A few days ago, CNN released a fascinating poll on how many Americans feel that the American dream is beyond their reach. According to the poll, it's a majority now, 54 percent. The poll also reveals that 74 percent of Americans regard Congress as "out of touch" and 79 percent feel that big business has too much influence over Bush administrattion policies.

With the advent of a potential overhaul of Congress at the hands of voters on November 7, we are witnessing some hysterical predictions by a highly-placed Executive Branch official of "an immense tax increase and the economy would sustain a major hit.'' But, as this Bloomberg article published today reports, "Stock-market investors aren't buying it." Why isn't Wall Street in the grip of fear that a Democratic Congress would unilaterally roll back the Bush tax cuts and move aggressively to regulate the economy?

The National Journal's Stan Collender ($$) is feeling pessimistic about next year's budget. Key graf: If Republicans are in the majority, fiscal and social conservatives will have to work with moderates who will fear a lame-duck president and a weakened leadership even less than they did this year. That will make it very hard to get majority support for any of the key budget, tax and spending issues.

Today, the non-partisan Urban-Brookings Tax Policy Center released a succinct but comprehensive analysis of Bush-era tax legislation as well as the future of the estate tax and alternative minimum tax. Among the summaries and data presented are progressivity and distribution measures of the major tax bills passed in 2001, 2003, 2004, and 2006. It’s like the Cliff's Notes of tax policy thus far in the 21st century.