Tuesday, October 6, 2009

Redistribution is Already Happening.

According to Scott Hodge, President of the Tax Foundation:

By 2012, nearly 1 trillion from the top 30% of American families will be redistributed among the bottom 70% if Obama's proposals on taxes, healthcare, and climate change become law according to the Tax Foundation reports. "Under the Obama plan, 70% of American families as a group, those earning less than $109,460 will receive more in benefits than they pay in taxes," said Scott Hodge, President of the Tax Foundation. 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 recieve $1.15 in government spending benefits for every dollar they pay in taxes. Families making over $280,000 (the top 5%) will get back 56 cents of every dollar they pay in taxes while the highest earning families, those in the top 1% earning over about $700,000, will get back 33 cents in spending for every dollar they pay in taxes.


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The Tax Foundation was founded in 1937 and it purpose is to “educate taxpayers about sound tax policy and the size of the tax burden borne by Americans at all levels of government.”

Here are two related articles that they have published to help get you informed.

Accounting for what families pay in tax and what they receive in government spending.

Under Obama's Policies, Most Families Earning up to $109,000 Will Get More Back from Government Benefits Than They Pay in Taxes

Laura and Michelle

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