Representative Charlie Rangel of New York proposes a huge tax increase in order to “pay for” junking the Alternative Minimum Tax, which is taking a bite out of more and more people of modest wealth. Investors Business Daily has a good editorial here.
The thinking behind this hideous proposal is similar to the old Brezhnev Doctrine. Dear old Brezhnev said that once a nation had come under communist domination, it could never go back. Rangel thinks that once the federal government has reached a level of tax collection, it can never go down.
