This scenario could be pulled off to appease the left:
1. Congress (the House in particular) hems and haws over this for two years
2. Congress let's the Bush tax cuts die, AND raises the tax brackets incrementally by 5% over a five year spread
3. The top 1% gets MOAR TAX SHELTERS!!!
(Everyone else gets fucked over as the economy continues to tank, the uber rich hide more money, and freeloaders who pay no taxes continue to... you guessed it... pay no taxes!)
What REALLY needs to happen is to patch up the *existing* tax code, and simplify it so that the hyper-rich have less shelters to hide revenue in.
But of course, that won't happen as long as those hyper-rich also happen to be the same folks who write big fat checks to their congressmembers (both D and R).
Ain't it a bitch!