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Obama plans to redistribute $1 Trillion in wealth.


From 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.

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