Thursday, December 15, 2005

Democrat Tax Writers Propose Tax Reform Plan

House Ways and Means Committee member Rahm Emanuel (D-IL) has endorsed the Fair Flat Tax Act written by Ron Wyden (D-OR). The Wyden bill proposes three tax rates (15%, 25%, 35%) combined with (presently unspecified) reductions in tax incentives. The bill also proposes condensing education incentives into a single credit, child-related tax breaks into a family credit and combining various IRA accounts into a single pension provision. Rep. Emanuel says that the bill would put earned income back on the same footing as investment income (capital gains,etc.) but acknowledges that the Democratic leadership has yet to endorse the bill.

The Democrats need to pay a lot more attention to Rep. Emanuel. He is making reasonable and constructive alternatives to present Republican legislation, something that the present Democratic party MUST do a better job of on a large number of issues if they truly hope to return to power.


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