Numbers and figures here.
The money quote (pun intended): Finally, to put everything in perspective, think about what would need to be done to erase the federal deficit this year: After everyone making more than $200,000/year has paid taxes, the IRS would need to take every single penny of disposable income they have left. Such an act would raise approximately $1.53 trillion.
That's right--to save the current nanny-state model, every person making $200K or more a year would have to turn over every cent of that income, to keep us revenue neutral! That's on top of all the taxes already collected on everyone making less than $200K/year. Putting every high-earning individual on welfare in order to support welfare is, well, insane. It makes sense in a pure communist or pure socialist society, though practically speaking those societies do not function.