Are the Democrats really on the side of the American people? This tax bill makes it clear that the answer is "NO!"

House Ways and Means Chairman Charles Rangel, D-N.Y., is planning for a trillion-dollar tax hike in 2009.

The non-partisan Joint Committee on Taxation took a look at Rangel's soak-the-rich tax increase and discovered that as early as 2011, 94 million families earning as little as $20,000 a year will see a tax increase.

Only 800,000 will see a tax reduction.

By my calculation, that means that nearly 120 families will see a tax increase for every family that sees a tax decrease. And the bill is hardly “revenue neutral”, given that it claims to reduce tax receipts by $50.6 billion while increasing taxes by $78.3 billion. That is an extra $27.3 billion cash grab by Rangel and the Democrats – unless, of course, they are admitting that the tax increase will slow the economy and reduce tax receipts by more than the $50.3 billion, essentially validating the supply-side model that has been demonstrated time and again by the economic growth spurred by tax cuts.

In other words, RangelÂ’s bill is bad for Americans and bad for America. It must be defeated.

Posted by: Greg at 12:38 PM | No Comments | Add Comment
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