Here's the Republican response to the INSANE TAX HIKE they are planning to ram down our throats if they pull the wool over the public's eye and take the election in 2008.
Here's Bloomberg.com's take on it.
Here's Newsbusters take on it.
Not much difference among the three articles. Rangel, of course, insists this is just to make things more "fair" but that's nonsense. There's nothing fair about taxing anyone at 44% at the federal rate. They say it will lower taxes on the lower incomes but that's a giant lie if there ever was one. The top tax bracket is at $200,000 a year or higher. Specifically, this impacts small businesses, the largest sector that affects job growth in the nation. Additionally, you should keep in mind that large corporations will be taxed at a much, much higher rate. Sounds good the ear if you don't know how economics, or even basic human nature works. The higher taxes on the small and large businesses are not simply going to be absorbed as a loss for these entities. They will simply raise the prices on goods, thereby passing the effects of the taxes onto to us normal folks. You should also keep in mind that a good tax lawyer or accountant will find any loophole that exists to exploit it, and the government is not going to simply let that revenue disappear without passing it on to consumption, which again, impact us not making over $200,000 year. They also talk of taxing oil companies even higher rates. Again, that will spill over to us. So if you believe the big lie that the economy is bad now, get ready for indentured servitude to the government. Here are some real facts on the economy, as eloquently stated by my friends over at Say Anything.