Thursday, February 11, 2010

Obama's Budget Would Redistribute $112 Billion From Top 1% of Taxpayers

From The Tax Prof Blog:

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% of taxpayers down the income scale in fiscal year 2012.

On average, the president's budget would redistribute another $101,314 from families in the top-earning 1% to the rest of the income spectrum, for a total redistribution of $509,257 per family. ...

Families in the bottom-earning 10 percent stand to benefit the most from the president's policies. As a group, they'll receive an additional $8.7 billion in federal spending benefits. On average, a family in the bottom 10 percent will receive an additional $494 in income redistribution for a total of $17,962.

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