Limbaugh says shifting taxes back to the wealthy will encourage capital flight to the third world -- to places like India, where children have been reduced to slavery.
Three minute excerpt.
Today's show: Limbaugh Endorses Slave Labor In India.
For earlier shows, please visit Conceptual Guerilla
Observer story on slave labor in India.
Child workers, some as young as 10, have been found working in a textile factory in conditions close to slavery to produce clothes that appear destined for Gap Kids, one of the most successful arms of the high street giant.
Speaking to The Observer, the children described long hours of unwaged work, as well as threats and beatings.
'It is obvious what the attraction is here for Western conglomerates,' he told The Observer. 'The key thing India has to offer the global economy is some of the world's cheapest labour, and this is the saddest thing of all the horrors that arise from Delhi's 15,000 inadequately regulated garment factories, some of which are among the worst sweatshops ever to taint the human conscience.
On the Editorial Page
None of the Presidential candidates will admit this before November 2008, but give Mr. Rangel credit for having the courage of Hillary Clinton's convictions.
. . .
But where Mr. Rangel really gets busy is with his plan for a long-term "revenue neutral" AMT fix. He wants to abolish the AMT permanently and greatly expand "refundable tax credits" for low income families, while adding a 4% income tax surcharge on anyone who makes more than $200,000 a year, or 4.6% if you make $500,000 ($250,000 for singles). Mr. Rangel also wants to raise the capital gains tax rate to 19.6% from 15% today, and raise taxes on dividends, business partnerships, and companies with foreign subsidiaries. Add it all up and you get new taxes of $1 trillion or more.
Hillary's Mother of All Tax Hikes
CALLER: Hey, the thing that got my goat: I was reading the Wall Street Journal article yesterday, and the line that caught my attention was how US manufacturers are going to be penalized by this whole bill, and it's going to cause them to go overseas. Charlie Rangel is the same guy that's going to sit here after it goes through, and blame us, blame manufacturers for going overseas, when he's part of the problem.
RUSH: Well, it's a good point, and you know why this happens, because Democrats -- plus, the government agencies that score these tax increases and tax cut bills -- do it statically. They do not dynamically score what happens. So you're exactly right. You raise taxes on a certain segment of society, say on manufacturing.
CALLER: Right.
RUSH: What are the people that own those businesses going to do?
CALLER: (laughs)
RUSH: They are not going to sit there and pay Charlie Rangel the money. They're going to go where it's cheaper to operate! Hello, China --
CALLER: (chuckles)
RUSH: -- or hello, Mexico. They're going to go where it's cheaper to operate, and then Charlie Rangel is going to come back and not understand why his tax increase isn't raising the revenue he thought it was going to raise --
CALLER: Right.
RUSH: -- and he's going to complain and whine about the lack of Americanism on the part of these manufacturers taking these jobs overseas, because they don't understand... Well, I don't know if they understand it or not, but they think that people are just going to sit out there, "Okay, you got a new tax increase. Your tax rate is 44%. Fork it over." They just think they'll say, "Okay, here it is."
http://en.wikipedia.org/...
Wikipedia, Alternative Minimum Tax.
The AMT was introduced by the Tax Reform Act of 1969,[1] and became operative in 1970. It was intended to target 155 high-income households that had been eligible for so many tax benefits that they owed little or no income tax under the tax code of the time.[2]
In recent years, the AMT has been under increased attention. Because the AMT is not indexed to inflation and recent tax cuts,[3][4] an increasing number of upper-middle-income taxpayers have been finding themselves subject to this tax.