The Wall Street Journal today, Rep. Charlie Rangel's new tax increase plan is explained. (And if Rangel's behind this, we know that it's really Hillary Clinton's tax increase plan.) Tax cuts increase revenue to the US treasury and reduce the deficit. Plus tax cuts result are good for the economy because tax cuts fuel economic growth. That's what President Bush's tax cuts have done.
But as surely as the sun rises and sets, after the Democrats won majorities in both the US House and Senate, the Democrats are looking to raise our taxes:
Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and
Means Committee, last week introduced an estimated $3.5 trillion tax increase
that would raise the capital gains tax rate from to 19.6% from 15% and places a
surtax of as much as 4.6% on people making more than $150,000 a year. Mr. Rangel
applies it not to current taxable income but to adjusted gross income, thus
phasing down itemized deductions such as charitable contributions, home mortgage
deductions, and state and local tax deductions. Together with the end of the
Bush tax cuts, Mr. Rangel's plan would increase the top income tax rate to 44%
from 35% for individuals, small-business owners and farmers, who make up about
three-fourths of taxpayers in the highest bracket.
Now there, is an economic nightmare. All you Republicans who sat out the 2006 elections-how stupid are you now??
vadkins
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