Closing Loopholes or Raising Taxes? Congressman Rangel on What's Best for America's Economy
Congressman Charlie Rangel (D-NY) has his own solution for fixing the economy. He told Sean Hannity, “We got the best economy in the world, and it is bad … we shouldn’t be there. And the solution to all of this is just like in the family or a company — if you’re spending too much, you cut back in spending and you raise your revenues.”
By raising revenue, Hannity asked if that meant raising taxes. Rangel said what he would call closing loopholes, the majority of the House would say that’s raising taxes.
He stated, “What would you call it if we have a trillion dollars in the tax code now that should not be there; preferential treatment that maybe at the time the Congress gave it to them and the executive signed it, it was necessary. But they’re darn sure making record profits and it shouldn’t be there.”
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But Hannity asked why the government is calling for people in his tax bracket to pay more, when currently with all the taxes he pays in New York, he ends up giving the government 55 cents to every dollar he makes.
Hannity furthered his argument that the answer is not more government. He told Rangel, “You don’t need a calculator, you don’t need an accounting degree, to realize that we’re robbing from our children and grandchildren ... This has got to stop.”
The congressman shot back at his remarks, saying, “You don’t have to raise your voice to impress me. You got to stop spending and you got to raise revenue.”