Such a tax increase would depress the economy to such that only a fraction of the projected revenue would be realized and further tax raises would be deemed necessary and passed. Meanwhile the spending programs that occasion the tax raises would go on unabated so that inflation then hyperinflation would become the norm. The ten year program of tax increases would reduce the country to standards not seen in a Western country in a century. Of course regimentation is part and parcel of any Democrat administration and we would quickly see the advent of the appurtenances of a Stalinist State.
What I fear is when Social Security runs out of money in about 2030, the Govt will realize there is a ton of money sitting on the sidelines, untaxed, sitting in 401Ks. They were say something like the Stock Market to risky for Americans and only Govt, with its ability to print money is the only safe place for investing, so hand your 401K over and they will put it in a special “account” and presto it is gone, but the it was virtual money that you never had anyway.
Half the country would be praising Joey as the country literally falls into ruin.