Rangel is presenting a new and improved tax code. Thoughts?


Mr. Rangel’s proposal, unveiled on Thursday, would cut taxes on married couples with annual incomes below $200,000 but raise taxes of most people earning more. It would eliminate the alternative minimum tax, which was created to prevent the rich from avoiding paying any taxes but could this year affect millions of families with incomes as low as $50,000; it would replace the lost revenue with a 4 percent to 4.6 percent surcharge on the top 10 percent of taxpayers.

Mr. Rangel, who previously called his proposal the “mother of all tax reforms,” characterized it as the broadest reform of tax policy since the overhaul in 1986 under President Ronald Reagan. Republicans in Congress, however, swiftly recast it as the “mother of all tax hikes,” even though Mr. Rangel said it was intended to be revenue neutral.


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Well, Rangel is known for off the wall recommendations so I find it hard to believe he would get much support for his ideas, even if they were good ones.

That is true, look at his statement a couple years ago about the need for a draft--he was right then and he is right now.

They have been saying the tax codes need to be re-written for years, but when the party advocating the change gets to power the tune changes.

I think instead of re writing, just throw them in the crapper. Go to either a national sales tax or a single percentage of say 22%, everybody pays, no loopholes, no deductions.