In a survey of likely tax policy priorities in the 110th Congress in the event of a Democratic takeover, the National Journal (subs. req'd.) examines recent piecemeal statements by as-ifs House Speaker Nancy Pelosi (D-CA), Senate Finance chair Max Baucus (D-MT), and (let’s see how this looks) House Ways and Means Committee chair Charles Rangel (D-NY). Lo and behold, there is no evidence at all supporting the GOP's gleeful and unremitting alarm on the campaign front about 'the Democrats’ grand plan' to raise your taxes. Of course, there seems to be no plan at all. Instead, there’s Charlie Rangel (D-Harlem) trying to protect upper-middle Americans from being submerged as the AMT’s mission creep continues. Holding them harmless costs $45 billion a year, points out Baucus (Butte-to-Billings Corrdor), who would rather make the R&D corporate tax break permanent, but Rangel first wants to make AMT changes permanent, pricetag: $800 billion over ten years. “Democrats are pledging to return to pay-as-you-go budgeting rules” requiring offsets to pay for for the AMT fix or for the extension of the R&D credit. So the revenue will need to come from somewhere. A Democratic staffer mentions the $345 billion IRS tax gap with a straight face. In second place is a one-time $5 billion tax on oil inventories — the “last-in first-out,” or LIFO accounting change. Maybe roll back the 2001 tax rate cuts on those making over $500,000 a year, or on millionaires. It adds up. Really. Slowly. But seriously, the survey is worth reading in its entirety. If there is any overarching tax policy objective that emerges from possible Democratic leaders, it is more in the direction of budget balance, than redistribution.