Rangel to Propose Corporate Rate Cut

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.


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