(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.
Off topic but there’s the G20 going on in Philly right now and the police and national guard have shut down a major portion of the city. I went to the G20 Project page and to be honest I don’t know if these people are the majority of protesters or what but they seem to want anarchy. Does anyone know anything more about this stuff?
no-nonsence-nancy -
Naive me ,I thought I was in the middle income bracket but I guess I’m not. Only a couple of years ago I was making about what I do now and I had enough money to live fairly, well. I was making ends meet pretty well and could splurge on my grandchildren a little. I was even accused of spoiling at times. Now my groceries (not many since I live alone) cost almost twice as much, my taxes have gone up drastically and I have a hard time paying my mortgage. I’m self employed so I have to pay for my own health insurance, which goes up every year. I’m just hoping through all of this madness of a government that I can manage to keep my home until I can get it paid off. That fraud CANNOT distribute any of my money (I wouldn’t use the term wealth in my case).
I just read on Canada Free Press that MSNBC propagandists are accusing us “dissenters” of saying we want BO assassinated!! I want to see him go to prison for rest of his miserable life for high treason!
no-nonsence-nancy -
It’s actually being held in Pittsburgh. I haven’t heard anything about protesters but I’ll try to check it out. Be back to you.
77Jack -
You’re correct. I was told Philadelphia and I guess my brain substituted Philly where ever I saw Pittsburgh hah.
Jack – when I find a non-AP link I will put it up – in the meantime, scroogle this yahoo news title. Has all your info.
Drudge has it as the lead.
G-20 opponents, police clash on Pittsburgh streets
no-nonsence-nancy -
77Jack–I’m back. I found out a little. I got t from the Pittsburgh Gazette. For the Pittsburgh News you have to put in your cell # and I won’t do that over the Internet. Here is what I found. There are several groups. One is a group Tibetan exiles yelling for a free Tibet. They seemed peaceful. Most of them I think are left wing radicals, many denouncing capitalism. Some are from Pittsburgh G20 Resistance Project, an umbrella of anarchist organizations. Most are very young, like college students.
Clearly they are not tea party goers.If we can go to DC and have 2 milion of us with no fights, no arrests and no litter left behind then there is no chance these hoodlems represent us. Of course watch us get blamed for it! Another thing, would we be denouncing capitalism?
Hope I was sme help.
Leaping Spark -
America is being destroyed by a cowardly Communist POS. Redistribution of the wealth is an evil plan that has never worked, and should never work. Obama and the Democrats seek to purchase future votes through the distribution of the middle classes hard earned money. The Socialist Democrats have created a entitlement society that is growing in number every day. These people are basically worthless to our society, they don’t work and don’t want to work, and yet they believe they are entitled to the fruits of our labor.
Communism always promises these basically unintelligent people great rewards for supporting the Communist government with their votes, but in reality the elitist Communist government keeps more and more of the money they collect from the ever growing tax burden levied on the middle class, ultimately destroying the middle class in the process creating a society of slaves.
Patriots, I never thought the day would come when we would sit back and watch America being destroyed by a bunch of Communist.
It’s tar and feather time!
77Jack -
Ok so what is the G20 exactly? And these anarchists don’t want Capitalism…what do they want instead? Socialism? Communism? Are they just confused and believe what we have going on is actually Capitalism? I guess I’m not sure what their ultimate goal is.
The Group of Twenty (G-20) Finance Ministers and Central Bank Governors was established in 1999 to bring together systemically important industrialized and developing economies to discuss key issues in the global economy. The inaugural meeting of the G-20 took place in Berlin, on December 1516, 1999, hosted by German and Canadian finance ministers. Mandate
The G-20 is an informal forum that promotes open and constructive discussion between industrial and emerging-market countries on key issues related to global economic stability. By contributing to the strengthening of the international financial architecture and providing opportunities for dialogue on national policies, international co-operation, and international financial institutions, the G-20 helps to support growth and development across the globe. Origins
The G-20 was created as a response both to the financial crises of the late 1990s and to a growing recognition that key emerging-market countries were not adequately included in the core of global economic discussion and governance. Prior to the G-20 creation, similar groupings to promote dialogue and analysis had been established at the initiative of the G-7. The G-22 met at Washington D.C. in April and October 1998. Its aim was to involve non-G-7 countries in the resolution of global aspects of the financial crisis then affecting emerging-market countries. Two subsequent meetings comprising a larger group of participants (G-33) held in March and April 1999 discussed reforms of the global economy and the international financial system. The proposals made by the G-22 and the G-33 to reduce the world economy’s susceptibility to crises showed the potential benefits of a regular international consultative forum embracing the emerging-market countries. Such a regular dialogue with a constant set of partners was institutionalized by the creation of the G-20 in 1999. Membership
The G-20 is made up of the finance ministers and central bank governors of 19 countries:
* Argentina * Australia * Brazil * Canada * China * France * Germany * India * Indonesia * Italy * Japan * Mexico * Russia * Saudi Arabia * South Africa * South Korea * Turkey * United Kingdom * United States of America
The European Union, who is represented by the rotating Council presidency and the European Central Bank, is the 20th member of the G-20. To ensure global economic fora and institutions work together, the Managing Director of the International Monetary Fund (IMF) and the President of the World Bank, plus the chairs of the International Monetary and Financial Committee and Development Committee of the IMF and World Bank, also participate in G-20 meetings on an ex-officio basis. The G-20 thus brings together important industrial and emerging-market countries from all regions of the world. Together, member countries represent around 90 per cent of global gross national product, 80 per cent of world trade (including EU intra-trade) as well as two-thirds of the world’s population. The G-20’s economic weight and broad membership gives it a high degree of legitimacy and influence over the management of the global economy and financial system.
Hope that wasn’t too much info – get the duct tape. 😉
Practical Madman -
All of the central banks are in bed together and related to each other. It is an incestuous relationship, conceived for one purpose, to dominate and integrate the world monetary system. Bankers can not be trusted and the protests were to be against the bankers, not capitalism. The protests were hijacked by agent provocateurs. I was listening to Alex Jones today to Jason Bermas’ live reporting, and it was his opinion that the guys in black in the videos were there just to start trouble. This was a completely staged action that is going to get worse and end up with martial law being declared. That is the ultimate goal here. The G-20 is meeting to decide how to end the US dollar’s reign, and replace it with a world currency. This is pure treachery!
If there was ever a place for true revolution, this would be it, but the baknsters are so well protected it would be near impossible to get to them without an army. We need to shut down the G-20 and all bankster control. If THEY succeed in destroying the dollar, everything else would be a moot point. We would have true rioting in the streets, no food, no commerce, and martial law would be justified to control it. America will be dead. If the forced vaccinations come out at the exact same time, then there will have been two of our “lines in the sand” crossed simotaneously, and it will get very bad very quickly. This seems to be the scenario that we are witnessing come to light. If the rest of the world starts dumping their reserve dollars, the dollar will become worthless. Zimbabwe will look like a picnic.
If THEY succeed in the creation of a world currency, it is just one more step to an all electronic currency. Imagine a world where you would have to submit to having a microchip installed INSIDE your body, and you would not be able to work, go to the hospital, buy food, ANYTHING without this chip. If you got out of line, all THEY would have to do is turn off your chip, and “poof” you don’t exist anymore.
This is the ultimate plan. Has anyone ever heard of the “Mark of the Beast”? We are witnessing the creation of the ultimate world wide police state! I am not a religious zealot, I have just read a lot in the last year trying to find out what was going on, and I can see THEIR plan.
Thomas Jefferson understood, and he tried to warn us: “If the people ever let the bankers coin money, the corporations that would grow around these banks will rob us of our wealth. First by inflation then by deflation, and our children will wake up homeless in the land we fought for.”
Does this sound familiar? The banksters set the interest rates, and this is the main factor that controls boom times, recessions, and depressions. THEY made the rule that THEY can print money out of thin air, and then for every dollar you deposit THEY can loan out ten more!
The march in DC was the American people trying to get a message to their EMPLOYEES, the march in Philly is the American people trying to get a message to ungoverned tyrants that are trying to crush and enslave them. One could hardly compare one to the other.
Mayer Rothschild said “Give me the right to create a nation’s money, and I care not who makes their laws.” The government is completely owned and controlled by these banksters. This is where our attention needs to be directed. DC is just a distraction from them.
Practical Madman -
Just one more point I want everyone to ponder: have you heard of all the talk of a microchip bracelet to prove that you got the flu shot? There are plans to install the type of control I was talking about using the flu scare as justification. If you do not get the shot, and have the bracelet to prove such, you will not be permitted into work, school, grocery stores, ANYPLACE, with out it. If the dollar collapses (which is about to happen) then we ARE a PRISON NATION! It would be very easy to combine this micro chipped bracelet with the “new currency” after the dollar is worthless.
The military is working with the police in every state. There are plans to set up road blocks, and if you are caught in one without a bracelet, you have two choices: go into that trailer over there and get fitted for your bracelet and get your shot, or go into that bus over there and get a one way ride to a FEMA camp. This is IT! We are in deep doo-doo guys!
BUY FOOD AND PREPARE! Beans, bullets, and batteries are on your shopping list for the day.
Off topic but there’s the G20 going on in Philly right now and the police and national guard have shut down a major portion of the city. I went to the G20 Project page and to be honest I don’t know if these people are the majority of protesters or what but they seem to want anarchy. Does anyone know anything more about this stuff?
Naive me ,I thought I was in the middle income bracket but I guess I’m not. Only a couple of years ago I was making about what I do now and I had enough money to live fairly, well. I was making ends meet pretty well and could splurge on my grandchildren a little. I was even accused of spoiling at times. Now my groceries (not many since I live alone) cost almost twice as much, my taxes have gone up drastically and I have a hard time paying my mortgage. I’m self employed so I have to pay for my own health insurance, which goes up every year. I’m just hoping through all of this madness of a government that I can manage to keep my home until I can get it paid off.
That fraud CANNOT distribute any of my money (I wouldn’t use the term wealth in my case).
I just read on Canada Free Press that MSNBC propagandists are accusing us “dissenters” of saying we want BO assassinated!! I want to see him go to prison for rest of his miserable life for high treason!
It’s actually being held in Pittsburgh. I haven’t heard anything about protesters but I’ll try to check it out. Be back to you.
You’re correct. I was told Philadelphia and I guess my brain substituted Philly where ever I saw Pittsburgh hah.
Jack – when I find a non-AP link I will put it up – in the meantime, scroogle this yahoo news title. Has all your info.
Drudge has it as the lead.
G-20 opponents, police clash on Pittsburgh streets
77Jack–I’m back. I found out a little. I got t from the Pittsburgh Gazette. For the Pittsburgh News you have to put in your cell # and I won’t do that over the Internet. Here is what I found. There are several groups. One is a group Tibetan exiles yelling for a free Tibet. They seemed peaceful. Most of them I think are left wing radicals, many denouncing capitalism. Some are from Pittsburgh G20 Resistance Project, an umbrella of anarchist organizations. Most are very young, like college students.
Clearly they are not tea party goers.If we can go to DC and have 2 milion of us with no fights, no arrests and no litter left behind then there is no chance these hoodlems represent us. Of course watch us get blamed for it! Another thing, would we be denouncing capitalism?
Hope I was sme help.
America is being destroyed by a cowardly Communist POS. Redistribution of the wealth is an evil plan that has never worked, and should never work. Obama and the Democrats seek to purchase future votes through the distribution of the middle classes hard earned money. The Socialist Democrats have created a entitlement society that is growing in number every day. These people are basically worthless to our society, they don’t work and don’t want to work, and yet they believe they are entitled to the fruits of our labor.
Communism always promises these basically unintelligent people great rewards for supporting the Communist government with their votes, but in reality the elitist Communist government keeps more and more of the money they collect from the ever growing tax burden levied on the middle class, ultimately destroying the middle class in the process creating a society of slaves.
Patriots, I never thought the day would come when we would sit back and watch America being destroyed by a bunch of Communist.
It’s tar and feather time!
Ok so what is the G20 exactly? And these anarchists don’t want Capitalism…what do they want instead? Socialism? Communism? Are they just confused and believe what we have going on is actually Capitalism? I guess I’m not sure what their ultimate goal is.
Jack – here ya go:
Hope that wasn’t too much info – get the duct tape. 😉
All of the central banks are in bed together and related to each other. It is an incestuous relationship, conceived for one purpose, to dominate and integrate the world monetary system. Bankers can not be trusted and the protests were to be against the bankers, not capitalism. The protests were hijacked by agent provocateurs. I was listening to Alex Jones today to Jason Bermas’ live reporting, and it was his opinion that the guys in black in the videos were there just to start trouble. This was a completely staged action that is going to get worse and end up with martial law being declared. That is the ultimate goal here. The G-20 is meeting to decide how to end the US dollar’s reign, and replace it with a world currency. This is pure treachery!
Recipe For Disaster; Obama Wealth Redistribution http://bit.ly/VMFI6 http://bit.ly/XWzBX
Recipe For Disaster; Obama Wealth Redistribution http://tinyurl.com/yact3gp
If there was ever a place for true revolution, this would be it, but the baknsters are so well protected it would be near impossible to get to them without an army. We need to shut down the G-20 and all bankster control. If THEY succeed in destroying the dollar, everything else would be a moot point. We would have true rioting in the streets, no food, no commerce, and martial law would be justified to control it. America will be dead. If the forced vaccinations come out at the exact same time, then there will have been two of our “lines in the sand” crossed simotaneously, and it will get very bad very quickly. This seems to be the scenario that we are witnessing come to light. If the rest of the world starts dumping their reserve dollars, the dollar will become worthless. Zimbabwe will look like a picnic.
If THEY succeed in the creation of a world currency, it is just one more step to an all electronic currency. Imagine a world where you would have to submit to having a microchip installed INSIDE your body, and you would not be able to work, go to the hospital, buy food, ANYTHING without this chip. If you got out of line, all THEY would have to do is turn off your chip, and “poof” you don’t exist anymore.
This is the ultimate plan. Has anyone ever heard of the “Mark of the Beast”? We are witnessing the creation of the ultimate world wide police state! I am not a religious zealot, I have just read a lot in the last year trying to find out what was going on, and I can see THEIR plan.
Thomas Jefferson understood, and he tried to warn us: “If the people ever let the bankers coin money, the corporations that would grow around these banks will rob us of our wealth. First by inflation then by deflation, and our children will wake up homeless in the land we fought for.”
Does this sound familiar? The banksters set the interest rates, and this is the main factor that controls boom times, recessions, and depressions. THEY made the rule that THEY can print money out of thin air, and then for every dollar you deposit THEY can loan out ten more!
The march in DC was the American people trying to get a message to their EMPLOYEES, the march in Philly is the American people trying to get a message to ungoverned tyrants that are trying to crush and enslave them. One could hardly compare one to the other.
Mayer Rothschild said “Give me the right to create a nation’s money, and I care not who makes their laws.” The government is completely owned and controlled by these banksters. This is where our attention needs to be directed. DC is just a distraction from them.
Just one more point I want everyone to ponder: have you heard of all the talk of a microchip bracelet to prove that you got the flu shot? There are plans to install the type of control I was talking about using the flu scare as justification. If you do not get the shot, and have the bracelet to prove such, you will not be permitted into work, school, grocery stores, ANYPLACE, with out it. If the dollar collapses (which is about to happen) then we ARE a PRISON NATION! It would be very easy to combine this micro chipped bracelet with the “new currency” after the dollar is worthless.
The military is working with the police in every state. There are plans to set up road blocks, and if you are caught in one without a bracelet, you have two choices: go into that trailer over there and get fitted for your bracelet and get your shot, or go into that bus over there and get a one way ride to a FEMA camp. This is IT! We are in deep doo-doo guys!
BUY FOOD AND PREPARE! Beans, bullets, and batteries are on your shopping list for the day.
We are going to need more than just duct tape!
Even middle class citizens feel it! http://bit.ly/V97Mu