Fred: The Democrats are going to tax the rich. I like that.
Mike: They might collect $60 billion more per year.
Fred: That's a lot.
Mike: They need $1,140 billion more.
Fred: Where are they going to get that?
Over the Cliff We Go
07/26/12 - WSJ Opinions by Stephen Moore
[edited]: The Democrats' official position is to continue current tax rates for the middle class and raise taxes on upper-income individuals by ending their "tax cuts".
Un-advertised, Senate Majority Leader Harry Reid's (D. NV) tax plan retains the alternative minimum tax, with Obama's support. It imposes a $3,400 tax hike on 28.8 million middle-class families. The Republican controlled House will probably ignore it.
House Ways and Means Committee Chairman Dave Camp: "The Democrats almost have to raise taxes on the middle class. Where else could the money come from?"
Reid's and Obama's plan would reduce the deficit by only 5% (if it raises any money at all), and Democrats don't want to cut spending. Democrats will have to tax the middle class if they want to seriously reduce the $1.2 trillion deficit. There aren't enough millionaires and billionaires to pay for it.