meme
New member
Saturday, July 11, 2009
By Terence P. Jeffrey, Editor-in-Chief
SNIP:
House Ways and Means Chairman Charles B. Rangel (D.-N.Y.) (Congressional photo)(CNSNews.com) - Despite a still-lagging U.S. economy and rising unemployment rate, House Democrats announced late yesterday that they will seek a massive increase in federal income taxes to help pay for the national health-care reform proposal that President Obama is urging Congress to enact this summer.
House Ways and Means Chairman Charles Rangel (D.-N.Y.)revealed late Friday afternoon that House Democrats will seek to increase income taxes by $540 billion.
The move, which had been discussed earlier in the week by House Democrats, broke in an Associated Press story that was published at 4:14 PM Eastern Daylight time on Friday afternoon (or 8:14 PM Greenwich Mean Time).
.
“Ways and Means Committee Chairman Charles Rangel of New York said the tax would raise $540 billion over 10 years” the initial AP story reported.
Releasing news late on a Friday afternoon is a traditional public relations tactic used by politicians seeking to limit the news coverage of an item they nonetheless need to release.
Subsequent AP stories and a report in the Washington Post cited Democratic sources as saying that the massive new tax increase would come in the form of a “surtax” on people filing taxes in the upper brackets of the income tax code.
The upper tax brackets are already set to increase after next year when the income-tax cuts signed into law by President Bush in 2001 expire. President Obama and the Obama Treasury Department have indicated they intend to let those tax cuts expire for the upper two income brackets—meaning any individual or small business earning more than $200,000.
The “surtax” the House Democrats are planning now would further increase the income tax rate for people and small businesses paying taxes in the top brackets.
“Rangel didn't describe details, but one official said the surtax would apply to individuals with adjusted gross incomes over $280,000 a year, and couples over $350,000,” the AP reported. “A senior House aide said the surtax would be 1 percent for the first group of high earners, those households making $350,000 or more. The levels for the other two groups, those above $500,000 and $1 million in annual income are still being determined, said the aide.”
read the rest..
http://www.cnsnews.com/news/article/50895
By Terence P. Jeffrey, Editor-in-Chief
SNIP:
House Ways and Means Chairman Charles B. Rangel (D.-N.Y.) (Congressional photo)(CNSNews.com) - Despite a still-lagging U.S. economy and rising unemployment rate, House Democrats announced late yesterday that they will seek a massive increase in federal income taxes to help pay for the national health-care reform proposal that President Obama is urging Congress to enact this summer.
House Ways and Means Chairman Charles Rangel (D.-N.Y.)revealed late Friday afternoon that House Democrats will seek to increase income taxes by $540 billion.
The move, which had been discussed earlier in the week by House Democrats, broke in an Associated Press story that was published at 4:14 PM Eastern Daylight time on Friday afternoon (or 8:14 PM Greenwich Mean Time).
.
“Ways and Means Committee Chairman Charles Rangel of New York said the tax would raise $540 billion over 10 years” the initial AP story reported.
Releasing news late on a Friday afternoon is a traditional public relations tactic used by politicians seeking to limit the news coverage of an item they nonetheless need to release.
Subsequent AP stories and a report in the Washington Post cited Democratic sources as saying that the massive new tax increase would come in the form of a “surtax” on people filing taxes in the upper brackets of the income tax code.
The upper tax brackets are already set to increase after next year when the income-tax cuts signed into law by President Bush in 2001 expire. President Obama and the Obama Treasury Department have indicated they intend to let those tax cuts expire for the upper two income brackets—meaning any individual or small business earning more than $200,000.
The “surtax” the House Democrats are planning now would further increase the income tax rate for people and small businesses paying taxes in the top brackets.
“Rangel didn't describe details, but one official said the surtax would apply to individuals with adjusted gross incomes over $280,000 a year, and couples over $350,000,” the AP reported. “A senior House aide said the surtax would be 1 percent for the first group of high earners, those households making $350,000 or more. The levels for the other two groups, those above $500,000 and $1 million in annual income are still being determined, said the aide.”
read the rest..
http://www.cnsnews.com/news/article/50895
Looks like they will be close to a budget deficit of 2 trillion, not including this good news at the end of this FY. Way to go, big spenders.
