Tags for everything

Michael mentions in one of his ten lessons in the course. He told us that instead of multiplying the number of Projects, he uses tags to accomplish the same. Sounds like a good idea until I discovered that I cannot tag (tags are called Project Labels in Version 2) Actions, only projects. So how does that help us to avoid having to set up more and more projects to track different types of work. We need tags for everything – not just Projects, but also Actions and Notes, so that if I want to see everything pertaining to Clients, regardless of Project, I can just call up the tag “Clients” and find everything I am looking for.