More taxes won't help.

President Obama's economic record is a train wreck.  He is planning to raise taxes on everyone, but especially those making more than $200,000 a year.  Even Nancy Pelosi and some of his serious supporters think that bar is too low--they wanted the cut-off to be a million a year.  The Morning Bell, a publication by the Heritage Foundation lays out what this may mean to those most affected:

Besides the horrendous affect these taxes would have by themselves, add the uncertainty of the Affordable Care Act,  and our economy is in for a hit like it hasn't seen in 70 years.  Why a President would propose such a thing, when there is so little reward, boggles the mind.  Even assuming most of these businesses/people just paid those extra taxes--which is unlikely since many will probably close up shop--the dent made in the deficit would be infinitesimal.  Lots of loss for so tiny a gain.