“It’s perfectly reasonable for the White House to begin collecting more revenue from folks who have done by far the best in pretax terms,” said Jared Bernstein of the Center on Budget and Policy Priorities, a former economist for Vice President Joseph R. Biden Jr. “But ultimately we can’t raise the revenue we need only on the top 2 percent.”
…Democrats don’t want to raise taxes on the middle class right at this moment, because those tax hikes would harm economic growth, especially for the middle class. But they do want to enact those damaging tax hikes on the middle class at some point, because they want to increase, not decrease, federal spending in the face of mounting debt and deficits. That might hurt the middle class, but the tax revenue gained from it would be spent in part on federal transfer programs intended to reduce inequality, though they won’t succeed in doing that either.
The Republicans should extend the Bush tax rates – then vote present on everything else – the sooner America goes over the cliff, the sooner Conservatives can start fixing the mess.