President Vows to Revamp Tax System

I don't how to feel about this.
In some aspects, I agree with the president, in what he says. He makes sense. But as usual, he was vague and I know to guard against what this man says and what he and his party really want to accomplish by using the recession to implement, whether you like the term or not, socialistic programs.

The tax system has to be overhauled, that's a given. But at what price? Will, like Secretary of State Clinton indicated about her plans for health care during the Democratic Presidential primaries, President Obama bankrupt the Treasury like most of the critics of the president's economic policies, myself included have railed against?

Or, like he says, will he rebuild the system upon the same "rock " that America's forefathers forged? One that has done America fine for the last 250 years, but he pretty much called a swamp (o.k, he used the word, "sand") the question is, on what financial and sociological foundation will that "rock" be re-built? Will it be in the mold of Jefferson and Adams, or of Chavez and Castro?