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Rangel Floats Sweeping Tax Reform Bill

Rolls back Bush cuts for wealthy; unlikely to advance soon

By Jonas Oransky, Newser Staff

Posted Oct 25, 2007 2:06 PM CDT

(Newser) – A Democratic bill unveiled today would dramatically alter the tax code, hiking taxes for those making more than $200,000 and slashing them for most others. The overhaul, which would effectively roll back Bush’s cuts for the wealthy, isn’t expected to get any traction until the White House has a new occupant, the New York Times notes, and is seen as a preview of future plans.

The measure would eliminate the alternative minimum tax, raise the standard deduction, and expand the earned-income tax credit. The cost of these new cuts would be balanced by a “replacement tax” for the top 10% of earners. On the business side, the basic corporate tax rate would be cut from 35% to 30.5%, offset by the elimination of a set of special tax breaks.

Rep. Charles Rangel, chairman of the House Ways and Means Committee, is introducing the bill (KRT Photos)

Rep. Charles Rangel, chairman of the House Ways and Means Committee, is introducing the bill (Getty Images)

IRS Investigates Tax Status Of NAACP Following Political Remarks (Getty Images)

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Rangel Floats Sweeping Tax Reform Bill

Rolls back Bush cuts for wealthy; unlikely to advance soon

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Charles Rangel • tax cuts • tax breaks • earned income tax credit • George W. Bush

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Happy Birthday, Bush Tax Cuts: You're a Total Failure

By every metric, the cuts delivered less than promised

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Axing the Bush tax cuts is just the start

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Republicans seem to have lost touch with fiscal reality

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Cuts to cost $2.1 trillion over a decade; Dems' plan to cost $1 trillion

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Rangel Floats Sweeping Tax Reform Bill

Rolls back Bush cuts for wealthy; unlikely to advance soon

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OTHER STORIES ON OUR RADAR

Charles Rangel • tax cuts • tax breaks • earned income tax credit • George W. Bush

MOST POPULAR STORIES

[ By Views ]

[ By Comments ]

More Newser Stories

Happy Birthday, Bush Tax Cuts: You're a Total Failure

By every metric, the cuts delivered less than promised

Warren Buffett: Rich Sons Not Coming Home in Body Bags

He continues crusade for higher taxes

Geithner to World: Relax, We're Raising Taxes

Axing the Bush tax cuts is just the start

Bush's Tax Cuts Need to Go

Republicans seem to have lost touch with fiscal reality

House Dems' Health Plan Half the Cost of Bush Tax Cuts

Cuts to cost $2.1 trillion over a decade; Dems' plan to cost $1 trillion

About Us

Site

Newser By Users

Community

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More News

What is Newser?