Obama Budget Would Increase Income Redistribution from Top 1 Percent of Taxpayers by $112 Billion

THE FREEDOM POST ^ | February 13, 2010 | Matthew Burke

[TheFreedomPoster]

True to his campaign promise to "spread the wealth around," President Obama's recently released budget targets high-income earners for income redistribution to low- and middle-income families, according to a new Tax Foundation report. The president's policies would redistribute an additional $112 billion from the top 1 percent of taxpayers down the income scale in fiscal year 2012.

[Texas Eagle]

The president's policies would redistribute an additional $112 billion from the top 1 percent of taxpayers down the income scale in fiscal year 2012.

Uh-huh. As if the top 1% of taxpayers aren't going to make adjustments in their financial decisions.

[Proud_USA_Republican]

Read my Tagline.

[gov_bean_ counter]

Static analysis believes the top earners will continue to do the same thing for less take home money. Bad assumption. Bet in 2011 revenue from the top 1% drops.

[gov_bean_ counter]

Dam*. Twenty one seconds on FR is a lifetime...

[Texas Eagle]

I feel your pain. It’s happened to me tons of times.

[goodnesswins]

Little commie in action....bas turd

[ThunderSleeps]

True to his campaign promise to "spread the wealth around," President Obama's recently released budget targets high-income earners for income redistribution to low- and middle-income families,...

SOCIALIST SOCIALIST SOCIALIST. Where is McCarthy when you need him? All those accusations would in-fact be true this time around when applied to obama.

obama, as a US Citizen, sworn to defend the Constitution of the United States, I am calling on you to step down. You are not acting in the best interests of the United States. You are not defending, or even remotely supporting, the Constitution of the United States. obama, you must resign.

[Logical me]

There will be no way to reverse this. Most Americans have not the intelligence to understand that this gift will cost them more in the end. They are not taught the economics of how it works and no use explaining it to them. But maybe they might understand this, no matter if it is a service or products the loss to the rich will be passed on to the consumer in the form of price increase, reducing quality, or reduction of service. The rich will never be poor, but the poor will be poorer. Watch and see.

[Jack Hammer]

Those who are too effing stupid to learn from the lessons of history are doomed to repeat them (paraphrase).

It starts with the ecstatic theft of resources from the well off, ends with lines around the block for toilet paper and cardboard shoes.

This whole, tired routine has been seen before, courtesy of Marx, Engels, Trotsky, Lenin and, finally, Stalin.

A new generation is attempting to rediscover the wheel; strangely, this time it’s Russia and China going for the gold, while America is flushed down the communist crap hole by our own - imported - socialist demagogue.

Live long enough, see everything.

[InterceptPoint]

Read it.

[arthurus]

He is going to “redistribute” the top 1% of earners (as opposed to Trustfunders et al) to other, tax friendlier parts of the world so that he can’t get the money from them and they won’t be adding their economic inputs to our economy.

[goodnesswins]

Including all tax returns that had a positive AGI, taxpayers with an AGI of $160,041 or more in 2007 constituted the nation’s top 5 percent of earners. To break into the top 1 percent, a tax return had to have an AGI of $410,096 or more, the first time that this threshold has exceeded $400,000. These numbers are up significantly from 2003 when the equivalent thresholds were $130,080 and $295,495. Top incomes in 2007 are also continuing to surpass the peak they reached in 2000. In order for one to break into the top 0.1 percent, one would need an AGI of over $2.15 million. (Note also that for the first time, the figures in the tables include data on the top 2 percent, 3 percent and 4 percent, available at http://www.taxfoundation.org/publications/show/23408.html.)

There are also tables at the above website that are interesting....IDIOTS in this administration PUNISH the successful, and reward the less successful...how great is that?

[Nachum]

bump for later

[Rembrandt]

I just know those welfare folks are going to max out on campaign contributions to The Messiah, or at least an Acorn stooge or a Union punk using the welfare guy’s info will max out. The Messiah knows how Chgo politics works.