It is currently reported that Obama intends perhaps on Monday, to propose a minimum tax on millionaires, a "Buffet tax," sounding conceptually like a new version of the "alternative minimum tax." It has already been acknowledged that even if enacted into law such proposed minimum tax on the wealthy is not likely to have a significant impact on US tax revenues. It may, however, along with other tax proposals by this administration or as part of current law, have significant economic impacts. Under the often ignored principle that proposed legislation should be entitled according to its most essential impacts if...