|
|
Joined: May 2003
Posts: 5,958
some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
|
OP
some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
Joined: May 2003
Posts: 5,958 |
I would have just continued in another thread about taxes but unfortunately that one was affectionately called "Fuck You Democrat mothrfuckers". Talk about loaded! YOUR MONEY Democrat vows equity in tax plan REVAMP: House Ways and Means Committee Chairman Charles B. Rangel (D-N.Y.) speaks at a news conference Thursday. "We have attempted to restore equity and fairness to the system," said Rangel.The overhaul would make top earners pay more and give millions a break. Republicans see 'mother of all tax hikes.'By Jonathan Peterson and Noam N. Levey, Los Angeles Times Staff Writers October 26, 2007 WASHINGTON -- The lead tax architect in Congress on Thursday unveiled a sweeping package of cuts and increases, which could become the blueprint for the Democrats' initiative to overhaul the tax code and restore what party members view as fairness in the U.S. economy.
The planwould reverse the trend of the Bush administration by boosting taxes on some of the nation's wealthiest people, including partners in private equity firms, the new kings of Wall Street. It would provide tax relief for more than 90 million households, proponents said, most of them with less than $100,000 in annual income.
It would also eliminate the alternative minimum tax, a measure designed to ensure that the rich paid at least some taxes, but which threatens millions of families -- many middle class -- with a surprise tax hike this year.
And in at least one departure from Democrat stereotypes, it would reduce the corporate income tax, a measure also recommended by the White House, and extend a range of mostly small tax breaks sought by businesses.
"We have attempted to restore equity and fairness to the system," said Rep. Charles B. Rangel (D-N.Y.), chairman of the House Ways and Means Committee, whose plan would pay for tax relief by wiping away various provisions enjoyed by business and investment firms.
Rangel termed his plan the most comprehensive tax reform since 1986. There would be a combined $1 trillion in offsetting increases and decreases, making the proposal revenue neutral.
The new tax plan also cast in sharp relief the political dilemma of drawing a line between middle-class families that would benefit from tax relief and the more affluent, as well as the trade-off between higher taxes and economic growth.
Given all those ingredients, the Rangel proposal set off a major new debate on taxes and the economy that seemed certain to rage in the months ahead -- including within the Democratic Party -- and into the general election campaign next year.
Although President Bush's veto power seems to stand in the way of various provisions, the plan may be offering insight into what could happen after the next election, and its political significance was illustrated by the vehemence of reaction.
Republicans blasted the plan as a job killer and repeatedly derided it as "the biggest tax increase in history." The Bush administration wasted no time in signaling thumbs down, with Treasury Secretary Henry M. Paulson Jr. warning that it would "hinder America's ability to compete in the global economy."
But supporters said Rangel had come up with a powerful set of fixes for an unpopular tax code, at a time when many families felt anxiety about job security and the burden of costs for healthcare and education.
As Ways and Means chairman, Rangel, a liberal, controls the House's official tax-writing panel, and his priorities are certain to help reshape a national debate on tax fairness after more than a decade of Republican domination that featured an emphasis on tax cuts and business-friendly tax breaks.
"It's an incredible opportunity" to use taxes as a tool to promote fairness in the economy, said Rep. Mike Thompson (D-St. Helena), a member of the Ways and Means Committee. "I think [the plan] will provide a good juxtaposition of what we are trying to do versus what they did. They had six years of irresponsible government. This is a chance for us to turn that around."
Although Rangel said he expected congressional action next year, some political observers said a bona fide redirection of tax policy was not likely until after the next election -- and would require a Democratic takeover of the White House.
Under the plan unveiled Thursday, tax burdens would be altered through an array of changes affecting households and businesses.
According to House staffers, more than 90 million taxpayers would have some relief, including an estimated 23 million who would not be forced to pay the alternative minimum tax.
Fewer than 2 million Americans would face a tax hike, predominantly those earning more than half a million dollars a year.
The elimination of the the alternative minimum tax, or AMT, is perhaps the most dramatic facet of the plan. The AMT was imposed in 1969 to make sure that the wealthiest Americans paid at least some tax, but it has turned into a tax increase for a growing number of taxpayers because it is not indexed for inflation.
Congress has attempted to save the middle class from falling under the AMT by passing a series of temporary fixes that raised AMT thresholds and exempted popular breaks, such as the child tax credit.
This year, all those temporary fixes are slated to expire. That would potentially make anyone earning over $75,000 vulnerable.
|
|
|
|
|
Joined: May 2003
Posts: 32,001 Likes: 1
We already are 15000+ posts
|
|
We already are 15000+ posts
Joined: May 2003
Posts: 32,001 Likes: 1 |
When it comes to taxes I am still fairly conservative. With that said however I see alot of good in some of this plan and really hopw both sides can use it as a starting point to meet in the middle. No doubt we have to start getting corporations to pay more (especially oil companies) and he is right on with these hedge funds......make them pay. Why should we the little guys be getting fucked in the arse.
|
|
|
|
|
Joined: May 2003
Posts: 43,951 Likes: 6
Officially "too old for this shit" 15000+ posts
|
|
Officially "too old for this shit" 15000+ posts
Joined: May 2003
Posts: 43,951 Likes: 6 |
Pete du Pont, a former governor of Delaware, is chairman of the Dallas-based National Center for Policy Analysis. He writes that the Rangel plan would increase taxes on "individuals, small-business owners and farmers" and most likely reduce revenue going into the treasury: - Rep. Charles Rangel of New York, chairman of the tax-writing House Ways and Means Committee, last week introduced an estimated $3.5 trillion tax increase that would raise the capital gains tax rate from to 19.6% from 15% and places a surtax of as much as 4.6% on people making more than $150,000 a year. Mr. Rangel applies it not to current taxable income but to adjusted gross income, thus phasing down itemized deductions such as charitable contributions, home mortgage deductions, and state and local tax deductions. Together with the end of the Bush tax cuts, Mr. Rangel's plan would increase the top income tax rate to 44% from 35% for individuals, small-business owners and farmers, who make up about three-fourths of taxpayers in the highest bracket.
While raising taxes on individuals, the Rangel bill would reduce corporate tax rates to 30.5% from 35% and eliminate the alternative minimum tax.
Federal tax revenues have been rising between 6.7% and 14.5% in each of the past three years, but the proposed tax increases, by slowing rather than stimulating the economy, would ensure that these percentages decline.
|
|
|
|
|
Joined: Sep 2007
Posts: 3,774
Feared by the RKMB morons 3000+ posts
|
|
Feared by the RKMB morons 3000+ posts
Joined: Sep 2007
Posts: 3,774 |
Rangel is a dick. That's really all I have to say. As far as taxes go they get rid of them and print out more money. But that's just wishful thinking (that makes more sense then you might think).
|
|
|
|
|
Joined: Dec 2002
Posts: 4,205
fudge 4000+ posts
|
|
fudge 4000+ posts
Joined: Dec 2002
Posts: 4,205 |
you want to....print....money to solve financial problems?
I always thought that the more money in circulation the less value it has..
 Racks be to MisterJLA
|
|
|
|
|
Joined: Sep 2002
Posts: 17,801
terrible podcaster 15000+ posts
|
|
terrible podcaster 15000+ posts
Joined: Sep 2002
Posts: 17,801 |
Just let it slide, Chant... 
|
|
|
|
|
Joined: Jun 2003
Posts: 15,797 Likes: 40
Fair Play! 15000+ posts
|
|
Fair Play! 15000+ posts
Joined: Jun 2003
Posts: 15,797 Likes: 40 |
Is this the same National Center for Policy Analysis that is a conservative non-profit funded by Scaife that had Jack Abramoff as a director G-man?
Fair play!
|
|
|
|
|
Joined: May 2003
Posts: 43,951 Likes: 6
Officially "too old for this shit" 15000+ posts
|
|
Officially "too old for this shit" 15000+ posts
Joined: May 2003
Posts: 43,951 Likes: 6 |
About the NCPA- The National Center for Policy Analysis (NCPA) is a nonprofit, nonpartisan public policy research organization, established in 1983.
Pro & Con- The NCPA provides the information you need to know to stay abreast of current public policy debate. By giving you Both Sides of the issues at one central location, staying informed has never been easier. Whether you are a policymaker, journalist, or a politically conscious citizen, Both Sides will provide you with the information you need - when you need it.
And, according to, of all sources Raw Story, you are mixing up your think tanks. Abramoff wasn't affiliated with NCPA. He was affiliated with the similarly named "National Center for Public Policy Research"
|
|
|
|
|
Joined: Sep 2002
Posts: 17,801
terrible podcaster 15000+ posts
|
|
terrible podcaster 15000+ posts
Joined: Sep 2002
Posts: 17,801 |
abreast. heh.  
|
|
|
|
|
Joined: Jun 2003
Posts: 15,797 Likes: 40
Fair Play! 15000+ posts
|
|
Fair Play! 15000+ posts
Joined: Jun 2003
Posts: 15,797 Likes: 40 |
However, Scaife as well as other conservatives fund the National Center for Policy Analysis. That of course doesn't make anything they say untrue just like something funded by liberals wouldn't, it does make their opinion suspect though.
Fair play!
|
|
|
|
|
Joined: Sep 2003
Posts: 30,833 Likes: 7
The conscience of the rkmbs! 15000+ posts
|
|
The conscience of the rkmbs! 15000+ posts
Joined: Sep 2003
Posts: 30,833 Likes: 7 |
I would have just continued in another thread about taxes but unfortunately that one was affectionately called "Fuck You Democrat mothrfuckers". I fail to see the problem here. Why should the title stop you from posting in the thread?
|
|
|
|
|
Joined: May 2003
Posts: 5,958
some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
|
|
OP
some RKMB'ers are Obsessed with Black People Hmmm? 5000+ posts
Joined: May 2003
Posts: 5,958 |
Well, if I were to have started this one and calling it "Fuck You Republican motherfuckers", we'd have to endure 10 paragraphs of Wonder Boy going on about how conservatives here discuss the issues intelligently but the liberals on the other hand are hate filled and can't discuss issues without resorting to crude attacks and name calling yadda yadda.
I wanted to get this in but without contributing to a similarly nasty titled thread and thus putting Wonder Boy in an awkward position.
|
|
|
|
|
Joined: Sep 2007
Posts: 3,774
Feared by the RKMB morons 3000+ posts
|
|
Feared by the RKMB morons 3000+ posts
Joined: Sep 2007
Posts: 3,774 |
Which is stupid. It's green fucking paper. I realize it's part of a system but it's a system that I think will one day be moot if humanity matures. But that's just me being ideological.
|
|
|
|
|
Joined: Sep 2007
Posts: 3,774
Feared by the RKMB morons 3000+ posts
|
|
Feared by the RKMB morons 3000+ posts
Joined: Sep 2007
Posts: 3,774 |
Just let it slide, Chant... Your an idiot.
Last edited by Halo82; 2007-11-06 3:41 PM.
|
|
|
|
|
Joined: Sep 2002
Posts: 17,801
terrible podcaster 15000+ posts
|
|
terrible podcaster 15000+ posts
Joined: Sep 2002
Posts: 17,801 |
Just let it slide, Chant... Your an idiot. yah your not kidding ROTFLOL!!1!
|
|
|
|
|
