Yes, it's almost -- but not quite as idiotic -- as the idea that tax increases will lead to a balanced budget. In the 20th Century, every time Congress raised taxes by $1.00, they raised spending by $1.41. In addition to that, this is a direct transfer of wealth from the most productive (private) parts of the economy to the least productive (government) parts, so more than $1.00 of wealth is actually lost for each dollar raised.
What the electorate needs to be told is that spending needs to be cut -- and very drastically.