Congressman John Campbell's Blog - Green Eyeshade Blog

Wednesday, October 24, 2007

Posted by: John Campbell at 5:36 PM

The word is that Chairman of the Ways and Means Committee Charlie Rangel (D-NY) will introduce he is calling the “Mother of all Tax Bills” tomorrow.

Rumors are that it will do two good things:
1.) Eliminate the Alternative Minimum Tax (AMT);
2.) Lower the Corporate tax rate from 35% to 30.5%

However, it is also rumored to do many bad things including:
1.) New higher rates for all incomes of $150,000(single) and $200,000(joint);
2.) Repeal many business tax deductions including the LIFO inventories and section 199 manufacturer’s deduction.

This is clearly not the entire bill but one thing is for sure; it will increase taxes by nearly a trillion dollars. I don’t need to explain to you that it will take a lot of taxpayer’s paying a lot more taxes to make up for a trillion dollars.

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Arby writes:	Wednesday, October, 24, 2007 6:05 PM
And the surprise here is
what? Democrats. Tax increase. Is there a reason this is made to look like news?
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marystella writes:	Wednesday, October, 24, 2007 7:02 PM
Demcrats always want more of your money
This is the first time I don`t even get upset about higher taxes, I believe, maybe it is about time let the real Democrats take control and tax,tax, tax, as you breathe, for the common good. I have Democrat close relatives living in California, with children, I want them deeply enjoy their consequnece of their choices, as I am extreemly tired of arguing the conservative values. And I am the poorest of the rest. I really don`t care any more. My husband and I will be retiring soon, I do worry for my only son`s future since he is a conservative, and just starting looking for a job. The truth of the matter is the Democrats, always have been the best friend of the Big business, since they are getting all their political contributions from.
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jp inc writes:	Wednesday, October, 24, 2007 7:35 PM
same ol' same ol'
Democrats love to spend succesfull peoples money. I think that I will send all money I make to a Swiss bank account so the Democrats cant tax it. I'll then choose how to use a portion of it for charity my own way! That will really hit the Democrats where they dont like it; by acting charitably as an individual, they cant stand that!
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Citizen Carrier writes:	Wednesday, October, 24, 2007 11:56 PM
When is the last time...
...a "I will raise your taxes" platform actually helped a party or candidate win an election? Knowing a little something about human nature, I just don't think this is going to drive people to the polls to usher in the Tax Party. There's a lot of strange, unpredictable things going on in the economy right now. Like the low value of the dollar, for example. To ease people's nervousness about it, the Dem plan is to take more money OUT of the private sector? Yeah guys, take that plan to the voters! See you in 08.
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Thasic writes:	Thursday, October, 25, 2007 1:46 AM
I would love to see...
...something done about the AMT, but I just don't trust Rangel (or just a bout any other Dem) to do the job. What does this bill say that we won't be privy to?
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chas writes:	Thursday, October, 25, 2007 1:46 AM
People always have limits.
I hardly ever quote scripture in comments but this cute little story is exactly what can happen to the Dems if they don’t resist the temptation to impose all these tax increases on us. King David fought wars to extend Israel's territory. He also collected lots of stuff for his son King Solomon to build the temple. King Solomon built the temple and other projects, and must have caused quite burdensome taxes, and slave labor on Israel. In 1 Kings 12 they come from all over Israel to Solomon's son, the new King Rehoboam and pleaded, "your father put a heavy yoke on us but now lighten the harsh labor the heavy yoke he put on us and we will serve you. After consulting his advisers he said "My father made your yoke heavy; I will make it even heavier. My father scourged you with whips; I will scourge you with scorpions. For the rest of their history Israel was divided in two, with Judah in the south and Israel in the north. People always have limits.
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chuck writes:	Thursday, October, 25, 2007 12:32 PM
OUTSOURCING
And we wonder why all of our high valued jobs are leaving AMERICA. I think the DEMS think that if you tax the BIG Bussinesses so much they just might give in and pay higher TAXES. If thet is the DEMS attitudes then dont start blaming Bush for jobs leaving this country. Bush had better bring out a big pen for this VETO. over 1TRILLION TAX HIKE on the AMERICAN PEOPLE. Read my lips, We(DEMS) are going to screw you again.
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wildwest writes:	Thursday, October, 25, 2007 1:24 PM
increased taxes
rangel is the typical dim in congress. Punish the successful through higher taxers and reward the great unwashed with more ggodies as a reward for being failures. But like all hypocrites rangel earmark a couple of million to funded his personal shrine in nyc. Rangel stole tax dollars for his own agrandizement, what a hypocrite. Can't these senior thieves ever retire or are we stuck with them until they die
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ROBZUC writes:	Thursday, October, 25, 2007 1:48 PM
And the strange thing is:
people keep voting them in while Conservatives are the ones called "drum beaters"! I would also be of the opinion that to secede the WH to the Democrats is the way to "enlightenment" for those foolish enough to believe their rhetoric but, unfortunately, those who look at Slick Willy as the Greatest of All Presidents is surely incapable of learning. And those believing Hillary is different is of the "fool me twice" crowd. Of course, Democrats love to pretend they're the victim anyway.
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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.