Read Their Lips: No New Wealth Creation

The new Congress is planning to raise income tax rates as part of next year's budget. House and Ways chairman Charlie Rangel has even publicly said he'll work to raise the top bracket rate to somewhere around 50% (it was 40% under Clinton and is currently 35% under Bush). Club for Growth made a mockery of this proposal the other day in the form a "letter" from Rangel to Taxpayers:

Dear American Taxpayers,

I know that you have all been hard at work, but I need some more tax money to pay for all the great government programs the new Congress is planning on initiating.

Now, I know what you’re thinking. You’re thinking: Isn’t the federal government big enough? Didn’t Congress grow the government by unprecedented levels over the past several years? But I am writing to reassure you that this Congress will grow the government better than in years past. Taxpayers often think they know the best way to spend their own money, but the truth is your senators and representatives can usually think of a better way. For example, you might want to save your money for your children’s college years, but wouldn’t it be better if we put that money toward peanut storage in Georgia instead?

As Chairman of the House Ways and Means Committee, I am proud to tell you that the Committee has recently released a plan to raise the highest income tax rate 4.3 percentage points to 39.3% as part of a plan to reform the Alternative Minimum Tax. Think of all the new, wonderful government programs we can fund with that money. And still, there’s more! When Congress lets the Bush tax cuts expire, the top income tax rate will soar to 44%—even more than it was under Bill Clinton! (Oh boy, it sure is fun to be in control again!)

In conclusion, I am looking forward to receiving your additional tax dollars and to growing government even more. If you have any new ideas for raising taxes, I am always interested in hearing about them. You can reach me at (202) 225-4365.

Sincerely,

Charlie Rangel

Hopefully Bush will be nothing like his father this late in the game and will actually use the veto pen (Bush Sr., as many of you may recall, caved in and it cost him reelection). To be safe we still should be on the lookout for cheap one-way plane tickets to Australia.