There is no way to generate 25% GDP revenue without large increases in the middle class taxes. That is what would be required to balance the budget under the Democrat spending binge. The upcoming “fiscal cliff” doesn’t even get us there.
That level of taxation has never been seen in the USA except during WW2. There is evidence that aggregate taxes tend to limit at about 19% no matter what the rates are set to. High rates simply depress economic activity to a new equilibrium near the 19% of GDP revenue. Europe is now experiencing this phenomenon first hand.
If Obama gets reelected I say “America, its been good to know ya”.