Rangel Offering Broad Tax Plan, and Big Target
By STEVEN R. WEISMAN
New York Times
WASHINGTON, Oct. 30 — When the Democratic chairman of the House Ways and Means Committee proposed a sweeping overhaul of the tax code last week, aimed at shifting more of the burden of taxation to the wealthy, Democrats were lukewarm and Republicans loosed a fusillade of attacks.
But even as Democrats ran for cover and Republicans fired away, the proposal by the chairman, Charles B. Rangel of New York, gave shape to the debate over one of the biggest issues facing the next administration: whether to keep President Bush’s tax cuts in place or roll them back.
“What Rangel has done is put out a coherent plan,” said Robert E. Rubin, who was Treasury secretary under President Bill Clinton and is now chairman of the executive committee at Citigroup. “You may like it, you may not like it. But it starts a discussion.”
In general, the Democratic presidential candidates have made clear that they intend to reverse Mr. Bush’s income tax reductions for upper-income people and use the additional revenue to pay for health care and other domestic programs. But they have not put forward detailed tax plans of the sort offered by Mr. Rangel.
His bill would increase tax rates on the wealthy; eliminate the alternative minimum tax, which is increasingly raising tax bills for many middle- and upper-income people; provide additional breaks for low- and middle-income households; and overhaul corporate taxes by reducing rates while tightening tax breaks.
(Continued here.)
New York Times
WASHINGTON, Oct. 30 — When the Democratic chairman of the House Ways and Means Committee proposed a sweeping overhaul of the tax code last week, aimed at shifting more of the burden of taxation to the wealthy, Democrats were lukewarm and Republicans loosed a fusillade of attacks.
But even as Democrats ran for cover and Republicans fired away, the proposal by the chairman, Charles B. Rangel of New York, gave shape to the debate over one of the biggest issues facing the next administration: whether to keep President Bush’s tax cuts in place or roll them back.
“What Rangel has done is put out a coherent plan,” said Robert E. Rubin, who was Treasury secretary under President Bill Clinton and is now chairman of the executive committee at Citigroup. “You may like it, you may not like it. But it starts a discussion.”
In general, the Democratic presidential candidates have made clear that they intend to reverse Mr. Bush’s income tax reductions for upper-income people and use the additional revenue to pay for health care and other domestic programs. But they have not put forward detailed tax plans of the sort offered by Mr. Rangel.
His bill would increase tax rates on the wealthy; eliminate the alternative minimum tax, which is increasingly raising tax bills for many middle- and upper-income people; provide additional breaks for low- and middle-income households; and overhaul corporate taxes by reducing rates while tightening tax breaks.
(Continued here.)
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