Oh Brother
James Pethokoukis has an update on the upcoming Charlie Rangel-sponsored "mother" of all tax hikes. Not surprisingly, he quotes a Hill observer as calling it a "mess." Here’s what USA Today says:
House Ways and Means Chairman Charles Rangel, D-N.Y., is expected to introduce legislation this week to implement the AMT fix, according to a committee spokesman.
But under the House “pay-as-you-go” rules, House lawmakers must come up with $50 billion in tax increases or spending cuts to offset the cost.
$50 billion in tax increases? Well, I suppose that will make the New York Times editorial board happy.