Mack: Rangel's Tax Plan Will Increase Taxes for Floridians By $2.3 Billion

Press Release

Mack: Rangel's Tax Plan Will Increase Taxes for Floridians By $2.3 Billion

WASHINGTON - Congressman Connie Mack (FL-14) blasted a massive tax hike on hardworking American families proposed by House Ways and Means Committee Chairman Charlie Rangel (D-NY). Rangel's plan would impose a $2.3 billion tax increase on Floridians, according to a new study released today by the Tax Foundation.

Rangel's plan will add a four percent surtax on Americans earning more than $150,000 a year ($200,000 for couples), in addition to the scheduled expiration of the 2001 and 2003 tax cuts. If Rangel's plan were to be enacted, the top combined (state and federal) marginal tax rate would surpass 50 percent by 2011, making the U.S. individual income tax rate the seventh largest in the world.

Mack said:

"Today may be Halloween, but there are certainly no treats about Chairman Rangel's tax plan. It is, however, chock-full of tricks on American taxpayers to hide the massive tax increase his plan will impose.

"Under Rangel's plan, states with low tax burdens or a high percentage of individuals with higher incomes will experience significant tax increases. Florida taxpayers will see the largest tax increase among all of the 50 states, with a tax increase of $2.3 billion. This is outrageous and unfair to the hardworking families and small businesses in Florida and other states with low tax burdens.

"American taxpayers deserve real, substantial tax reform, not gimmicks that are tax increases in disguise."

Mack is a cosponsor of H.R. 3818, the Taxpayer Choice Act, which repeals the alternative minimum tax, establishes a simplified tax that creates only two income tax rates, and allows taxpayers to choose which tax code they want to use to pay their federal income taxes (either the simplified tax code or the current tax code).

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