Rangel’s Secret Spending Giveaway
Calls Spending Hike a Tax Cut, Expects American People to Buy It

***Interview ATR President Grover Norquist or Tax Policy Director Ryan Ellis
about Charlie Rangel’s tax bill by contacting John Kartch at 202-785-0266***

Washington, DC—House Ways and Means Committee Chairman Charlie Rangel (D-NY) introduced “the mother of all tax bills” today on Capitol Hill.  Part of the bill purports to “cut taxes” by giving away more money to non-taxpayers and paying for it with tax increases

“Charlie Rangel’s tax bill raises taxes on small businesses, middle-class families, pension funds, and Americans doing business overseas—you name it, and Rangel taxes it,” said ATR President Grover Norquist.  “If Rangel wants to spend more money on non-taxpayers, that’s one thing; just don’t raise money on taxpayers to pay for it.”

Rangel’s Secret Spending Plan

Double the Earned Income Tax Credit (EITC) for Single People.  The maximum EITC for childless adults would be 15.3% of earnings up to $10,900 per year (about 150% of the poverty line).  This plan would give $29 billion over 10 years to these non-taxpayers

• Increase the refundable portion of the Child Tax Credit (CTC).  The child tax credit would be refundable up to 15% of the amount that adjusted gross income exceeds $8500.  This amounts to a second EITC for some taxpayers.  This plan would give $9 billion over 10 years to these non-taxpayers