Bush on Rangel’s Tax Plan, Internet Tax

By October 26, 2007Taxation

From President Bush’s statement this morning on SCHIP, appropriations and Congressional leadership:

As the House was debating SCHIP, the Chairman of the Ways and Means Committee unveiled a massive tax package that raises taxes on more than a million small business owners, among others. Earlier this week, Congress sent me a fiscally irresponsible water resources bill. The House version came in at $15 billion. The Senate version came in at $14 billion. So the House and Senate compromised — and sent me a bill that costs $23 billion. In Washington, they call that “splitting the difference.”

And today Congress set a record they should not be proud of: October the 26th is the latest date in 20 years that Congress has failed to get a single annual appropriations bill to the President’s desk. And that’s not the only thing congressional leaders have failed to get done.

They have yet to make the Internet tax moratorium permanent, or even extend it — even though this moratorium is set to expire in just a few days. The House and Senate have both passed temporary extensions but have not agreed on a final bill. I urge Congress to keep the Internet tax-free — and to get a bill to my desk that I can sign.

UPDATE (3:20 p.m.) Mitch McConnell on video: Dead on arrival.

UPDATE (3:22 p.m.): Larry Kudlow talks to Vice President Cheney tonight about oil prices and Rangel’s tax proposal. In this post, Kudlow previews the interview.

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