Here's why they call it "Taxmageddon"

Forward, lemmings -- off the fiscal cliff:

There’s some evidence that President Obama would consider letting all the Bush-era tax cuts expire (see [accompanying] chart from Strategas Research) at year’s end, even though that would mean a massive tax hike on middle incomers during a time of economic weakness. (Former Obama economic adviser and deficit hawk Peter Orszag is for doing just that)...

...I wonder if this [is] the Obama view:

– Tax hikes would ding growth, not destroy it.

– Top rates should be raised and tax breaks scaled back.

– Tax hikes would mean lower deficits and less pressure to trim back the welfare state.

And if that is what the president believes, we just might all go right off that fiscal cliff next year.

As a commenter observes, "The $494 billion tax increase above the 2012 expected revenues of $2.468 billion is a federal tax increase of 20%. Taxmageddon."

Of course, the "taxing the rich productive sector" strategy worked out swimmingly in Argentina, so it figures Democrats would copy it.