No, I'm not giving advice to Obama's on his personal income tax return. I'm looking ahead to the end of 2012 when the Bush tax cuts are ending. For a change, Obama can grab the initiative and propose tax reform before the cuts expire.
The legislation shouldn't come from Nancy Pelosi or the left side of the Democratic party. It should come centrists. If they aren't available in Congress, Obama's team will have to draft the tax reform.
Tax reform is necessary but dangerous. If you're honest about tax reform, and your opponent isn't, they can demagogue the issue and cost you critical votes at the next election.
What are the chances that the Republicans won't behave that way? Zero. So we are destined to see no reform proposals or just the vaguest outlines. Then, after the election, the lame ducks will be sorting out mess. They'll probably scream, moan, and grandstand their way to a one-to-two-month extension. Sigh.