Even if those making over $1M a year paid all their income in taxes and kept on working like busy bees, that wouldn't close 5 percent of the deficit. The rich may have an outsized share of the wealth in this country, but their share of income is not so lopsided. The real money, in terms of income, goes to the next slice, particularly those making $100K to $250K. Without increased revenues from that cohort, it would (shock, horrors) be necessary to cut back on spending in order to move significantly toward a balanced budget.
To balance the budget entirely with spending cuts is probably not possible. We're not going to zero out social security benefits while still collecting the taxes. Nor drop medicare or military.