Last week good old Charlie Rangel (D-NY), the chairman of the House Ways and Means Committee, unveiled the “mother of all tax bills” that lowers corporate tax rates, fixes the AMT, and raises marginal tax rates rather smartly on people earning over $100,000.
Really nothing remarkable. It reflects the Democratic idea that you should run the nation’s income stream through expert bureaucratic institutions rather than through enterprising individuals.
Republicans are ecstatic. They see an issue to run on in 2008. But Democrats are not so happy, reports Donald Lambro
The political buzz in Democratic backrooms last week, after the liberal Ways and Means Committee chairman proposed the "mother of all tax bills," wasn’t happy.
Why advertise a tax increase now, they grumble?
Why indeed? But the Rangel tax increase proposals do concentrate the mind. And the point to the future where we baby-boomers are going to eat the federal budget alive unless Congress starts cutting just about every other program in sight.
Of course, if the Democrats slow the economy by raising marginal tax rates on the most productive workers in the nation then there will be even less money for “programs.”
The fact of the matter is, if you look at usgovernmentspending.com, that the Big Three items on the national budget are government pensions, government health care, and government education. And all three of them are a complete mess.
Throwing more money at them will only make the problem worse.
But the Democrats don’t know anything else.
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