Spreading Around More Wealth
Most taxpayers remember what President Obama told Joe Wurzelbacher about ‘spreading the wealth around’ during a brief campaign stop meeting in Ohio (You Tube video via Strollerderby). For those who may not know the meaning of income redistribution, a new Tax Foundation Fiscal Fact (Number 209, February 10, 2010) contains a preliminary analysis of how President Obama’s proposed FY 2011 budget will affect average families and various income groups.
The following two paragraphs summarize the paper:
“Our results are presented in the three tables . . . Table 1 summarizes the average change in income redistribution from Obama's policies. Table 2 provides somewhat more detail, including a tax and spending breakdown, while Table 3 shows the aggregate effects of federal fiscal policies on the distribution of income.
“Overall, the results show Pres. Obama increasing the level of income redistribution to low-and-middle income families, while families in the top 1 percent of the income spectrum would face higher taxes and therefore more redistribution. The primary driver of this result is Pres. Obama's expiration of the Bush tax cuts for high-income families, as well as his proposed 28 percent value limitation on itemized deductions.”
When is that next Tea Party?