Earlier this week, Dana Millbank -- one of the most liberal journalists in American -- took President Obama to task for what he called the President's "gimmicky" Buffett Rule. Putting aside the fact that this proposed tax increase on "millionaires and billionaires" will not create a single job, let's look at what it does do.
According to the Joint Committee on Taxation, the Buffett Rule will raise $47 billion in its first year. That amounts to roughly 0.4% of last year's deficit. Not exactly the grand fix President Obama originally spoke of in his State of the Union speech back in January. In fact, that amount would only fund our over-grown federal government for four days.
As Millbank states, if the President was really serious about our debt and deficits he would be working with Congress on a complete overhaul of our overly complex and antiquated tax code. Instead, he is merely proposing we add another layer to it.
We need real tax reform. We must lower rates, remove loopholes and broaden the base. Class warfare may poll well with some, but it isn't going to get our economy moving again.