The fact that New York Democrat Charles Rangel is authoring a $540 billion piece of legislation – and not in jail somewhere – absolutely astounds us, people.
This thug might actually be the most corrupt politician in Washington, D.C., which is obviously saying something in a town where skeletons-in-the-closet outnumber people by a friggin’ 10-to-1 ratio.
Anyway, the eminently unethical Rangel (who treats tax law like Chris Brown treated Rihanna) is ironically the chosen author of a new tax on rich Republicans … err, Americans … that’s supposed to help pay for “Obamacare.”
The new tax would affect anyone earning $350,000 or more – and that’s before you count deductions. Oh, it will also affect all kinds of income, even income from your shady oceanfront villa in the Dominican Republic – well, unless you do like Rangel and just don’t report that.
Anyway, here’s a breakdown of what the “Rangel surtax” would do to top marginal rates in America …
Yeah … that kinda sucks, doesn’t it?
According to a report from Heritage’s The Foundry, sixty percent of the returns that would be affected by Rangel’s “bleed the job creators” scheme included small business or partnership income on their taxes. Twenty percent of them get over half their income from their small businesses or partnerships.
In other words, let’s pour sugar in the gas tank of the nation’s primary job-creating engine and see what happens.
Damn … that 15% tax rate in the Czech Republic’s looking pretty good right about now, isn’t it?