Spratt predicts Dems will back Rangel’s tax bill

[babylonsister]

http://thehill.com/leading-the-news/spratt-predicts-dems-will-back-rangels-tax-bill-2007-10-26.html

Spratt predicts Dems will back Rangel’s tax bill
By Mike Soraghan
October 26, 2007


Democrats will support the proposed tax overhaul unveiled this week by House Ways and Means Committee Chairman Charles Rangel (D-N.Y.) even if the party’s leadership did not rush to endorse it, said House Budget Committee Chairman John Spratt (D-S.C.).

“He will have members rallying to his side,” Spratt said in an interview taped for C-SPAN’s “Newsmakers.”

Rangel unveiled his long-awaited proposal Thursday. The legislation would rearrange the tax code, cutting taxes for 90 million Americans and reducing the corporate tax rate while shifting the burden onto higher earners, including managers of private equity and hedge funds. It would also permanently shield taxpayers from the Alternative Minimum Tax (AMT).

House Speaker Nancy Pelosi (D-Calif.) was careful to say that the plan was not endorsed by the entire caucus.

“In our caucus we will have our usual exciting, dynamic, give-and-take on the subject,” Pelosi said.

Spratt also said that it is possible that the Iraq spending debate could be settled by the end of the year. He said the funding legislation could pass if it would be dealt with as part of the overall spending debate that Congress is having with President Bush.

“The policy idea would be to have everything on the table,” Spratt said.

Other influential members have talked about putting off the supplemental until February or later. House Appropriations Chairman Dave Obey (D-Wis.) has said he will not send the Iraq bill to the floor until Bush changes course on Iraq, which the White House has rejected.

[MannyGoldstein]

1. We'll Need Damn Precise Timekeeping

If we want to have a chance at measuring the femtoseconds it takes for the "Dems" to cave.

[babylonsister]

2. You sound a tad sceptical there, Manny.

I guess we'll see; I know the rethugs will fight it tooth and nail.

[MannyGoldstein]

3. There's Not A Lack Of Precedent Here

I'm very sad to note.

[OHdem10]

4. Help get these Dems lasooed back into the line.

Rangel's Plan may be the greatest thing since sliced bread
but he is politically tone deaf as are a lot of Dems.

As Reporters pointed out last night--He just gave the GOP
enough fodder to last a while. Democrats are going to raise
your taxes, Dems are gonna raise your taxes--this is the Mother
of all Tax Increases.

Knowing that this measure cannot and will not pass now. The
only way it could possibly pass is if we win the presidency
and both houses of congress. After the next election.

The GOP will make this one their "emotional issues" in the next
election. Truth is the first casualty of a campaign.

This comment is in no way about the plan. It is about
the Democratic Party and their timing. At times they seem
tone deaf.

[w4rma]

5. It does *only* raise the cap on the AMT and not eliminate it entirely doesn't it? (nt)