Reduce deficit spending without tax hikes on any Americans

Proposed tax increases on those making more than $247,000 a year will be insignificant in light of the national debt of over $16 trillion. The notion that modest tax increases are required for a "balanced approach" ignores that most of the "millionaires and billionaires" will have less money to hire and pay private employees.
Furthermore, there are those who have just entered the work-force after completing their education, and though trained for a high-paying job, are not yet wealthy. Yet, all those making over $247,000 a year would immediately be treated as "very wealthy" under this proposal, regardless of whether they have accumulated any wealth yet at all.
A balanced solution is not a real solution unless it promotes economic growth in the private sector. Higher taxes inhibit growth.