Interview: Charlie Rangel, D-N.Y.
By Leslie McFadden • Bankrate.com

In October, Charles B. Rangel, the democratic chairman of the tax-writing House Committee on Ways and Means, introduced the "mother of all tax reforms." Some of the proposed changes of the Tax Reduction and Reform Act of 2007 involve permanently repealing the alternative minimum tax, or AMT, in 2008, expanding the refundable child tax credit and the earned income tax credit, lowering the top corporate income tax rate and placing a 4 percent surtax on the adjusted gross incomes of individuals earning more than $150,000 and joint filers making more than $200,000.

At a glance Name: Charles B. Rangel Hometown: New York Education: New York University; St. John University's School of Law Career highlights:     Serving 19th term as a New York Representative from the 15th Congressional District   Chairman of the Committee on Ways and Means   Chairman of the Board of the Democratic Congressional Campaign Committee   Dean of the New York State Congressional Delegation   Author of the Low Income Housing Tax Credit and the Work Opportunity Tax Credit   Founding member and former chairman of the Congressional Black Caucus   Succeeded in introducing anti-apartheid measure to the internal revenue code that eliminated tax credits for taxes paid to South Africa   Former assistant U.S. attorney for the Southern District of New York   Former member of the New York State Assembly

Opponents of the bill have criticized the tax increases it would impose on higher wage earners.

We caught up with Congressman Rangel and got his perspective on the bill, as well as his opinions on reforming the current tax code.

Tax reform's winners and losers
Earlier this year you introduced a broad tax reform bill. Would it distribute tax relief more fairly among the American people?

Well, it's clear that the large part of President Bush's tax cuts went to the very, very wealthy. So, if the president's theory is that the government should not have the money, people know what to do with it best, it shouldn't be that you have to be wealthy. Because the people in the middle class are not only not enjoying any tax breaks, but everything else has dramatically increased, whether you're talking about health care, fuel, education -- it's just been tight on middle-income people. So, all I do is really, I don't borrow the money, as the president did for his tax cuts. I don't add to the deficit, but I merely bring back a more equitable distribution of the tax burden, relieving 90 million taxpayers of additional tax liability by reducing their taxes.