In their latest edition of Tax Justice Digest, Citizens for Tax Justice rundown the various tax propositions which appeared around the country on state ballots. CTJ applauds the defeat of a host of dreadful TABOR proposals, estate tax repeals, and a smattering of other awful tax measures, but they also applaud the defeat of cigarette tax increases. But, wait - don’t we want to discourage people from smoking? Now seems like a good time to discuss balancing competing objectives of a just tax code. In this case, the conflict is between degrading tax code progressivity and using the tax code to discourage harmful behavior (harmful not only to the individual who engages in the behavior, but also to those near him or her, and harmful to the economic prosperity of the jurisdiction).

BNA ($): San Francisco Federal Reserve Bank President Janet Yellen urged lawmakers in a Nov. 6 speech to address the causes of income inequality and strengthen the social safety net as part of a long-term effort to protect the economy and U.S. democracy. [...]

In an op-ed today in the San Fransico Chronicle, Bill Frenzel and Leon Panetta call for a "Budget Summit" to hash out the difficult budget issues:

Shrill election year claims regarding tax policy in a Democratic 110th Congress may be having as muted an effect on voters as credit-taking for the stock market surge and low unemployment. Democrats are no longer talk about rolling back the Bush tax cuts on the wealthy. They are silent about whether or not to extend these cuts, which do not expire for another two years, and say they would push for higher taxes on corporations, particularly oil companies, by eliminating breaks and urging a crackdown on "loopholes," the Wall Street Journal reports.