Live Long, Don’t Prosper, Democrats Are Making Law
Posted by Andy on October 25th, 2007
The US House Ways and Means Committee Chair is looking for ways to tax the rich.
Rangel said the broader measure, which he has called the “mother of all reforms,” would contain a 4 percent tax-rate surcharge on adjusted gross income over $200,000 for married couples. The surcharge would rise to 4.6 percent for those with income of more than $500,000. In addition, households with income of more than $200,000 would have to pay rates as high as 19.6 percent on capital gains and dividends, instead of the current rate of 15 percent.
That provision alone would raise $831.7 billion, more than enough to cover the cost of eliminating the minimum tax, Rangel said.
A drop in the bucket.
The proposal also imposes $9.4 billion in Social Security and Medicare taxes on lawyers, accountants and others who currently avoid them by organizing as a partnership. It would also raise $4.3 billion in taxes from investors by requiring stock purchase prices to be reported to the Internal Revenue Service beginning in 2009 and all other types of securities beginning in 2011.
gee, it almost seems like Rangel and Democrats don’t want people to invest in their own retirements.
As soon as I get time, I will be posting on an alternative to Rangel’s plan. Republicans in Congress are working on a workable, non-prosperity stiffeling solution.
It is just one of them hell weeks for me. Stay tuned.
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