Charlie Rangel's tax proposal was described by Mitt Romney as the "largest increase in the history of America." Typical hyperbole: no, more like typically claiming the opposite of the truth. If you earn less than $200,000 a year after deductions,($150,000 for singles), Rangel's proposal would be a tax cut.
Republicans will spin this as a tax increase; Democrats should point out: it's the first salvo in a war to return to tax fairness.
After all, Rangel's proposal would pay for the abolition of the Alternative Minimum Tax, increases in the standard deduction and child deductions by a surcharge only on those earning more than $150,000/$200,000 (after deductions). He'd also count hedge fund earnings as regular income.
For most people his proposal is a tax cut. Politically, Republicans will spin this for all they're worth, but Warren Buffet said he was taxed too little!
For more see: httphttp://www.roman-empire-america-now....