With Economy on Life Support, Rangel Goes for the Kill

Savor the irony of a guy who cheats on his taxes looking to further destroy the American economy with a $540 billion wealth redistribution.

When the Democrats suffer huge losses in 2010 they'll have their own overreaching to blame.

Democrats on the influential House Ways and Means Committee seemed to be moving toward a funding plan for health care reform that would cut Medicare and Medicaid spending by roughly $500 billion to $600 billion and levy a surtax on the wealthy — even as the bill's introduction was put off as party moderates wrangled with leadership over how to proceed.

Ways and Means Committee Chairman Charlie Rangel said Friday the plan would include three different surtax rates that would affect people making $350,000, $500,000 and $1 million a year, respectively. Rangel said the rates would be small, perhaps ranging between one and three percent, and would bring in about $540 billion.

Of course these "rich" people Democrats are targeting are most small business owners who in many cases will become former small business owners.

>"In the middle of a serious recession, with unemployment nearing double-digits nationwide, the last thing we need is a tax increase on small businesses, which will cost the American economy even more jobs," said House Minority Leader John Boehner's spokesman, Michael Steel.

Sure it'll cost more jobs. The Democrats simply don't care. It's all about more power for them. They should enjoy it while it lasts.