Washington Post:  5 Steps to a Better Tax System, by Roger Lowenstein:

How would a conscientious president deal with the deficit and also make the system fairer? Here are five relatively painless ways.

1. End preferential treatment for private equity fund managers.
2. Raise the cap on the payroll tax.
3. Reinstate a meaningful inheritance tax.
4. End unfair deductions. First, the mortgage deduction. …  A similarly unfair deduction, which McCain favors repealing, involves corporate health-care plans.
5. (best for last): Repeal the Bush cuts in income and capital gains taxes