When the President lectures on the need for the rich to "pay their fair share" (the "Buffet Rule") I assume he must have polls that show this is a winning line. Otherwise, it is total nonsense. Sadly, it takes a minute to explain the facts and the media either won't take that much time or doesn't want to.
The Buffet Rule, if passed (and Congress definitely should vote on it), would provide a few hours of the operation of the US Government and pay off no debt. But at least it would scare investors into greater caution--just the thing you want when the economic is weak!
In an amusing video below Rick Santelli at CNBC in Chicago shows that even if millionaires were taxed an average of a million dollars each, and even if they were a far more numerous group than most experts think, the money obtained from them would pay down only one month of our stupefying debt. And outside of a far left candidate in France, nobody suggests it would be wise to tax someone a million dollars who makes, say, $1,250,000.
If, as Candidate Obama told Joe the Plumber in 2008, the issue is not just revenue to pay off the deficit, but "fairness", does raising the effective capital gains rate for millionaires really make the tax system "fair"? What if the point of the tax system is to raise the revenue the government needs and raising taxes further on the rich has little benefit in that regard and actually may make the economy slow?
Where's the fairness in a $15 trillion debt? Where's the fairness in ducking that subject?