Sweeping tax reform introduced in Congress
Monday, October 29th, 2007
By Chris Fitzsimon
By MARILYN GEEWAX
Cox News Service
Friday, October 26, 2007
WASHINGTON — Congress’s chief tax writer announced a far-reaching tax reform bill Thursday, touching off a political battle that could extend beyond next year’s presidential election.
Rep. Charles Rangel, D-N.Y., chairman of the House Ways and Means Committee, said he wants to restore "equity and fairness" by raising taxes on high-income Americans while cutting them for average taxpayers.
"We are not raising taxes," Rangel said at a news conference. "We are restructuring the rates of taxes so that at the end of the day, 90 million taxpayers would walk away? (saying) ‘I got a decrease in taxes.’ "
Rangel’s reform would repeal the Alternative Minimum Tax (AMT), an unpopular system that’s poised to affect 23 million households this tax year, and expand benefits aimed at the middle class. It also would lower the corporate tax rate.
To offset those cuts, it would impose a surtax on the wealthy and erase many deductions now cherished by corporations. Rangel said his package would not change the total amount of money going into government coffers. (more…)
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