Thursday, October 25, 2007

Doing What They Do Best

Well, we knew the old coot was going to try and raise taxes once he got the chairmanship of the Ways & Means Committee, and he doesn't disappoint:

House Ways and Means Committee Chairman Charles Rangel said he would propose paying for curbing the alternative minimum tax this year with a $48 billion tax increase on executives of buyout firms and hedge funds.

The New York Democrat said the proposal would more than double the tax rate on so-called carried interest, the compensation that executives at buyout and venture-capital firms, as well as real estate and oil and gas partnerships, receive for managing investments. It would also require hedge- fund managers to pay tax on income they defer in offshore accounts, he said.

Read the rest of the article, what Rangel wants to do is staggering...but not surprising. He keeps talking about raising taxes to "pay" for cutting somewhere else. It never occurs to these people to curb spending rather than continually raising taxes. It doesn't matter how many times tax CUTS work to stimulate the economy and bring more revenue into the government coffers, they still refuse to "get it." Wouldn't it be refreshing to hear a Democrat come up with something that might actually work?