The 800 Billion Republicans say changing the tax code would generate is in the same ball park as what the Dems "tax the rich" insistence would raise. So why are President Obama and the Dems determined that any deal must include an increase in tax rates on the wealthy? Because they're convinced that Obama's re-election is a license to do so and feel they need to in order to placate the base.
But what this reveals is that tax the rich has nothing to do with "a balanced approach." It has everything to do with punishing the rich. This can be done without an increase in any tax rates and the left knows that. This is about a pound of flesh and nothing more, nothing less.