Republicans squeel with delight on tax plan

Republicans see House Ways and Means Committee Chairman Charles Rangel's (D) sweeping tax proposal as a chance to derail Democrats' momentum. (Story)

Touted as "the mother of all reforms,'' the proposal would raise taxes on higher-income families and some businesses, while cutting bills for the working poor and lowering the corporate rate. Republicans accused Rangel and his party of trying to raise taxes by more than $1 trillion.

Could you get a better gift? It's not even the holiday season yet (it really starts on Thursday) and to put a big bow on top he said:

"[We're] willing to work with any president in the next election, no matter who she is."

Wow.

Here's the nitty gritty of what he's planning:

*Repeal the alternative minimum tax (AMT), a levy originally aimed at the rich that now is hitting middle-income taxpayers... because they 'forgot' to add a provision to adjust for inflation. riggghhhttt....

*Pay for the repeal of the AMT by imposing a surcharge on higher-income taxpayers and limiting their tax deductions.

*Enact a "patch" for the AMT for the 2007 taxable year to keep 23 million people from paying it. I tried the 'patch' once. It just made me want to smoke more.

*Pay for the AMT patch with tax increases on hedge-fund executives and private-equity fund managers. Oh, you're serious? Well, good luck with that one.

*Raise the standard deduction for taxpayers who do not itemize their deductions. Increase the number of people eligible for the earned income tax credit.

*Cut the corporate tax rate from 35 percent to 30.5 percent. Close various corporate tax breaks, including one involving foreign income earned by U.S. corporations. No more money laundering through Caribbean banks?

*Extend expiring tax breaks, including the research and development tax credit, for another year. That's cool. Write off R&D and make a mint once you come up with a new Post It note, or Pet Rock.

And sit down OneF - I'm not even going to bitch about the taxes he's proposing.
What this article is about - and if you're even reading this far down into the article... - is the political stupidity of what and how Rangel is going about this. These proposals all sound absolutely science-fiction to me. I mean, I'm not a lawyer or an accountant, but I'm just going to guess that if Rangel thinks any of those top earners actually pay their taxes NOW, he might be an idiot.

Going up to a podium, talking about taxes AND endorsing Hillary at the same time, now you've proven you're an idiot. Especially in the arena of politicking. He's not even really proposing new taxes, just changes. It doesn't matter. Taxes were talked about. Watch the news shows Sunday morning. You'll see.

If I were a Republican strategist, I think I'd send Rangel and his entire office a gift basket.