Good. It was stupid to begin with and wouldn't have done anything constructive for the economy or our budget deficits. It wouldn't put a single dollar in anyone's pocket (but the government), it wouldn't knock a penny off of gas prices, it wouldn't make your or my life any better, it won't lower unemployment or create a single job, and it certainly wouldn't make the tax code "fair". All it would do is punish about 300 Americans for their success.
If you want to make the tax code "fair", you don't do it by making a small group of successful Americans pay more - not when almost 50% of wage earners don't pay ANY income tax. Want to make it fair? Have the nonpayers contribute something...anything...but something to show they're contributing to their part of the American dream.
When 10% of wage earners pay 70% of the taxes, making that group pay more does not make it "fair".