RSSINFO BONAZA SATURDAY!: Rangel To Tax The Rich … Again
J.J. Jackson* | October 27, 2007
Make more than $150,000 per year which is not much in some areas of the country? Well, old Comrade Rangel wants to slap a 4% tax on you!
WASHINGTON -(Dow Jones)- Corporations would see their top tax rate cut to 30.5% from 35% under a tax plan unveiled Wednesday by House Ways and Means Committee Chairman Charles Rangel, D-N.Y., to fellow committee members.Rangel plans to publicly announce the plan Thursday morning.
To offset the cost of the lower tax rate, the plan would alter a number of business tax provisions, according to lawmakers, congressional staff and lobbyists familiar with the plan as outlined Wednesday night.
…
Middle and upper-middle income families would benefit under the plan by a repeal of the alternative minimum tax starting Jan. 1, 2008.
Upper-income families, however, would pay for that repeal with a 4% surtax on incomes above $150,000 for a single earner or incomes above $200,000 for a married couple. That surtax would grow to 4.6% for incomes above $500,000.
On one hand I am surprised that super-liberal Charlie Rangel would even suggest cutting corporate taxes by nearly 5%. On the other I am appalled that he wants to slap higher income taxes on people. 4% for someone making $150,000 would be equivalent to an added $6,000 tax bill.
But what are you complaining about? You’re RICH! Right?
Old Charlie’s bill gets rid of the AMT which a lot of middle class families are going to be hit with and which is a good thing. But like a good little liberal he just wants to shift the tax burden to those that he feels should be able to afford it. He’s the poster child for what is wrong with arbitary government.
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One Response to “INFO BONAZA SATURDAY!: Rangel To Tax The Rich … Again”
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To hell with the AMT, surcharges for earning too much, and send the entire Income tax system and the 16th ammendment along with it. It’s time for congress to stop F’in around with the damn internal revenue code and just get rid of it.
The FairTax is the only way to go. Even the worst case scenerio with the FairTax is better than what we have now.
What is the worst case scenerio, here it is.
Prices stay the same and the 30% fairtax is added to that price. Sounds bad huh, or does it. ok let’s take an example, today a cup of coffee will cost you $1.00, however you have to earn at least 1.34 to have that $1 left for coffee and that only accounts for 25% withholding which is a low number, most pay higher rates. Ok, now the FairTax is in place that cup of coffee now costs $1.30 BUT you have no federal taxes taken from your pay which means you only have to earn $1.30 to buy that cup of coffee. 4 cents in your favor already, now add in the prebate which will increase your available funds even more and there will be no reason to complain about taxes.
This example is a worst case scenerio because:
1)almost everyone loses more than 25% from their paychecks due to federal taxes.
2)prices are estimated drop a minium of 20% due to competition after the fairTax is in place.
3)the prebate approx. $196/adult and $66 per child per month will further increase your spendable income.
other benefits
1)No more IRS which will save the government and taxpayers $11billion a year
2)more jobs(economic growth estimated to increase 10% in the first couple years the fairtax is in place)
3)Keep your entire paycheck(you earned it)
4)poor are totally untaxed by the prebate.
5)the increased revenue will ensure that Social Security is available when current 20 year olds are ready to retire
6)no more death tax(give everything to your children when you die not the IRS)
7)make illeagals and the underground economy pay their fair share of taxes(prostitutes,drug dealers,mob,under the table employees currently pay no taxes BUT they spend their money)
8)tourists will help pay the tax bill(they enjoy being here they can help pay the bills)
the list can go on and on and on and 99% of negitive coments about the FairTax can be disproven.
the .1% is the fact that savings that has already been taxed under the incometax system will be taxed again when the FairTax is in place. O well,no tax system is purfect,but it could be worse you could be a tax preparer or an IRS agent.:)