Mother of All Tax Increases

From the Family Research Council.

“Representative Charles Rangel (D-New York) is set to introduce what he calls “the mother of all tax reforms” today, which promises to be the biggest and most expensive tax code overhaul since 1986. Initial details coming out show there will be an astronomical price tag as he plays ideological politics with our already complicated tax code. He runs into problems since current House pay-as-you-go rules say that revenue or spending changes in the proposal must be offset to make them budget-neutral. Instead of offsetting costs by cutting the bloated spending of the U.S. Government, the Democrats instead are looking at astronomical tax increases to pay the bill. Rep. Rangel’s proposal would increase taxes on many married couples and increase welfare payments through the earned income credit, all while decreasing some corporate taxes and increasing others. The overall proposal resembles more a Marxist proposal of redistributing income than something worthy of the leaders of the free world. I’d agree with Congressman Rangel that the tax system needs a major overhaul, but more in the direction of simplicity and equality, not of a socialistic labyrinth.”

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