The next major political party in this nation will be the Taxes-Are-Too-Damn-Low Party, DoubleLine Capital CEO Jeffrey Gundlach told his clients and shareholders on Tuesday. I'll believe it when I see it. In his view, the relatively low tax rates of the last decade have exacerbated income disparities to the point where it is threatening the nation's social fabric.

I listened to Gundlach speak on a conference call in which he was celebrating DoubleLine's first anniversary in business. The money manager certainly knows how to provide provocative thinking with entertainment and good investment returns. During its first year in business, DoubleLine has attracted more assets than any new mutual fund complex in history, according to Strategic Insights, and its flagship Total Return fund returned 19.2% in its first 12 months.

I presume that, since DoubleLine is based in Los Angeles, Gundlach is a California resident. I know many people of all different political pinstripes in California and I never heard any of them complain about low taxes before, but there is a first time for everything. But then I suspect we're going to hear more than anyone, even an accountant, wants to hear about taxes in the next 18 months.

That wasn't all Gundlach had to say. Unlike the folks at Pimco who have sold U.S. Treasurys short, Gundlach thinks they will rally when QE2 ends. At that point, he said, the U.S. economy will look a "lot like Rory McIlroy at Amen Corner" on Sunday, April 9. For those who don't follow golf, McIlroy is a brilliant young golfer who began the final day of the Masters as the tournament leader and went on to a staggering collapse.

When QE2 is terminated in June, people are going to ask if the U.S. economy can stand on its own two feet. Gundlach thinks it will struggle and that yields on 10-year Treasurys won't go above 4.0% because the economy can't handle anything more. He also thinks the fact that many big investors have followed Pimco's suit and are either out of or short Treasurys creates future buying power for the instruments. The last time the Fed ended QE1, some Treasury yields fell 160 points as bonds rallied, he explained, although they got a big assist from Greece in the spring of 2010.

The fact that politicians in Washington, D.C., are starting a serious conversation about reducing the federal budget deficit is another positive factor for bonds, in Gundlach's view, even if it's a negative factor for the economy. If America can finally display a degree of fiscal prudence, low yields on fixed-income securities make sense.

Though he currently is bearish on municipal bonds, Gundlach believes higher taxes are inevitable. At some point, that could make munis attractive. He also thinks that the two-year rally in equities may soon stall out.

Finally, Gundlach quoted the immortal Yogi Berra, who once remarked, "Be careful if you don't know where you are going because you might not get there." I'm looking forward to hearing him at our alternative investment conference in Chicago in June.