Okay, how about this. Go ahead and raise the taxes on those making more than $250,000. But let's put into law that that revenue must got directly to paying off the deficit or other outstanding loans, like to China. I don't want more money to be take from citizens just for the sake of a larger, more bureaucratic government.
You need to be careful about that.
You can divide the country into three groups of people.
People who save or invest a decent fraction of their income. (top 5% or so in the US)
People who could save a small fraction, or otherwise spend it all. (next 15% or so)
People who can't afford to save a great deal (bottom 80% or so)
Now there are always going to be individual exceptions, based on education and individual ability. I'm referring to averages, here.
The top 5% earns 25% of the income, but spends 14%. This means they suck roughly 10% of the cash flow out of the country, each year. If nothing else is done, eventually, the dollar and the entire system will collapse, because eventually, no one can trade in dollars any longer, because it's all locked up in the top 10% or so - the wealthy find themselves worthless.
I believe there was a poll showing that two-thirds of those making more than 200k/year supported higher taxes for themselves.
It's not like they aren't aware of this. Unsustainable processes will stop. Simplest. Theory. Ever.
There are several ways wealth can be transferred from the top 10% back to the bottom 90%.
1) They can deposit it in banks, which then invest it in the population. However, banks aren't doing much lending.
2) They can invest it themselves. However, faith in the stock market has been rather poor until recently.
3) They can hire people themselves. Private sector hiring has only recently begun to increase.
4) They can donate it, in acts of charity. Charities are only now reporting increased donations.
5) They can lend it to the government (and are very willing to right now!) - in the form of government debt, who can then reinvest it for causes that (supposedly) benefit the country as a whole.
6) The government can tax them, for the same result.
7) The government can print money, again for the same purposes.
When 1-4 break, 5-7 make up the major options. A lot of them don't even add to bureaucracy, but are extremely beneficial - sustaining unemployment benefits, for example.
Your stricture also makes one ask - well, can the government pay down its debt to itself with it? That is a massive chunk of the debt.