Rangel Will Deliver His Own Economic Plan
Rep. Charles Rangel of Harlem, chairman of the House Ways and Means Committee, is expected to present his solution to the nation's economic woes during a speech today in Midtown Manhattan that will focus on long- and short-term fixes.
Speaking in Harlem yesterday at a rally in honor of Martin Luther King Jr., Mr. Rangel offered a possible preview of his speech, urging the crowd to listen carefully to the language used by President Bush and administration officials to describe their economic stimulus plan to make sure the money in it "reaches the right people," he said. Mr. Rangel has said the $150 billion package of tax rebates and investment incentives for businesses proposed by Mr. Bush last week should target low-income Americans.
He added, however, that officials are not talking about giving tax relief to low-income Americans out of compassion but because they think it is the best strategy to stimulate the economy.
"I don't think this is what Martin Luther King would be talking about," he said.
Mr. Rangel said he thought Washington lawmakers should be talking about the "trillions of dollars in tax cuts that were given to the richest people of the United States," health care for children, the national education legislation, No Child Left Behind, affordable housing, and the rate of incarceration.
He said that once the economy rebounds, Americans in need of help from their government should ask why it didn't lend a hand "through the good times."
Mr. Rangel is speaking today at a breakfast at the Sheraton New York Hotel and Towers hosted by the Association for a Better New York.
He has proposed a broad tax overhaul that would impose a 4% to 4.6% surcharge on people earning more than $200,000 a year as a way to eliminate the alternative minimum tax.
