Tuesday, October 30, 2007
The Democrats & the Largest Tax Hike in History
Well, America, I hate that you are going to get what you deserve for voting the Democrats into power in the Congress.
I have been studying House Ways & Means Committee Chairman Charlie Rangel's tax increase for the past several days, and it frankly makes me ill. Here we go, folks - back to the bad ole days when the government takes everything and you end up working for free.
Andrew Wilkow, who hosts the Wilkow Majority on Sirius Radio, took Rangel apart (and logically - not by yelling and screaming at him. ala Bill O'Reilly) through well-reasoned debate yesterday. Bill Frist takes Rangel to task today over at VOLPAC.
Rangel's proposal is horrific, and his selling of the idea as better for hard-working Americans is intellectually dishonest. This proposed tax increase - the biggest in the history of our nation - is meant to benefit those who have decided that life is about the government taking care of them, that by not working they are bettering themselves and their country. The Democrats will stop at nothing to hurt the American worker.
Pardon me if I'm a bit upset, but I'm not exactly pleased with the idea of politicians engorging the government beast while hard-working Americans get little for their toil.
MORE: Here is the release from Congresswoman Marsha Blackburn:
Blackburn Blasts Democrat Plans to Implement Largest Tax Hike in American History
Washington, D.C. -- Congressman Marsha Blackburn joined the House Republican Leadership at a press conference this morning to voice her strong opposition to the largest proposed individual tax-hike in U.S. history. House Ways and Means Chairman Charlie Rangel briefed members of his committee on the proposed legislation the previous day. The plan will implement a new $1.3 trillion tax increase, sunset the 2001 and 2003 tax cuts in 2010, and lead to a $3.5 trillion increase within 10 years. Following the news conference, Blackburn issued the following statement:
“Everyone knows that the Federal government doesn't have a revenue problem, it has a spending problem. The Democrat led ‘Hold onto Your Wallet' Congress is once again telling the American taxpayer that they don't pay enough in taxes.
“An estimated 23 million families will pay the Alternative Minimum Tax in 2007, at a cost of an estimated $2,000 in additional per person taxes. Chairman Rangel's tax hike plan doesn't cut taxes; it simply shifts the tax burden from one line on the form to another. Our constituents know that any tax by any name is still a tax. They will pay more under this plan, and that is the wrong policy. The American taxpayer has suffered enough at the whim of the liberal elite and tax and spenders."
If this plan were to become law, the effective top marginal tax rate in this country would be the same as it is in Germany. The plan outlined by Chairman Rangel would transform the capital gains tax rate of 15% to the maximum income tax rate of 35% for revenue generated by investment in private equity, repeal section 199 deductions for American manufacturers, reinstitute the marriage penalty, and do nothing to reauthorize the state sales tax deduction set to expire at the end of this year.
EVEN MORE: President Bush weighs in on taxes and on the massive spending bills that Congressional Democrats are sending his way.
I have been studying House Ways & Means Committee Chairman Charlie Rangel's tax increase for the past several days, and it frankly makes me ill. Here we go, folks - back to the bad ole days when the government takes everything and you end up working for free.
Andrew Wilkow, who hosts the Wilkow Majority on Sirius Radio, took Rangel apart (and logically - not by yelling and screaming at him. ala Bill O'Reilly) through well-reasoned debate yesterday. Bill Frist takes Rangel to task today over at VOLPAC.
Rangel's proposal is horrific, and his selling of the idea as better for hard-working Americans is intellectually dishonest. This proposed tax increase - the biggest in the history of our nation - is meant to benefit those who have decided that life is about the government taking care of them, that by not working they are bettering themselves and their country. The Democrats will stop at nothing to hurt the American worker.
Pardon me if I'm a bit upset, but I'm not exactly pleased with the idea of politicians engorging the government beast while hard-working Americans get little for their toil.
MORE: Here is the release from Congresswoman Marsha Blackburn:
Blackburn Blasts Democrat Plans to Implement Largest Tax Hike in American History
Washington, D.C. -- Congressman Marsha Blackburn joined the House Republican Leadership at a press conference this morning to voice her strong opposition to the largest proposed individual tax-hike in U.S. history. House Ways and Means Chairman Charlie Rangel briefed members of his committee on the proposed legislation the previous day. The plan will implement a new $1.3 trillion tax increase, sunset the 2001 and 2003 tax cuts in 2010, and lead to a $3.5 trillion increase within 10 years. Following the news conference, Blackburn issued the following statement:
“Everyone knows that the Federal government doesn't have a revenue problem, it has a spending problem. The Democrat led ‘Hold onto Your Wallet' Congress is once again telling the American taxpayer that they don't pay enough in taxes.
“An estimated 23 million families will pay the Alternative Minimum Tax in 2007, at a cost of an estimated $2,000 in additional per person taxes. Chairman Rangel's tax hike plan doesn't cut taxes; it simply shifts the tax burden from one line on the form to another. Our constituents know that any tax by any name is still a tax. They will pay more under this plan, and that is the wrong policy. The American taxpayer has suffered enough at the whim of the liberal elite and tax and spenders."
If this plan were to become law, the effective top marginal tax rate in this country would be the same as it is in Germany. The plan outlined by Chairman Rangel would transform the capital gains tax rate of 15% to the maximum income tax rate of 35% for revenue generated by investment in private equity, repeal section 199 deductions for American manufacturers, reinstitute the marriage penalty, and do nothing to reauthorize the state sales tax deduction set to expire at the end of this year.
EVEN MORE: President Bush weighs in on taxes and on the massive spending bills that Congressional Democrats are sending his way.
Permalink posted by Rob Huddleston @ 12:50 PM 
