The Mother Of All Tax Debates
November 6, 2007, 4:59pm
Equity and fairness are the key goals of the “mother of all tax reforms” proposed by House Ways and Means Committee Chairman Charles Rangel.
Republicans have criticized the plan as the “mother of all tax hikes, but Rangel, D-N.Y., defended his bill in this week’s edition of “C-SPAN Newsmaker.” He said the measure “is good for American business” because it would close tax loopholes and give the same lower rate to all corporations rather than favoring a few.
“Everything that I do in the [tax] code, the president promised to do,” Rangel added, noting that President Bush in the past has promised to close tax loopholes and eliminate the alternative minimum tax, which aims to ensure that wealthy people pay at least some taxes despite write-offs. Rangel also said he is open to compromise.
“As chairman of the committee, I did not say ‘my way or the highway,’ as it used to be when Republicans were in charge. I welcome alternatives to the Democratic bill. I haven’t gotten anything.”
Categories: Podcast of the Week, New York, Taxes, Charles Rangel
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