The problem isn't taxing, it's all spending, both GOP & Libs don't want to loose any power, they will always spend more than they have to keep themselves dug into our skin forever in the biggest possible government they can think of, only the people can say enough is enough.
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A tax policy that confiscated 100% of the taxable income of everyone in America earning over $500,000 in 2006 would only have given Congress an extra $1.3 trillion in revenue. That's less than half the 2006 federal budget of $2.7 trillion and looks tiny compared to the more than $4 trillion Congress will spend in fiscal 2010. Even taking every taxable "dime" of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover that $4 trillion.
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source:
http://online.wsj.com/article/SB123561551065378405.html