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110th United States Congress (view source)
Revision as of 01:32, July 10, 2007
, 01:32, July 10, 2007→Earmark reform: more tax increases, of couse
The legislative journal, ''The Hill'', reported Sen. [[Carl Levin]] and Sen. [[Hillary Rodham Clinton]] were the two top Senatorial [[Pork#Government_Budgets|pork barrel]] reciepients via the earmark process in 2007. <ref>[http://thehill.com/leading-the-news/clinton-can-boast-wealth-of-earmarks-2007-06-13.html Clinton can boast wealth of earmarks], By Roxana Tiron and Ilan Wurman, ''The Hill'', June 13, 2007.</ref>
The legislative journal, ''The Hill'', reported Sen. [[Carl Levin]] and Sen. [[Hillary Rodham Clinton]] were the two top Senatorial [[Pork#Government_Budgets|pork barrel]] reciepients via the earmark process in 2007. <ref>[http://thehill.com/leading-the-news/clinton-can-boast-wealth-of-earmarks-2007-06-13.html Clinton can boast wealth of earmarks], By Roxana Tiron and Ilan Wurman, ''The Hill'', June 13, 2007.</ref>
==Tax increases==
House Energy and Commerce Committee Chairman [[John Dingell]] of Michigan announced a proposdal for a new carbon tax that would increase the gasoline tax by 50 cents. In addition to raising the gasoline tax, Dingell’s new proposal would institute a “double digit” tax on each ton of carbon dioxide emitted. <ref>[http://thehill.com/leading-the-news/dingell-to-propose-50-cent-gasoline-tax-increase-2007-07-07.html Dingell to propose 50 cent gasoline tax increase], By Chris Good, ''The Hill'', July 07, 2007.</ref>
The ''[[Wall Street Journal]]'' reported in April House Ways and Means Chairman [[Charlie Rangel]] effectively declared the death of [[Reaganomics]] in America. Democrats have come up with an idea to slow the 17 million middle class Americans subject [[Alternative Minimum Tax]] (AMT). Changes in the AMT rate, and the treatment of dividends and capital gains, still leaves the budget at least $600 billion short of paying for the AMT fix. House Democrats have acknowledged that to close this final gap, they will have to consider raising personal income taxes.
The top AMT rate would increase to 31.5% from 28%. Democratic tax experts also recommend eliminating the lower rate for capital gains and dividends for those subject to the AMT. This would raise the capital gains tax rate to about 31% from its present 15% rate. <ref>Stephen Moore, Op-Ed, [http://online.wsj.com/article/SB117789342653886488-search.html?KEYWORDS=tax&COLLECTION=wsjie/6month $650 Billion Tax Hike,] ''The Wall Street Journal'', 4/30/07.</ref>
== Other Congresses ==
== Other Congresses ==