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September 30, 2007
New Tax Proposals - Big Surprise!
by Tina Grazier
We asked for change and now...they are back! Those quirky tax and spend dems. You know, the ones with all kinds of compassion? Well, anyway, they’re revving their little tax vehicle engines in earnest now. But never fear, we’ll be keeping an eye on them here on Post Scripts:
Dingell, who as chairman of the House Energy Committee commands one of the most important legislative choke points in Washington, says he intends to hold hearings on a legislative package that includes:
A $50-per-ton tax on carbon emissions from coal, petroleum and natural gas.
A reduction of the mortgage interest deduction on homes between 3,000 and 4,199 square feet, and an elimination of the deduction for homes 4,200 square feet or larger.
But wait...there's more...
Dingell says he'd use the new revenue by reducing deductions for bigfoot homes to expand income-tax credits for lower-income Americans.
He'd divide gas tax revenues 60-40 between highways and mass transit, and use carbon tax revenues to bolster Medicare, Social Security and universal health care.
Dingell's proposal would exempt diesel fuels and large farmhouses from new taxes. Both exemptions are calculated to avoid fights with powerful lobbies that could vigorously oppose his carbon tax package.
Find the whole ugly tax story by Brian Dickerson, “Green Giant: Has Big John Dingell Changed His Spots?” posted on the website, free.com:
http://www.freep.com/apps/pbcs.dll/article?AID=/20070930/COL04/709300606/1007/NEWS05
Posted by Post Scripts at September 30, 2007 05:01 PM