts would yield $40 billion annually.
Problem is, that the projected FY 11 deficit will be about $1.65 trillion. Another $40 billion would be a drop in bucket.
Now, as to taxing more:
There are 1,699,000 household incomes of $250,000 and above make up 1.5 percent of all households.
Another 1,325,000 household incomes with income from $200,000 to $249,999 make up another 2.87 percent of all households for a total of 4.37 percent.
The upper 5 percent of taxpayers in the country had a total income of $2,926,701,000 for which they paid $605,718,000 or about 20.7 percent of their income. Increasing that to $1.65 trillion would take about 56.4 percent.
The government might collect that one time. Afterward, the taxpayers would either flee the country, simply refuse to earn more, or hide their income in shelters.
Removing that much income from the economy would ensure a flat lined economy, or a double dip recession.
You can only shear the sheep so close.
France taxed and taxed their corporations until they drove them to the brink. Now, the French government is either wholly the owner, or the majority shareholder of several large corporations (sound familiar). Corporations that aren't making a profit. Their government raises taxes to keep the corporations in existence and the employees employed. Its the old self licking lollypop.
Reality bites. Socialist reality bites big chunks and leaves behind large cowpatties.