A true representation of America's current government.
Posted on 09/24/2009 4:39:47 AM PDT by IbJensen
CNSNews.com) - By 2012, nearly $1 trillion from the top 30 percent of American families will be redistributed among the bottom 70 percent if Obama’s proposals on taxes, health care, and climate change become law, according to the Tax Foundation.
“Even if none of Obama’s policies becomes law, the extent of income redistribution is remarkable,” Scott Hodge, president of the nonpartisan, nonprofit organization, said. “The top-earning 40 percent of families will transfer $826 billion to the bottom 60 percent in 2012.”
Under the Obama plan, 70 percent of American families as a group -- those earning less than $109,460 -- will receive more in benefits than they pay in taxes, Hodge said.
“The majority of people below the 70 percent mark will get more back than they pay in taxes,” Hodge told CNSNews.com.
This would leave the top 30 percent -- those making more than $109,460 -- paying more in taxes than they receive in federal spending, Hodge said.
According to the report, the lowest-income families will gain $10.44 in federal spending for every dollar they pay in taxes.
“Middle-income families (those earning $65,000 to $85,000 annually), who are the targeted beneficiaries of many Obama policies, will receive $1.15 in government spending benefits for every dollar they pay in taxes,” the report states.
“Under Obama’s policies, families making over $280,000 (the top 5 percent) will get back 56 cents of every dollar they pay in taxes while the highest earning families, those in the top 1 percent earning over about $700,000, will get back 33 cents in spending for every dollar they pay in taxes,” Hodge said.
Currently, families making $280,000 receive 61 cents on the dollar, while those earning over $700,000 receive about 40 cents for every tax dollar spent, Hodge said.
The report notes that “Obama’s policies (will) lead to tax increases for a curious mix of rich and poor families.”
Regressive cap-and-trade policies and increased tobacco taxes disproportionately impact families earning less than $23,700, and higher income tax rates will increase tax payments for families earning more than $280,000.
“On net, however, when spending is included, the lowest-income households gain more than $2,200 while the highest-income families lose more than $127,000,” the report states.
Hodge explained: “(These claims) are based on our redistribution model which looks at how much every family pays in taxes compared to what it gets in government benefits. We look at that for families at every income level. That adds up to a national accounting of how much is paid by each income group in taxes versus how much it gets in spending, and then you look at the overall amount of redistribution. You compare the amount of people that get more back than they pay to the groups of people who pay more than they get. And that difference is the amount of redistribution.”
The report is based on IRS data, Census Bureau data and information taken from the federal budget, Hodge added.
There is no question about it: government today is the enemy of the American middle-class family. The current administration is the personification of evil!
This IS what he said he would do.
The media tried to turn Joe the Plumber into a laughingstock over this issue.
I take issue with the word "redistribute" The wealth was NOT "distributed" to start with. It was EARNED. The laziest "poorest families" shouldn't get a penny of someone else's because they don't EARN the money. Study done some years ago showed that the lowest income families on average worked less than 20 hours a week. the middle income families worked 20 - 80 hours a week and the highest income families had on average 80 or more hours worked per week. I resent some government goon robbing me on behalf of some irresponsible a$$hole who's to lazy to steal on his/her own.
In reality, there is little news here. The top 25% pay 69% of all taxes as it is. The Bottom 50% pay less that 3%
bttt
***Thank you for dieing with Obamanation Airlines***
The majority of the damage Obama has and is attempting to inflict will not even kick in until after he's conveniently reelected in 2012, with the exception of the millions of jobs he's destroying.
The “economic stimulus act” was merely a trillion dollar payback to special interests and unions that helped put him into office. The bank bailouts, same thing. Takeover of GM and Chrysler, payoff union debt and throw investors under the bus.
We have Deathcare at bat and cap n tax on deck. Obama is only a mouthpiece for the dark, hidden forces working to destroy America.They have been held at bay for decades, but today they are fully in control and they have the taste of blood.
They must be exposed, driven from power, and a stake run through their black hearts if we are to survive. That includes their media enablers and protectors.
No man should be used as another mans slave. Share the WORK, and let the wealth share itself.
Free the tax slaves, and everyone will benefit.
We first must shrink the government and toss out all the liberal, socialist and communist pansies who rule and ruin our lives and our nation.
We would need a true patriotic leader, which is something that appears to be in short supply!
Such a leader would have to emerge quickly as our nation and its citizens are being murdered. by an evil communist cabal.
A true representation of America's current government.
LOL! Excellent!
The single, greatest obsession of the lefties now in power is finding more and more ways to take money from those who earned it off the sweat of their brow and giving it to those who vote democrat.
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