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JCT: Rangel Tax Bill Hits Almost All Americans


House Ways and Means Republicans are releasing a new study today by the Joint Committee on Taxation (JCT), an analysis arm of Congress. They find that Rep. Charlie Rangel’s "Mother of All Tax Hikes" plan will raise taxes on Americans at almost every income level. The bill hits working and middle class households, and puts the lie to Rangel’s “tax the wealthy” rhetoric.

According to the scoop from S.A. Miller in the Washington Times, the JCT found that under Rangel’s plan:

About 71 million families [making less than $75,000] will pay $59 billion more in 2011, while 8 million pay nearly $3 billion less and the remaining 4 million pay the same amount as they do now, said the report by the Joint Committee on Taxation (JCT), the tax analysis office for Congress.

Of those taxpayers, most families making $20,000 to $50,000 a year — about 41 million families — will pay $32 billion more in taxes in 2011.

Like the AMT the bill attempts to fix, to the income tax itself, every “soak the rich” plan devised by Congress eventually hits everyday Americans. What’s so remarkable about Rangel’s sweeping overreach is that he hits working Americans right out of the gate.