Charles Rangel's tax plan - What do you think?

[AngryAmish]

Thoughts?

I ran across this, but I am unsure of the source.

[tularetom]

1. First I'd have to see who attacks it as socialism or class warfare

If a bunch of pubs do that, then I'd have a pretty good idea I'd support it. If nobody objects, I'd have to study it to see why they didn't.

If Pelosi has a shit fit over it and demands that Rangel apologize for bringing it up, I'd really support it.

[rucky]

2. From what I know about it....

it will help small businesspeople and close loopholes for the fat cats.

Heard a report on NPR.

[SharonAnn]

6. If Charlie Rangel is for it, them I'm probably for it.

[TheFarseer]

3. I don't think it's horrible but

I am a little pissed that they give married people even more deductions. They already have the tax table working for them and now a married couple gets $850 more in deduction that two single people have. Why don't we just stop fucking around and make it illegal to be single???? Either get married, or get your ass to jail.

I think we ought to just index AMT to inflation, like we do with standard deductions and exemptions. To do anything else is to set it up for certain failure.

I disagree with a massive increase of EITC. Indexed to inflation yes, but we can't afford a massive increase.

I wish it projected MORE revenue rather than LESS revenue.

[AngryAmish]

4. Well, I just got married...

Part of this is personal and finding out how my ox is getting gored. I'm a small businessman, married with a tot on the way. From the little I read I would get a tax cut most years. But I'm still reading up on it (and it is important - there is a lot of money at stake.)

[kdmorris]

5. Wait, I think you read it wrong

It says that all groups get more of a deduction. The amount that Single or Married Filing Separately will be raised is exactly 1/2 of what a married couple gets:

"Married couples filing jointly are allowed to take an additional $850. The additional amount would be $625 for heads of household and $425 for singles and married individuals filing a separate return.

[TheFarseer]

7. OK, I didn't get to that part

I just flew off the handle thinking married people get another break.

[kdmorris]

9. I've done it before.

No problem!

[TahitiNut]

8. I tend to trust the data and analyses of Citizens for Tax Justice (CTJ).

Their overall 'take' on the Rangel tax plan is here: http://www.ctj.org/html/tjd92.htm

Their specific view of the AMT provisions in Rangel's tax plan is here: http://www.ctj.org/html/congress.htm#amt

I'm 99.44% on-board with them regarding the various '08 candidate postions on taxes at: http://www.ctj.org/html/2008pres.htm