Strictly from a numbers perspective, the revenue generated from letting Bush tax cuts expire on those making above $250K will be the equivalent of pissing in the MS River and expecting to see a rise as compared to current spending and debt.
Letting tax rates rise to Clinton era levels for those families making over $250,000 a year would only raise $824 billion over ten years. That is not even enough revenue to undo the sequester that Obama promised “will not happen” during his final debate with Mitt Romney.
- Conn Carroll from Washington Examiner
This is also in view of an administration, that like the previous administration, simply prints the money it needs to pay its bills...which include massive entitlements, massive payrolls for federal employees, military action abroad and now Obamacare too.
So, what is the play?
I personally think a reasonable person has to conclude that there has to be, among the reasons, an element of wealth redistribution involved on the part of this administration. You have to arrive at this conclusion when the democrats are not making any real efforts to reel in entitlement spending and are making no promises that revenue raised from tax hikes will be strictly earmarked for debt reduction (that I have seen).