Read My Lips: We Need These Taxes

The justification for this tax is that while the country allows -- and encourages -- citizens to accumulate great wealth on Earth, some of that fortune should be redirected to society once they enter the hereafter. The practical argument is also important: Repeal of the estate tax would be a death knell to charitable contributions and to this country's unique network of private foundations.

4. End unfair deductions.

First, the mortgage deduction. Sounds crazy, like banishing apple pie, right? But why should the government subsidize homeowners, who on average are far wealthier than people who rent? The home-mortgage deduction costs the United States more than $75 billion a year -- with half going to the richest 12 percent of taxpayers. And the evidence that it leads to higher home ownership is sketchy. More likely, it marginally raises home values. Given the real estate slump, propping up prices may seem like a good thing. But sooner or later -- as the recent crash should make clear -- prices return to their economic value anyway.

The mortgage deduction's true effect is to encourage people to borrow more on their homes. Haven't we had enough of that? A similarly unfair deduction, which McCain favors repealing, involves corporate health-care plans. If your company has a plan, you don't get taxed on the benefits. This costs the Treasury a whopping $125 billion a year and unfairly penalizes people whose employers don't have plans. Repealing these two deductions would eliminate almost half the deficit. Or the Treasury could replace them with a credit distributed evenly to all residents and all health-care consumers.

5. (Best for last): Repeal the Bush cuts in income and capital gains taxes.

They mostly benefited the wealthiest Americans, and this would save $2.5 trillion or so over a decade. The argument against the cuts hasn't changed, but now the evidence is in. In the 1990s, the U.S. economy boomed, and the government achieved a budget surplus. In this decade, growth has been slower; the surplus -- which the tax-cutters predicted would last indefinitely -- was gone within a year. Reversing the cuts (a step Obama and Clinton favor) would raise the top rate on ordinary income to 39.6 percent from 35 percent. It would also raise the capital gains rate to 20 percent. Wall Street frets that the latter would stymie investment. But the rate was 20 percent in the '90s -- probably the stock market's best decade ever.

I said that these hikes would be relatively painless. Since all taxes cost somebody money, you could say that every hike is painful. But not having money for retirement benefits or for health care for kids or for cities leveled by hurricanes or for defense and national security is also painful. The real questions should be: Would these hikes cause unfair pain to those being taxed, and would they cause more than marginal distress to the overall economy? The overwhelming answer is no.

Roger Lowenstein is the author of "While America Aged: How Pension Debts Ruined General Motors, Stopped the NYC Subways, Bankrupted San Diego, and Loom as the Next Financial Crisis."