What you think?


WASHINGTON, Oct. 30 — When the Democratic chairman of the House Ways and Means Committee proposed a sweeping overhaul of the tax code last week, aimed at shifting more of the burden of taxation to the wealthy, Democrats were lukewarm and Republicans loosed a fusillade of attacks.

But even as Democrats ran for cover and Republicans fired away, the proposal by the chairman, Charles B. Rangel of New York, gave shape to the debate over one of the biggest issues facing the next administration: whether to keep President Bush’s tax cuts in place or roll them back


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I think Bush's tax cuts need to be rolled back.

I agree, but we are in a minority. The people seem to think that they can pay for all the programs with less money. I do not understand how anyone could think that.

More on Rangel's proposal.


NEW YORK (CNNMoney.com) -- If a tax-system overhaul proposed last week were to pass into law, there would be a substantial redistribution of the tax burden.

Those with incomes over $500,000 would bear the brunt of that shift, with tax bills that could grow by between 6 percent and 10 percent in 2008, according to an analysis by the Tax Policy Center of a proposal introduced last week by House Ways and Means Committee Chairman Charles Rangel (D-NY).
BREAKING DOWN THE NUMBERS
Here's how the average tax bill in 2008 would change under Rangel's proposed tax reform bill.
Income Avg tax change % change
Over $500K +$11,497 +6%
Over $1M +$101,082 +10.4%
$200k-$500k -$3,582 -4.5%
$100k-$200k -$1,569 -4.8%
$75k-$100k -$532 -2.9%
$50k-$75K -$158 -1.3%
$40k-$50k -$84 -1.1%
$30k-$40k -$64 -1.3%
$20k-$30k -$85 -3.5%
$10k-$20k -$162 -24%
Under $10k -$47 -19.8%
Source:The Tax Policy Center

Currently, those making more than $1 million pay 18 percent of all federal tax revenue. Under the Rangel proposal, their share would rise to 20 percent.

Those making between $500,000 and $1 million account for 6.7 percent of all tax revenue; their share would rise to 7.1 percent.


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