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Rangel plots major tax hike

The Alternative Minimum Tax (AMT) was designed to stop high-income earners from paying no income taxes but, because it was never indexed to inflation, it affects more and more upper-middle class earners every year. The regular congressional response has been passing one-year-at-a-time "patches" to the law, limiting the number of affected individuals.

New House Ways and Means Chairman Charles Rangel sees this as the opening to "reform" - his code word for "massive tax increases." Robert Novak reports at Real Clear Politics:

But Rangel has refused to pass a patch, and he has not hidden what he has in mind. When Congress returned from its summer break, Ways and Means summoned the usual lineup of tax redistributionists for a Sept. 6 hearing on "fair and equitable tax policy for America's working families." Jason Furman, director of the Brookings Institution's Hamilton Project, deplored "the increase in inequality" caused by the Bush tax cuts, which he said "have exacerbated after-tax income disparities."

* * * * *

Rangel talked about closing "loopholes," but the real money would come from drastically increasing the number of Americans paying the top 36 percent income tax rate and applying that rate to present capital gains taxpayers. Rangel also is considering the old millionaires' tax, but applying it to much more than millionaires: a surtax on household incomes over $200,000. All this would reverse the tide of across-the-board tax reduction begun by John F. Kennedy and Lyndon B. Johnson and renewed by Ronald Reagan.

Read it all at the link above. Naturally, Democrats don't like to talk about this much during election campaigns, but their core belief in taxing and spending has never changed.

The Rangel plan is economic stupidity under the guise of "tax equity." On the bright side, if he were able to pass it - even it isn't until a Democratic Administration again runs the White House - it will quickly remind voters of the harsh reality that national security isn't the only thing Democrats are unfit to manage.


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Comments (23)

Thankfully, ol' charlie is ... (Below threshold)

Thankfully, ol' charlie is a charter member of the "Know Nothing/Do Nothing" club.

Tax and spend dummies, borr... (Below threshold)

Tax and spend dummies, borrow and spend puggies, no difference, we still have to pay it one way or the other.

As long as these g... (Below threshold)
civil behavior:

As long as these gung ho republicans want to rob the treasury for their nasty little imperial experiment in the Middle East then I say, "go charlie, go.

I say same goes for the draft "bring it on" only this time NO exemptions. Watch how fast these war hawks buy plane tickets for their kiddies to Canada.

It's fine for them to fight a war with someone else's blood and money. Rangel is simply calling them out to put their money and their kids where their mouths take them.

Scurrying cockroaches they become in an instant.

They don't respect America,... (Below threshold)
civil disobedience:

They don't respect America, and we don't respect them. Bring the war home, let's just have a revolution and hang'em.

How about a redsign of the ... (Below threshold)
spurwing plover:

How about a redsign of the demacratic donkey showing it with a big $ sign painted on its side

The donkey should have the ... (Below threshold)
civil disobedience:

The donkey should have the Chinese currency on its side, and a tattoo of Soros on its a$$.

Hey, civil behavior - how t... (Below threshold)

Hey, civil behavior - how the barista gig coming along?

It's kind of cute the way you're trying to sound intelligent, but you should know from history that the libbies are the first to head off to Canada to preserve their worthless hides. Moron Rangel knows this, and won't propose the concept for fear of alienating his psychotic base.

Thank goodness for the conservatives who volunteer for the military - quit the canard about sending kids into battle; all of our armed forces are adults, and do their jobs in spectacular fashion.

Tell you what - leave our military to do what they're assigned (singularly without complaint, with the exception of frauds like Beauchamp, MacBeth, etc.), and you go ahead and serve coffee....

Too bad Rangel wasn't as eq... (Below threshold)

Too bad Rangel wasn't as equally driven to fix Social Security. His "working people" are the ones who'll be wrecked when the ponzi scheme collapses.

btw Civil Behavior, I'd like a tall vanilla latte, extra shot, iced please.

CB, you'll know it's me. I'... (Below threshold)

CB, you'll know it's me. I'll pull up in the black GMC 2500HD 4X4 crewcab with the liftkit and 8.1 liter/allison power plant, 4 mpg when pulling my monster decadent 4 horse trailer (with plush living quarters, of course) while the horse flatulance destroys what little environment is left after my pu passes by on our way to the nearest rodeo. I wonder if Al Bore will be there muching on a big 'ol hand-dipped corn dog and educating us all about global warming? Naahh, didn't think so. lolololol

You know if it was... (Below threshold)
civil behavior:

You know if it wasnt for the arrogance and "cocky" presidente who mangles his English as well as his Spanish and all you cowboy wanna be's who think your testosterone is an admirable trait for the Larry Craig family values crowd we really wouldn't have the great fodder of material for the Jon Stewart show every night now would we?

Keep it comin fellas, we all need the security of knowing that the republican lemmings are our own best friends when it comes to national embarassment.

I also LOVE the way you have pigeonholed me into a smucky, stuckey barrista type. If you only knew. But then again if you did you wouldn't be spending your time trying to convince others of your superiority now would you?

You guys crack me up.

"...all you cowboy wanna be... (Below threshold)

"...all you cowboy wanna be's who think your testosterone is an admirable trait for the Larry Craig family values crowd"

Actually we just say this crap to get boneheads like you to foam up and rant.

Like GWB said on CVN72, "mission accomplished" lololol

Actually it was the CVN72 c... (Below threshold)

Actually it was the CVN72 crew that said "mission accomplished".

Yes, if you only knew... LO... (Below threshold)
civil disobedience:

Yes, if you only knew... LOL. Make sure you don't cut any trees down, we'll need them.

I love it when civil behavi... (Below threshold)

I love it when civil behavior starts foaming at the mouth. He gets all choked up and says the dumbest things. Please continue. lol.

Well CB, you began the "gue... (Below threshold)

Well CB, you began the "guess the job" game.
Ever figure out what I do yet? Your first guess of eating babies was incorrect. ;)

ODA315:I wonde... (Below threshold)


I wonder if Al Bore will be there muching on a big 'ol hand-dipped corn dog and educating us all about global warming? Naahh, didn't think so. lolololol

I have my doubts, Gore isn't the kind to mingle with the masses, at least not without votes to be had.

I'd look for him doing a fly-by in a jp-5 guzzling private jet though.

Ironically, members of Cong... (Below threshold)
John S:

Ironically, members of Congress would be voting themselves into the 70% "millionaire's" bracket. And BTW, if you happen to work for a "millionaire" say like a small businessman, you'll soon be collecting unemployment.

OK SCS, how about "baby sea... (Below threshold)

OK SCS, how about "baby seal clubber"? (is "clubber with one b or two?)

"Whale harpooner"?... (Below threshold)

"Whale harpooner"?

"Nuclear device trigger mak... (Below threshold)

"Nuclear device trigger maker"?

Yeah nobody wants weak libe... (Below threshold)

Yeah nobody wants weak liberal pussies like cb in the military. The incessant crying over skinned knees, splinters, and other boo-boos would just be demoralizing.

And when some gets a letter... (Below threshold)
spurwing plover:

And when some gets a letter from the $ierra Club urging them to $send them $500 to $ave the redwood$ you will know their lying becua$e of their letter$

ODA, you remind me of a pos... (Below threshold)

ODA, you remind me of a poster a roomate once had, showing bumber stickers. Using the symbols from your average deck of cards, they read
I 'heart' NY
I 'club' baby seals
I 'spade' cats

But, I did once have a job (still in the company, but do something different) where I visited nuclear power stations on a regular basis.






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