Obama is about as econ-savvy as a two year old who hasn't learned to talk yet. Raising taxes on corporations causes input prices to increase (those are the cost to actually produce the goods, obviously the higher costs would make producing a good less favorable), which leads to mass lay-offs cuz the cost of labor will be too large for the businesses, because the profit margins will decline. Eor...demand is eroneous; economic well-being is based off of supply. An increase in supply corresponds with higher output (obviously) and lower prices, whereas a decline in supply results in less output and higher prices (inflation). Also, supply creates its own demand because as business expand unemployment drops and more people get jobs and receive money which they can in turn pour back into the market place. Obama's economic plans can only be described as recessionary, and with the current state of things, it won't be long before we are plunged into the second Great Depression. Why does no one understand this? For the love of God, contraction has already begun. The market place, knowing the obama win was impending, already began to decline, because businesses will react to things as soon as possible; before they occur if the opportunity presents itself. Lay-offs and declines in the stock market have already increased and it wont be long before the entire foundation of freedom that we built this country on plunges into the abyss.
Moreover, taking money from the upper classes hurts EVERYONE. Think about it, a tax cut of 5% on people who make large sums of money will put a lot more money into the economy thatn a tax-cut of 5% on people who make hardly anything. The result would be that the upper classes would increase investment and consumption, which would ultimately aid everyone by increasing GDP and leading to more employment opportunities, an expanding economy, and a better standard of living. On the other hand, taxing them more will cease expansion and head the other direction. Unemployment will go up; it is factual, no matter what he says. I don't care if the rich are better off, but i do care if the poor are worse off, and mark my words; everyone will be worse off.
Finally, cutting taxes has always shown an increase in revenues for the government, because people are simply more likely to pay them and not engage in tax evasion schemes. Also, the cost of collecting one additional dollar in taxes costs the governmetn MUCH more than one dollar. They have to pay tons of people and organizations to taek care of simple matters and oversee that they are carried out properly. What else? He is giong to increase capital gains tax, which is a tax on the money people make in the stock market, obviously less people will be willing to invest if they don't even get to keep a large percent of their money; especially in risky investment situations. We are screwed.
lol, sorry i feel like adding some more. I love America and I love the capitalistic ideals that we were built on, allowing people from any background to move up or down based on their personal successes. Very few places in the world have as much income mobility (the ability to move between different classes) as we because the government limits incentives and in turn removes opportunities for advancement. This has always set us apart and made us proud; why now are we throwing it away? The more government involvement, the less opportunities people have to move between brackets, sure some poor people might get some more welfare, but their opportunities to advance are virtually non-existent. That is not America. Where has the patriotism gone?