FROM CNN's Jack Cafferty:
President Obama's proposed 30% tax on millionaires would only be a drop in the bucket when it comes to solving this nation's deepening financial crisis.
The White House isn't too interested in talking about the impact of the so-called Buffet rule.
And here's why: Tax experts suggest the additional tax on the wealthy would raise about $40 billion a year in revenue. That's less than 1% of what the government spent in 2011.
$40 billion is nothing compared to the more than $1 trillion annual deficits the Obama administration is running - or the national debt which now exceeds $15 trillion.
Republicans say the plan is nothing more than a political charade. One congressman tells Politico that the president wants to "pit one group against another so he can raise more money to spend on a bloated government."
In his State of the Union address, President Obama suggested it comes down to tax cuts for the wealthiest or investments in everything else, including funding for education, medical research and the military.
President Obama's senior strategist, David Axelrod, said on Meet the Press yesterday that in order to solve the deficit, "everyone's going to have to give a little and that includes people at the top." What about cutting spending or the size of government?
Meanwhile a new Gallup poll shows Americans are divided on whether our economic system is unfair. 49% agree with the president that it's unfair while 45% say it's fair. However, a majority - 62% - say the economic system is fair to them "personally."
This could make President Obama's re-election strategy of giving everyone a "fair shake" a tough sell if most Americans think the economic system is fair as is.
Here’s my question to you: Is a 30% tax on millionaires a good idea?
Interested to know which ones made it on air?
Robert in Florida:
No Jack! It’s not a good idea. The mindless Kool-Aid drinkers and occupiers who haven’t got a clue are buying into Obama’s class warfare. The rich do pay their fair share and part of mine, along with 50% of other Americans who don’t really pay that much either. Let’s stop spending money on bailouts and Solyndras and other bad choices before we ask for more from others. To demonize the rich is only Obama’s attempt to distract from his failed policies.
Dan in Stewartstown, Pennsylvania:
A 30% tax on millionaires is not a good idea, it's a great idea. However, it should also be accompanied by removing most tax breaks and safe havens the very wealthy have wrangled into legislation through years of using the K Street gang. After many changes to tax laws that put a greater burden on the average tax-paying American, it would be unfair to just call it even and start with a flat tax.
Tom in Atlanta:
Jack, This administration just doesn't get it. They seem to think in the spirit of fairness everyone should be economically equal. They seem to ignore all the economic data that clearly shows that when we give incentives to those who employ others, everyone gains. What is "fair" is when you encourage me to employ people rather than causing me to slow down and lay them off in order to save the company and its investors. This administration is playing its reference to "unfair", "unfairly". It might work, but it is just plain stupid.
Bert in Los Angeles:
Hi Jack, A 30% tax on millionaires is a small step in the right direction and a step away from the Reaganomics fiasco which caused our economic mess. We need to take our country back by dumping those aristocratic ideas the same way we dumped its predecessor of untaxed and deregulated global corporate tea cargo into Boston Harbor.
Joe:
A drop in the bucket is still at least a drop.
