What Charlie Rangel proposes is the Mother of all unjustified pay cuts. By repealing the tax cuts passed by George W. Bush, Charles Rangel takes thousands of dollars out of the pockets of the average American wage earner. In the State of Virginia, Rangle’s Bill will cost the average family $2,487. It doesn’t get better elsewhere.
Not only does Charles Rangel hammer the working American family, he also utterly fails to tax the really rich. Is he repealing the S-Corporation exemption from Medicare taxes? Negative. Making the income from municipal bonds taxable? Survey says. “Bwank! Thanks for playin’.”
Charlie Rangel could give a Tinker’s Dam about taxing the rich. He’s aiming to tax the successful instead. When Charlie Rangel talks about how his bill "would reform the tax code to provide a greater sense of equity and fairness," what he really proposes is that the Congress should use it to prevent anyone from enjoying the rewards of hard work too much.
Many people feel affluent right now and aren’t too worried about the coming $2,500 pay cut thanks to Democratic governance. I wish I could be one of them as well. I also believe they aren’t exactly focused on the big picture. The Heritage Foundation analyzed the projected macro effects of repealing the 2001 and 2003 tax reductions.
The output of the economy as measured by the gross domestic product (GDP), after subtracting inflation, would fall by an average of $60 billion per year;
More than one million jobs would be lost in 2013, and an average of 600,000 would be lost annually over the next 10 years (most of which would be after 2011);
Disposable income of households (after inflation is subtracted) would fall short of potential by nearly $200 billion per year; and
Household savings would shrink, investment would decline, and the general pace of economic life would subside.
As I examine the list above, by comparison, I don’t feel so bad about just losing $2,500 a year. It hurts, but it’s not the welfare that a lot of non-Federal Employees will end up standing in as a result of Charlie Rangel’s so-called tax fairness.
And this is just a SWAG on my part, but those people losing their jobs over the next decade probably aren’t managing hedge funds, don’t fly their private jets to anti-Global Warming concerts and generally fart through cotton; not silk. The people that will wind up getting kept in line by Rangel-nomics are the very working-class stalwarts that Charlie Robin Hood claims he wants to defend from the evil rich.
People that think this election is just about Iraq just don’t see the whole game. This election is about how we want our society to see itself. Do we admire our industrial achievers, or think they are just thieves who need to be punished by the IRS?
If we send Charlie Rangel to fix their little red wagon and feel better because they pay “their fair share” we only rip ourselves off in the end. That extra few thousand The Gold Man just got made to send to DC; that was your paycheck, dude. To bowdlerize a famous U2 lyric off the album Rattle and Hum.
I don't believe in Goldman - his type like a curse Instant karma's gonna get him, but it f----- your paycheck first!
This sort of beggar-thy-neighbor populism is precisely how liberals control us and keep us divided. They rule us via this hatred and destroy the capability of our economy to produce more wealth and greater freedom. It’s just part of the coming pay cut we have to look forward to, if we really let the Democrats win in 2008.
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