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Ghost of Tax Cuts Past Haunts Election

While it's hard to condense the collective policies of both of these two-term presidents into a single paragraph for each, the point is that Bush and Clinton introduced some confusion into the politics of taxation. So it's a relief to see the political lines so clearly drawn this year.

Finally, the political world order seems back to normal, with Democratic party candidates supporting both spending programs and raising taxes, while Republican party candidates are vowing to fight higher taxes and complaining about spending by Democrats.

Elections are a lot easier when the two camps can be neatly stereotyped on a controversial issue like taxes.

Ultimately, this election may boil down to naming rights for the next tax legacy. Will the "Bush tax cuts" survive or will the "Obama tax plan" become the new political bogey?

--Written by Glenn Hall in New York.

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Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.
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