Even though the media darlings Hillary and Obama seemed destined to capture the democrat nomination there still is a lot of uncertainty as to whom the Republicans will nominate to run against either one in 2008.
Personally I don’t care who the Republicans nominate as long as he/she can pledge that the EITC law won’t be signed into law if it is passed by Congress. No one could do as much damage to the U.S. economy as a Democrat in the White House and Congressman Charles Rangel as head of the Ways and Means Committee.
Mr. Rangel has proposed a sweeping change to the tax code which he claims will give relief to working Americans. But people who know how the economy works have said his new proposal could destroy Our economy.
The following is a quote from the National Ledger: “Finally achieving his coveted chairman’s role after years of waiting, Rangel wants to make history. His staff is hard at work on an audacious plan that over the next decade would redistribute up to a trillion dollars in American income through the tax system. Even if this package gets through the House, it likely would be filibustered to death in the Senate, with a veto by President George W. Bush as the last resort. But Rangel is targeting 2009, when he envisions a Democratic president and a filibuster-proof Democratic majority in the Senate.
Unlike the Republican Ways and Means chairmen who preceded him over the previous 12 years, Rangel has a comprehensive tax strategy and a calculated plan. His wedge is the AMT, the Alternative Minimum Tax (AMT) is part of the federal income tax system in the United States. There are two AMTs, one for individuals and one for corporations.
The AMT for individuals is is the most atrocious taxation imposed on the American taxpayer. In its present form it will raise $1.4 trillion in revenue over the next decade, through taxation of 23 million additional families this year alone. Congress regularly prevents this catastrophe by enacting a “patch” to the tax law that limits AMT coverage to 4 million upper-bracket families.”Mr. Ranger proposes to raise this by abolishing the AMT.
The Secretary of the Treasury had this to say about Rangels proposed Bill: Meeting reporters at breakfast last week, Secretary of the Treasury Henry Paulson set as his tax priority a “patch” to slow the runaway Alternative Minimum Tax (AMT). This statement flys in the face of Rangels proposed expansion of EITC, that would turn the need for a temporary tax fix into the most radical left-wing tax revision in half a century. It would include the raising of the maximum tax paid by workers from 33% to $40% to offset the income loss in the give aways of increased EITC.
In his meeting with reporters last week, Paulson claimed to be puzzled that Congress had not yet passed an AMT patch this year. Paulson views a tax increase as the worst medicine for today’s economy. Paulson is alarmed that the U.S. advantage in tax policy is gone, with corporate taxes here now higher than those of foreign competitors. However, cutting corporate taxes, no matter how desirable for the sake of American prosperity, is no part of Charlie Rangel’s desire to make history.
The Fear Mongers of the Democrat aspirants to the White House like Senator Durbin are trying to pull OUR attention away from the Socialization of the United States, by claiming President Bush will go to war against Iran. I believe the Israeli’s, with our help, will handle that problem if it comes to that. The real problem with electing Democrats is their main thrust is the redistribution of wealth and the elimination of Christian values in the United States, while making us part of the “One World” community dominated by the UN.