That would be a death sentence for the current administration. It's always the same game. Whoever is in power does EVERYTHING imaginable to make themselves look good and unload all the fallout into the next term(s), which is often held by the opposing party, and if not, the game of deferring will simply continue... Until at some point it simply can't and we get a big bang.

Why are people still thinking that taxing high earners is an option? The world is ruled by rich people, why would they tax themselves? Doesn't make any sense. Democracy is nice, until all the choices you have, exhibit the same underlying core values that you disagree with.

Normally all successful parties will aim for the middle, where there are most voters. The ones that don't, are marginalized and perhaps have some chance at succeeding during times where voters go astray and just vote some extremists out of sheer frustration (like it happened in Germany a couple of times). But that never lasts. This seriously limits democracy, as you can be sure that some values will never change, because there is no party with enough votes to make these changes.

Instead, what we need is Democracy 2.0, where the people vote on individual packages, not parties. Switzerland may be the only country where that works out quite well.