TheRealMafoo on 26 February 2009
| Kasz216 said: All i'm confused about is the rationale behind cutting the tax breaks people get from making charitable contributions. I've yet to see that fleshed out. Seems like... well stealing from charities. |
The fatal flaw in his plan, is he expects to increase revenue for the government by raising taxes on the rich. That never works. If you want to collect more money, you have to lower there taxes. You can raise taxes on the poor and middle call and it's effective, but the rich is not.
The amount of money you collect from the rich is a constant 19.5% of our GDP. You could double taxes on the rich, and the percent of GDP you collect from them is the same. The problem is, as you raise taxes on the rich, the GDP goes down, thus total dollars you collect from them (and everyone else) goes down.
So there is no way Obama is going to obtain the revenue he thinks he is (well, he tells you he is, he knows he is not going to get it).
