Jeb vs. Wall Street?

Jeb Bush pledges to change our tax code away from its current arrangement of "the highest tax rates in the industrial world. Eliminate deductions and carveouts and special deals," as he put it at a house party Wednesday night. His specific critique of the current tax code was interesting.

"The incumbents like that," he said of the tax code. "Companies of scale like all of the carveouts because it gives them special treatment and they have the scale for the lobbyists, accountants, and compliance officers to be able to get through the maze."

This is an important argument against tax complexity and high rates--an argument that also applies to regulations. The line has a slight populist hint to it: Big Government is bad in part because it props up Big Business. Jeb put an even finer point on it when he explained the virtue of a simplified tax code.

"You would shift from a financial-management kind of economy to promoting the real economy. The real economy is where higher-wage jobs take place."

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