Incoming Ways and Means Committee Chairman Rangel
Speaks at ACCF Forum

American Council for Capital Formation
November 17, 2006

Just one week after the 2006 elections, Representative Charles B. Rangel (D-NY), who will be Chairman of the House Committee on Ways and Means in the 110th Congress beginning in January 2007, visited with ACCF supporters and their guests at an ACCF Capital Formation Forum on November 14. Chairman Rangel sketched out some of the top items on his policy agenda and offered his perspective on how the Committee might best address issues ranging from taxes to trade, education, healthcare and Social Security.

Looking back over his 35 years in the U.S. House of Representatives, the New York Congressman said, "When I came to the U.S. Congress in 1971, Democratic and Republican Members worked together. The idea then was that we knew and respected one another, but lately Members haven't enjoyed that kind of relationship. If we want to be successful, we must work with one another." He added that he hopes to be able to set an example for other Members of the House. Turning to some specifics, Chairman Rangel said he had been asked if he planned to raise taxes. "I don't believe that retroactive tax increases make sense. I know that investors need some continuity in the tax code," he said. Also, the alternative minimum tax (AMT) is the "elephant in the living room," he said, adding that he hopes a way can be found to address the AMT problem. Trade is an area where Chairman Rangel sees the need to make changes in the way the Ways and Means Committee works. "Members of Congress should deal with the U.S. Trade Representative on trade issues, not with foreign leaders as they have in the past," he said. He also believes that the entire Ways and Means Committee should be involved in trade legislation,not just the Committee's Trade Subcommittee. "I expect the private sector

ACCF president & CEO Mark Bloomfield, left, welcomes incoming House Ways and Means Committee Chairman Charles B. Rangel (D-NY) to the ACCF forum.

Allowing American workers access to health care is an important issue for Mr. Rangel. "I should be able to convince the business community that the 47 million working Americans who do not now have health care should have it. America should set a good example on health care for the rest of the world." Congressman Rangel has long been convinced that the U.S. education system is not working for many Americans and that this situation is not only morally wrong but also threatens the security of the U.S. He explained that he has been making the case to U.S. mayors, including New York City Mayor Michael Bloomberg, that some way must be found to end the guns and violence in U.S. cities. "We have to be able to offer a way out to those who are caught up in the violence in our cities," he said.

Tax reform is among the top legislative priorities of the incoming Chairman of the Ways and Means Committee, but he believes there are a number of other tax issues that must be addressed first. He noted that while he is open to the idea of reform, some issues will be harder to tackle than others. He also hopes that he and other Democratic leaders will have opportunities to talk with President Bush about areas where there can be some agreement between Congress and the Administration in order to establish a basis on which to move forward. "The power of the Ways and Means Committee Chairman is limited by the power of the President to veto legislation," he said, adding "I don't want confrontation with the White House - that just makes compromise more difficult."

ACCF supporters and guests visit with Chairman Rangel at the ACCF forum.