As usual the former Clinton Chief of Staff is doing fine work. His Center for American Progress has a detailed and thorough tax plan, discussed here in John's op/ed in today's Washington Post, that basically solves most of the issues with the current tax code:
- It taxes all income the same - be it from work or capital income
- It eliminates the problematic AMT (and the need for it by increasing taxes on investment income)
- It simplifies the structure to just 3 tax brackets
- It eliminates the regressive flat tax of 6.2% for social security
- It improves the long-term solvency of the social security trust fund
The full tax plan can be found here for those interested. This is a big issue - Bush's tax cuts are expiring soon and a Congressional task force is currently deteremining what to do long-term. Podesta is one of the left's brightest minds, and we should listen to anything and everything he says. |
