Rush’s Morning Update: Redistribution
September 28, 2009
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Well, folks, wenow know the cost-impact on American families of Obama’s tax, health care, and climate change policies,according to a new report by the nonpartisan, nonprofit Tax Foundation. The report concludes that by 2012 (just three years from now), almost $1 trillion a year will be redistributed from the top 30 percent of American familiesto the bottom 70 percent.
Tax Foundation president Scott Hodge told CNS News that under Obama’s plans, “the majority of people below the 70 percent mark will get more back than they pay in taxes,”and the lowest-income families will make out like bandits. The report reveals that for every dollar they pay in taxes, they’ll end up with over ten bucks of benefits.
That’s not to say that the poor will escape Obama completely. The Democrats’ cap-and-tax climate proposals will hit them hard–as do the regressive taxes on tobacco. But with the money Obama plans to redistribute, they’ll make out fine. When you add up everything, poor families end up scoring over 2 grand in additional benefits,while high-earning families lose up to $127,000 — every year.
These are merely the economic costs of Obama’s and the Democrats’ redistribution schemes. When you take earnings from high achievers and hand it over to people who,in some cases,refuse to work for it, you are ripping up the very fabric of capitalism. You’re also robbing people of the incentive to earn as much as they can.
Which is exactly what Obama’s vision is all about. Trust me. Don’t doubt me on this!
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