From The New York Times:
The House’s leading Democratic tax writer will propose a sweeping overhaul of the tax code on Thursday that would increase taxes on many people with incomes above $200,000 but cut them for most others.
The bill, to be introduced by Representative Charles B. Rangel of New York, chairman of the Ways and Means Committee, would also overhaul corporate taxes by eliminating many major tax breaks and lowering overall tax rates.
Mr. Rangel has acknowledged that he does not expect to enact such a bill this year, and President Bush would almost certainly veto legislation that raises taxes on the wealthy.
The plan is probably most important as a preview of what Democrats are likely to pursue after the 2008 elections, especially in rolling back a good part of Mr. Bush’s tax cuts for people at the top of the income ladder.
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2 comments:
This should come as no big shock to U.S. citizens. Dems are famous for taxes. The leaders in all forms of government must take an active roll in watching how tax dollars are spent so as to avoid
raising taxes unless it is truly needed. Bonds should have been issued to fund the war like they were in previous wars. Raising taxes on the wealthy is a political ''Hot Button'' and is a tactic to sway voters. Don't be fooled by this, if taxes are raised they will be raised for everyone.
Difference in opinion regarding fiscal policy is one thing that does separate the political parties. President Bush either believed that cutting taxes was the right thing to do, was using it as a tactic to win votes in an extremely close election, or both. Representative Rangel either believes raising taxes on those making over $200,000 is the right thing to do, is using it as a tactic to win votes for the Democrats in the next election, or both. I'm inclined to give both the benefit of the doubt and believe that at the minimum, they both believe that their policy is the right one for the country.
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