You guessed it, tax the rich. However there is a slight problem. He wants to spend 400+ billion and to pay for it he is raising taxes on anyone making over 200 grand, which will raise 400+ billion OVER THE NEXT 10 YEARS. That's right, we will be paying for this bull shit stimulus 2 for the next 10 years.
This is a prime example as to why i have always said that you can not solve the deficit with tax increase. There simply is just not enough money to be made off the rich to balance the budget. In this case alone, the tax increase is raising only slightly over 40 billion a year, while our deficit stands at 1.3 trillion.
On a side note, if you take all the deductions away from the rich, why would they ever continue to invest their money in something that is not benefitting them? Were it not for the mortgage deduction, i would never buy a house. Why should i worry about having to pay all the upkeep on my home, insane interest over the life of the loan, etc if it did not provide me a benefit on my taxes.
http://www.cnbc.com/id/44488639http://www.cnbc.com/id/44488639
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