What are the burdens of the public debt?

Many people advocate taxing "the rich" to alleviate the debt problem but the truth is that taxes will have to be increased on all income earners. What macroeconomic impacts would you expect to see if taxes are raised "across the board"?

If increasing taxes would still not completely resolve this issue government spending will also need to decrease in order for our country to make significant progress toward reducing the debt. Where should these cuts be made? Why? What impacts would you expect to see?