Taxing miilionaires

President Obama would like to levy a tax on millionaires to pay for his jobs bill. It certainly sounds reasonable, considering all the Wall Street types and CEOs who have been taking home obscene salaries and bonuses even while their companies fail and their actions bring on a recession.

Still, I do have to wonder why he insists on looking for new revenue instead of cutting government spending to find the money for his bill. Nothing has changed recently -- we still borrow almost half the money the government spends each year and a tax on the rich will make almost no difference to that situation. We still need to cut something like $1.5 TRILLION per year from the government budget just to balance the budget, let alone begin to pay back our debts. Some $450 billion in millionaires taxes is a drop in the bucket compared to the $1.5 TRILLION that needs to be cut.

But then, it has been obvious for some time now that this president has no intention of tackling that problem, any more than his proposed job bill does much of anything effective for the current high unemployment figures.