Here’s What Rangel Has In Store for Us
Do you earn $200,000 adjusted gross income and are married?
Do you live in a place like New York, Philadelphia, Boston, Los Angeles, Chicago or any other large city where the cost of living is high?
How far does that salary take you in those areas? Are you living in paradise or trying to save for your childrens’ education?
I don’t know the answer to these questions but I know the cost of living in my small town is high enough.
Well, folks, have no fear because Rep. Charles Rangel has plans for your money.
Rangel said the broader measure, which he has called the “mother of all reforms,” would contain a 4 percent tax-rate surcharge on adjusted gross income over $200,000 for married couples. The surcharge would rise to 4.6 percent for those with income of more than $500,000. In addition, households with income of more than $200,000 would have to pay rates as high as 19.6 percent on capital gains and dividends, instead of the current rate of 15 percent.
Let’s hope the Republicans can stave off this tax increase and the next Congress won’t be any more Democrat than this one. Or we could all quit working since there’s no incentive to do so.
Written by ~J~
