How much more revenue will taxing the rich generate?

According to the Center on Budget and Policy Priorities as well as the New York Times, Obama’s proposal to increase taxes on the rich will generate $700 billion in extra revenue over the next decade, which obviously translates to roughly $70 billion per year. Some have inflated that number to just under $100 billion per year, and keep in mind that is with a static market response to raising taxes. Now, that sounds like a lot of money, but compare that to our $4 trillion annual budget, and the $1.65 trillion deficit we are facing for 2012, isn’t it obvious that it falls way short of actually having any real impact? Even with raising taxes on the rich to 100% (which is obviously not possible), would only generate roughly $900 billion of extra revenue a year, still about $700 billion short of a balanced budget. Isn’t massive spending cuts really the only way to a balanced budget?