Chairman Rangel Proposes Tax Cut to Spur Economy

By July 15, 2009Health Care, Taxation

Eight months ago, that is.

From Bloomberg, “Rangel Plans Push to Cut Top Corporate Tax Rate to 28 Percent: “(Bloomberg) — New York Representative Charles Rangel said he’s revising his tax overhaul proposal to reduce U.S. corporate tax rates to 28 percent, down from the current rate of 35 percent.”

That’s November 15, 2008. And now, July 15, 2009.

Bloomberg, “House Plans to Tax Millionaires to Fund U.S. Health-Care Plan“: “The surtax on wealthier Americans would be imposed based on adjusted gross income, meaning it would also apply to capital gains and dividends, which are currently taxed at a 15 percent rate. House Ways and Means Committee Chairman Charles Rangel said lawmakers targeted high earners because it ’causes the least amount of pain on the least amount of people.’”

As we know, 60 percent of all small businesses file as individuals, so along with tax increase in capital gains and dividends, businesses would also see a major tax increase.

Impressive serpentine policymaking, though.

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