A 100 Percent tax on all incomes over 1000000 would not begin to close the deficit. No feasible tax increase, even scooping deep into the ranks of the middle class, could do that. Spending cuts simply must be part of the equation.

I know, I know, tax all income at 35 percent, no deductions, and the deficit goes away. But that is not feasible because the economy would contract sharply.