E.J. Dionne writes that it isn't true that President Obama has failed to outline a second-term agenda. He says it consists of "tax increases," "another shot at legislation to address climate change," "a comprehensive education, jobs and investment program," and "efforts to create a new campaign financing system to check the power billionaires and corporations exercise."
Mr. Dionne also mentions a tax plan proposed by Rep. Jan Schakowski, a Democrat from Illinois. It would create new federal income tax brackets as follows:
- $1 million to $10 million: 45%
- $10 million to $20 million: 46%
- $20 million to $100 million: 47%
- $100 million to $1 billion: 48%
- $1 billion and above: 49%
She'd also tax capital gains and dividend income at ordinary income rates for those with income above $1 million a year.