Perhaps the most pressing question in all of this is if this proposal eventually becomes law, would we have to update our "12 ways to know your from Illinois" list to include a line about the millionaire's tax?
I hope Mr. Arends will step back and look at what the Millionaires Tax of 2012 is all about, not just try to defend a tax code that helps the uber rich while punishing the very middle class he says he advises.
If a temporary personal income tax hike is the price we pay for long-term reforms that enhance infrastructure, encourage job growth, and make the tax system more equitable, then it is a price worth paying.
For years, the GOP has been telling us tax cuts pay for themselves by promoting growth. If they believe what they say, why should they worry about paying for a one-year extension of the payroll tax holiday? Surely it will pay for itself.
President Obama's "millionaire tax" has generated two sound-bite replies. Not only is he engaging in "class warfare," but he is indulging in sheer political posturing -- there simply isn't a lot of money to be raised by targeting the super-rich. Both charges are mistaken.