Does Obama understand that phasing out deductions raises the marginal income tax rate?
Losing deductions as you earn more money effectively raises people's marginal income tax rate and discourages work.
President Barack Obama is proposing a series of tax increases, mainly on the wealthy, to help cover the cost of a $447 billion economic stimulus proposal, budget chief Jack Lew said on Monday.
Lew said Obama's plan would raise $400 billion over 10 years by placing new limits on itemized deductions for individuals making more than $200,000 a year and families earning more than $250,000. . . .
posted by John Lott at 3:18 PM
1 Comments:
Mr. Obama doesn't understand anything about finance or taxation. Or what drives employment.
On the other hand, he simply may not be interested in achieving positive results in those areas, and therefore is purusing paths he has been told are destructive. You have to admit he has a great batting average when it comes to poor decisions and results.
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