Economy & Budget

The HEART Act honors the great sacrifice of the women and men who serve our country in military. The tax relief this bill delivers recognizes that America is perpetually indebted to these brave marines, soldiers and sailors, as well as all of the other volunteers who are our first line of defense in times of emergencies. This bill honors their service to keeping America safe.

Rep. Rangel, Chairman of the House Committee on Ways and Means, is chief sponsor of the HEART Act.

The performance of Nancy A. Nord as acting chair of the U.S. Consumer Product Safety Commission is defective. As a result, the American public is invoking its right to recall her.

You’ve been recalled, Ms. Nord, just like 30 million lead-tainted toys imported from China this year.

It was bad enough that you told worried parents not to even try testing their children’s toys for lead and that you told Congress not to pass legislation beefing up CPSC staff and sanctions, but now The Washington Post has revealed that you also betrayed the public trust.

Ms. Nord, and her predecessor, Hal Stratton, took nearly 30 trips worth almost $60,000 to places like China, Spain and San Francisco that were paid in full or part by trade associations or manufacturers of products that the CPSC regulates, the Post reported. Read more...

It took hard work and compromise for all of us to produce the “Consumer Product Safety Modernization Act

Trade is an important part of our growing economy.  But while we expand opportunities for international business, we also have to protect workers in this country.  I’ve seen too many factories close and too many people in my district lose their jobs to companies overseas, to believe that trade and globalization aren’t hurting working class people in this country.  But, Mr. Bush obviously doesn’t understand that.  By vetoing this legislation, he is proving that he is out of touch with the needs of average Americans.

The Ways and Means Committee also voted yesterday to send the Peru Free Trade Act to the floor.  Democrats in the House of Representatives are sending a clear message that we support trade but need to proceed with some safeguards in place both for our workers in America and for laborers around the world.  Today’s Peru Trade agreement sets out landmark environmental and labor standards. It is a revolution in trade agreements and represents the direction in which Democrats want to take this country’s economy. We are for responsible trade.

In 1969 Congress created the Alternative Minimum Tax (AMT) after discovering that 155 wealthy taxpayers making over $200,000 had paid absolutely no taxes. In the days of bellbottoms and moon landings, the AMT made sure that those receiving a significant paycheck wouldn’t be able to avoid paying taxes altogether. But for the iPod generation, what was once a “class tax Read more...

The National Republican Congressional Committee (NRCC) posted this Halloween web ad to its homepage today criticizing the Rangel tax bill.

The NRCC rates the film "T" for "Scary tax film."

House Ways and Means Committee Chairman Charles Rangel's (D-N.Y.) tax bill, unveiled Oct. 18, eliminates the Alternative Minimum Tax (AMT) but contains offsets that have caused an uproar among Republicans.

The witnesses at today’s Budget Committee hearing on the Bipartisan Task Force for Responsible Fiscal Action Act agree that now is the time to address our nation’s long-term fiscal challenges and entitlement spending. House Majority Leader Steny Hoyer, Comptroller General David Walker, Committee for a Responsible Federal Budget Co-Chairman Leon Panetta, AARP CEO William Novelli, and Concord Coalition Executive Director Bob Bixby each contributed to a constructive dialogue on the Task Force and offered some thoughtful suggestions. I look forward to working with both sides of the aisle to advance this important legislation that is so critical to the economic well-being of future generations.

Blackwater is hiding behind the Bush Administration to explain why they bilked the taxpayers out of millions of dollars. The SBA letter makes clear the size determination provides no basis for tax decisions. I intend to get to the bottom of this. I'm asking Blackwater to provide documentation for their decision and I am asking the Finance Committee to investigate this matter further.

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Comments

Although I’m made to understand that a combination of weather and land management policies caused the wildfires, I think it’s important to observe the role that California’s broken insurance system has played in making the damage worse than it would have been.

Since 1988, a misguided populist system established under the state’s Proposition 103 has governed California’s insurance companies. If they wish to change the rates being charged for ordinary homeowners’ insurance, California insurance companies must file reams of paperwork with the state and wait months or more for approval. This obviously discourages any sort of rate changes (both upward and downward) and, several studies have shown, actually results in higher insurance rates for most people in the state. Read more...