TAXES

Hillary makes no secret of her intention to roll back Bush's tax cuts on the 'wealthy.' But her definition of 'rich' is sufficiently inclusive so as to encompass everyone with a family or household income over $200,000 a year. Clearly she would include the following in the tax cuts she will repeal (or allow to sunset):

She'd raise the top bracket of the federal income tax, restoring it to 39.6% from its current 35% level.

She'd increase the capital gains tax, restoring it to 20% - or maybe even go higher. My bet is that she will increase it to 30% or even eliminate special treatment for capital gains altogether, taxing gains as ordinary income (at 40%).

Hillary will almost certainly roll back much- if not all- of the estate tax reductions of recent years, lowering dramatically the size of estates subject to the levy.

She'd restore the tax on dividends to 30% from its current 15%.

But her agenda will doubtless go further. She will be much more radical in raising taxes than Bush was in cutting them.

SOCIAL SECURITY TAXES

One of her most important steps will probably be to raise Social Security (FICA) taxes. She won't raise the rate since that would impact her liberal base. Instead, she'll raise the threshold of income that subject to taxation, now limited to the first $97, 500 of income.

At a recent candidate forum in Iowa, Hillary played it cute. First, she told the audience that she had nothing 'on the table' about Social Security taxes. Then, after the meeting, she privately told Todd Bowman, a schoolteacher who was in the audience, that she would consider imposing FICA taxes on all those who earn more than $200,000. She told Bowman that she would probably keep the current threshold at $100,000, skip the next hundred thousand of income, and then tax all income over $200,000 for Social Security.

So, look forward to some big changes there.