A Democrat's alternative tax plan

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Charging the Federal Reserve Board with failure to control interest rates, House Democratic leader Jim Wright proposed an 80 percent tax on income from loans with interest rates above 15 percent.

The tax was proposed as part of a broad economic recovery program that would spend $12 billion less than President Reagan would for defense, reduce the 10 percent tax cut scheduled for July to 5 percent, and eliminate the 10 percent reduction slated for next year.

Representative Wright's plan also includes:

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* A tax exemption on the first 3 percent of loans with terms lower than 10 percent.

* A repeal of the leasing provision of the 1981 tax bill, which allows corporations, in effect, to sell unused tax breaks to other corporations.

* Holding the ''real'' increase in military spending to 7 percent.

* A $1,000 tax credit to anyone who buys an ''energy efficient'' American-made automobile in 1982 and a similar credit for anyone buying or contracting for a new home in 1982.

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