Tax increases will not make spending cuts unnecessary.

money.cnn.com

First, the income of the top 2% of taxpayers is typically more volatile than that of taxpayers lower down the income scale, so when the economy sours, so often do those high-end income streams. That means less revenue than expected will flow into federal coffers. there just aren’t enough rich people to generate the kind of revenue needed to substantially reduce deficits.

Second, even if that weren’t true, there just aren’t enough rich people to generate the kind of revenue needed to substantially reduce deficits.

To show the disparity, consider some recent calculations by the Congressional Budget Office. Raising all six income tax rates by 1 percentage point would yield an additional $480 billion over 10 years. By contrast, raising the top two rates by 1 percentage point would yield just $115 billion.