The rule for doctors, "First Do No Harm" should also apply to politicians promising to "reform" the tax code.The federal tax code is too long -- 74,000 pages -- too complicated, too confusing, and too expensive for taxpayers.
Now we know that it's actually not so hard to get Washington to do the right thing if the choices are framed correctly. Having learned this lesson, let us apply it to the question of future wars, and to the proposed Iran war in particular.
To the extent that this favorable tax treatment facilitates economic expansion, the overall economy is mis-structured. Moving more assets to the wealthy should certainly not be a prerequisite for job development and economic progress.
If Republicans won't budge on raising tax rates but insist on broadening the base, Democrats should take aim at the biggest tax loophole of all for America's wealthy: the preference for capital gains. Capital gains should be taxed the same as ordinary income.
Obama is going to win the election this year and when he does, I want him to raise taxes on wealthy Americans by repealing the Bush tax cuts or introducing new tax legislation on the "1 percent" as well as capital gains.