Chairman Rangel's tax proposal

The House Ways and Means Committee passed HR 3970 and its companion bill, HR 3996, recently which Chairman Charlie Rangel labelled it as the "mother of all tax reforms". However, pundits have called this Bill D.O.A., not just opposed by the White House, but threat from the Senate as well. Nevertheless, it's always interesting to see what the politicians are thinking. Click here for a Congressional summary of HR 3970 and here for the text of the Bill. Click here for a summary of HR 3996.