Don't they know that it will only help the conservative's voter base? I don't get it. Usually they're sneakier and hammer the tax rate hikes AFTER they're in office. I mean, c'mon. Congress has an 11% approval rating...Big business is going to use this as a weapon against the liberals, for sure.

http://www.nasdaq.com/aspxcontent/NewsStory.aspx?cpath=20071024%5cACQDJON2007102 42253DOWJONESDJONLINE001107.htm&

Herb

How would this help conservatives? I read through the summary of the bill and I'm having a hard time understanding how this amounts to a tax hike?

-Corporations would see their top tax rate cut to 30.5% from 35%.

-Middle and upper-middle income families would benefit under the plan by a repeal of the alternative minimum tax starting Jan. 1, 2008.

-The surtax will also make possible an expansion of the earned income tax credit, an increase in the standard deduction, and an increase in the value of the child tax credit for those earning too little to owe federal income taxes.

It seems like it's only a bad deal if you're in one of the following groups:

-If you're subject to the 4% surtax on incomes above $150,000 for a single earner or incomes above $200,000 for a married couple. That surtax would grow to 4.6% for incomes above $500,000.

-You're a company using an accounting method known as last-in, first-out, or LIFO, that can cut their taxes during times of rising prices.

-The plan would also require companies to defer deductions for certain expenses of foreign subsidiaries of U.S. companies until the money is repatriated to the U.S.

It seems to me the positives outweigh the negatives, since it's helping the common American, not the wealthy or those that use crazy tax schemes. Just who's side are you on?

Jacking up the tax rate for anyone is not what Mr. Kennedy and Mr. Reagan did...and each saw record increases in federal revenues as a result.

If you tax, you take away incentive. You're practically begging businesses to outsource and go off-shore in order to compete with the Chinese commies.

C'mon. Can't I get some labour support here? With a shrinking manufacturing base, we're gettin' killed.

Herb

Kennedy proposed lowering tax rates across the board. However, he was very worried that it would caused a deficit so he proposed closing some huge tax loopholes.

You right wingers like to say that because he lowered tax rates it resulted in more revenue in the treasury. Ain't true Herb. It was because of them closed loopholes.

Kennedy of course never lived to sign his bill, that was done by President Johnson.

I don't see this helping the cons either. Who the heck is going to believe corporate executives? They got to the top because they are the best liars and crooks and people know that.

Herb, other than companies using crazy loopholes, individuals making over $150K or couples making over $200K, who else is getting their taxes jacked up? Way more people see tax cuts, all those working shmoes who have kids, or take the standard deduction, or corporations who play by the rules.

Like I said, who's side are you on? The average American or the weatlhy, tax loophole using companies?

Herb says what the EXTREME RIGHT tells him to say. Hewitt, Insannity, Bimbo and the rest of the FAUXNews elite.

Just as I said, read it and weep!

http://money.cnn.com/2007/11/01/pf/taxes/rangel_proposal_breakdown/index.htm?pos tversion=2007110213

If a tax-system overhaul proposed last week were to pass into law, there would be a substantial redistribution of the tax burden.

Those with incomes over $500,000 would bear the brunt of that shift, with tax bills that could grow by between 6 percent and 10 percent in 2008, according to an analysis by the Tax Policy Center of a proposal introduced last week by House Ways and Means Committee Chairman Charles Rangel (D-NY).

Currently, those making more than $1 million pay 18 percent of all federal tax revenue. Under the Rangel proposal, their share would rise to 20 percent.

Those making between $500,000 and $1 million account for 6.7 percent of all tax revenue; their share would rise to 7.1 percent.

For all other income groups, their share of the federal tax burden would remain the same or go down. Those making between $100,000 to $200,000 will see the biggest drop, from 25.4 percent to 24.3 percent.

The Tax Policy Center estimates that 57 percent of tax filers (86 million households) would get a tax cut under Rangel's bill in 2008, while 2.4 percent of filers (3.6 million households) would pay higher taxes.

Realtively small shifts. At least those are smaller changes than I would have guessed.