Americans for Tax Reform, a non-partisan watchdog group, has put together some interesting facts about Chairman Rangel’s infamous “Mother of all Tax Reform” bills. As you know, I have already written several times about Mr. Rangel’s proposal, but I had to share some of ATR’s findings with you:
Rangel Tax Hike Fact of the Day #1 (Courtesy of Americans for Tax Reform)
“You don’t have to raise taxes to pay for an AMT patch or for full AMT repeal.”
Charlie Rangel sure does like tax increases. In fact, his large grab bag of tax increases in H.R. 3970 is almost too much to keep up with. To pay for full AMT repeal, Rangel suggests imposing a surtax of up to 4.6% on families earning as little as $150,000 per year.
Someone should have told Rangel that several Republican Congressmen have introduced measures to fix the AMT without raising taxes.
The House Republican Study Committee (RSC) has introduced H.R. 3818, the “Taxpayer Choice Act of 2007.” This bill would repeal the AMT, and implement an optional “simplified income tax” system with a top rate of only 25% (15% for capital gains and qualified dividends).
Charlie Rangel has a choice: steal out of one pocket to put money in the other, or actually make progress. He should patch the AMT by holding families harmless, and should work to repeal the AMT and replace it with a simplified income tax.
To access more Rangel Tax Facts, go to www.atr.org