Congressman John Campbell's Blog - Green Eyeshade Blog

Wednesday, November 14, 2007

Posted by: John Campbell at 4:40 PM

Americans for Tax Reform, a non-partisan watchdog group, has put together some interesting facts about Chairman Rangel’s infamous “Mother of all Tax Reform” bills. As you know, I have already written several times about Mr. Rangel’s proposal, but I had to share some of ATR’s findings with you:

Rangel Tax Hike Fact of the Day #1 (Courtesy of Americans for Tax Reform)

“You don’t have to raise taxes to pay for an AMT patch or for full AMT repeal.”

Charlie Rangel sure does like tax increases. In fact, his large grab bag of tax increases in H.R. 3970 is almost too much to keep up with. To pay for full AMT repeal, Rangel suggests imposing a surtax of up to 4.6% on families earning as little as $150,000 per year.

Someone should have told Rangel that several Republican Congressmen have introduced measures to fix the AMT without raising taxes.

The House Republican Study Committee (RSC) has introduced H.R. 3818, the “Taxpayer Choice Act of 2007.” This bill would repeal the AMT, and implement an optional “simplified income tax” system with a top rate of only 25% (15% for capital gains and qualified dividends).

Charlie Rangel has a choice: steal out of one pocket to put money in the other, or actually make progress. He should patch the AMT by holding families harmless, and should work to repeal the AMT and replace it with a simplified income tax.

To access more Rangel Tax Facts, go to www.atr.org

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Rich L. writes:	Thursday, November, 15, 2007 2:02 PM
Sure, I'll hold my breath
waiting for Rangel to propose anything but a huge tax increase is a fool's errand. The man hates anyone, except himself and perhaps Jesse to have any money and his solution to the "problem" of other people having money is to take it from them!
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chuck writes:	Thursday, November, 15, 2007 3:21 PM
RICH L
Sounds like Communism/Socialism to me. When they need money just take it from the people. You know the people the DEMS always state that they are trying to help becuase they are poor. It doesnt take a rocket scientist to understand that know matter what the people say they (POLITICIANS) will do the opposite.
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Arby writes:	Saturday, November, 17, 2007 6:17 PM
Tax increase, tax cut, who cares?
It all matters, but only a little -- until someone somewhere wishes to address CUTS in spending. Otherwise, it remains typical Democratic rhetoric. Tax tax tax and redistribute to people who choose to be low producers. How socialistic. How Hillary.
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About John Campbell

John Campbell is a member of the House Financial Services Committee, and has taken a leadership role in addressing the country's top economic issues. Campbell serves as a member of the Joint Economic Committee, and House Committee on the Budget. He has a Bachelor's Degree in Economics from UCLA and a Master's Degree in Taxation from USC.