Congressman calls for new U.S. tax code [View All]

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Source: AJC

Congressman calls for new U.S. tax code

By MARILYN GEEWAX
The Atlanta Journal-Constitution

Published on: 09/07/07

Washington — The powerful chairman of the House Ways and Means Committee on Thursday launched a push to rewrite the U.S. tax code from top to bottom.

Presiding over a marathon hearing at which 20 experts with widely varying views offered suggestions, Rep. Charles Rangel (D-N.Y.) said he has two goals.

First, he asked, "How can we improve the economy of the United States of America?" Second, he wants to "make sure there is a sense of fairness" to the tax code.

The key, Rangel made clear, is that any tax reform proposal should assume that Congress will eliminate the alternative minimum tax.

That tax is hitting harder at middle-income families and must be abolished, he said. "We have a responsibility to address the problem presented by the AMT," he said. But eliminating the unpopular AMT would cost federal coffers $872 billion over 11 years, leaving Congress with no choice but to offset the loss. "We have to look at the entire tax code," Rangel said.

Read more: http://www.ajc.com/business/content/business/stories/2007/09/06/tax_0907.html