The Washington Post on "The economic case for a millionaire's tax hike":

The economic case for a millionaire's tax hike is strong, writes David Leonhardt: "The country, as you’ve no doubt heard, is facing a huge budget deficit. To reduce the deficit to a level economists consider sustainable, Washington needs to find about $400 billion in annual tax revenue and spending cuts by 2015. A millionaire’s tax would be a good start, producing about $30 billion a year. By comparison, Mr. Obama’s plan to freeze federal workers’ pay would save about $5 billion a year. A millionaire’s tax would also fall on an income group that, by almost any definition, can best handle a tax increase. Since 1980, pretax income for households making at least $1 million has more than tripled, after adjusting for inflation. Pretax income for households in the dead middle of the income distribution, making roughly $50,000, has risen just 13 percent."

— The Washing Post

Now let's be clear, no one is advocating a tax hike for anyone (except me). The question is whether the huge tax breaks that the rich got under Bush should be continued.