The Club for Growth highlights a Washington Post article on the expiration of the “Bush tax cuts” in 2011 (or, depending on your word choice, the “currently-scheduled tax increases”). The article estimates that, if the Bush tax cuts were extended, the federal government would collect $238 billion less in revenue.
Obama, however, proposes extending the current tax rates only on those making less than $250,000; this would reduce collections by an estimated $202 billion. Only raising tax rates on “the rich” generates $36 billion; in other words 85% of the Bush tax cuts went to those making under $250,000. Raising taxes on “the rich” would reduce the current budget deficit by only about 2%.
For the record, my blog title is misleading, I was pretending to be a typical pundit, not someone who actually knows something about tax policy.