Obama Budget Would Redistribute $112 Billion from Top 1 Percent of Taxpayers

Sunday, February 14, 2010

America’s rich will not appreciate President Barack Obama budget proposal for fiscal year 2012. Obama’s fiscal policies will result in redistributing billions of dollars in wealth from the upper echelons of society to the lower rungs, according to the Tax Foundation.

As much as $112 billion will be shifted from the top 1% of taxpayers to the middle-class and poor, thanks in large part to Obama’s choice to allow tax cuts implemented under President George W. Bush to expire. Also, the president wants to impose a 28% value limitation on itemized deductions which will impact top earners.
The Tax Foundation says Americans in the bottom 10% percent will benefit the most from the budget plan, receiving $8.7 billion in federal spending benefits. These families will receive on average an extra $494 in income redistribution.
-Noel Brinkerhoff


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