The Wall Street Journal reports this morning that Ways and Means Chairman Charlie Rangel will likely introduce his “Mother of All Tax Bills” this week, a proposal marrying the repeal of the individual AMT with a cut in the top corporate rate to 30 or 31 percent.

How is he going to offset the revenue loss of all this tax relief? Here’s what we’re hearing:

• Rate Increase on Upper Income Taxpayers;
• Eliminate the Manufacturing Deduction;
• Change the Rules Allocating Expenses on International Income;
• Repeal LIFO (!);
• Raise Tax Rates on Publicly Traded Partnerships and Hedge Funds.

Chairman …

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