The “mother of all tax increases” is already being proposed by Charles Rangel, D-NY, Chairman of the House Ways and Means Committee. Rangel does not forsee a vote on the total proposal this year.
Is this a preview of a Democrat administration featuring Hillary Clinton?
You betcha – TAX and Spend Redistribution of Income.
The bill will add a 4% surtax on Americans earning more than $150,000 a year ($200,000 for couples). That is on top of the scheduled expiration of the 2001 and 2003 tax cuts. So, under Democratsâ€™ plan, over the next few years, the individual income top tax rate in the will rise from 35% to 44%.
Former New York City Mayor and GOP Presidential candidate Rudy Giuliani just released comments on the Rangel proposal:
â€œWe certainly shouldnâ€™t raise taxes the way Charlie Rangel wants to â€¦ It would be devastating to our economy. â€¦ When the government takes more money out of it and takes it for the government to program the spending, it begins to diminish our economy. It puts a lid on it and then it begins to decline. Particularly, this suggestion today would be devastating to our economy â€“ particularly the taxes that would reduce investment. â€¦ It makes no sense to be raising the rate on capital gains when we want more investment in this country. All weâ€™re saying to people is go find some place else to invest. The corporate tax rate in America is the second highest in the world. The President of France wants to lower the corporate tax rate in France because France is losing money, and their rate is lower than ours. So weâ€™ve got a group of Democrats who want to go to the left of France in our economic policy. It doesnâ€™t make any sense. â€¦â€
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