Good start, admits the problems, but the hand waviness at the end is all too typical. The idea that you can just make a little magic, control things and everything will be fixed is one of the things I really hate about Progressive intellectual types:
http://www.nytimes.com/2011/03/27/busin ... .html?_r=2
Higher taxes do not mean higher revenues, this has been demonstrated over and over again. They only decrease personal liberty.