Hold your wallets, here comes Hurricane Rangel.

Chairman of the Appropriations Committee, Democrat Charles B. Rangel is poised to introduce the “mother” of all tax reforms, the biggest and most expensive tax code overhaul since 1986. But what they don’t know is how the New York Democrat plans to pay the more than $1 trillion price tag. By "reform", he means raising taxes. There are several ideas in the article above but I will save you the trouble and tell you that most of them involve raising taxes, particularly on the rich. The Robin Hood "reform " package. The Democrat default position.

A modest proposal is that Rangel proposes a hike on capital gains which is currently at 15%, the highest in 50 years. The 1986 Tax Reform ( which can be read about in this behind the scenes book,"Showdown at Gucci Gulch") moved the cap gains rate to 28% and it has been progressively lowered during the Clinton and Bush years. Most likely they will patch the AMT and hopefully phase it out. After all it has been around since 1969. Maybe they will phase out Rangel too. I have to give him credit for two things. 1-longevity, even Castro gets a point on this one. 2- he is always on Sean Hannity's show battling' it out with Sean.