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Obama budgets $1 trillion tax increase
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President Obama's national debt-busting $4 trillion, $1.75 trillion deficit and $750 billion bank bailout budget redistributes wealth by raising nearly $1 trillion in taxes on the 2.6 million highest-earning Americans:
- Obama would increase the top tax rates of 33 percent and 35 percent to 36 percent and 39.6 percent.
- Obama would raise taxes on capital gains and dividends 15 percent to 20 percent.
- Obama would limit itemized deductions for those families with more than $250,000 of income.
According to the Wall Street Journal, Obama's tax increases won't be nearly enough to pay for Obama's vision of having the government do everything:
Consider the IRS data for 2006, the most recent year that such tax data are available and a good year for the economy and "the wealthiest 2%." Roughly 3.8 million filers had adjusted gross incomes above $200,000 in 2006. (That's about 7% of all returns; the data aren't broken down at the $250,000 point.) These people paid about $522 billion in income taxes, or roughly 62% of all federal individual income receipts. The richest 1% -- about 1.65 million filers making above $388,806 -- paid some $408 billion, or 39.9% of all income tax revenues, while earning about 22% of all reported U.S. income.
That's right. The wealthiest 2% already pay roughly 62% of all federal individual income tax receipts. But 62% isn't enough for the Obama spending.
The Wall Street Journal takes Obama's wealth redistribution a step further and concludes that even if you took every "taxable 'dime' of everyone earning more than $75,000 in 2006 would have barely yielded enough to cover Obama's $4 trillion spending plan."
We told you Obama was a redistributionist, but that Obama calls his radical Marxist-like tendency change.
You can read Obama's budget overview right here at Right Side Politics.
Special Report: Obama's First 100 DaysExclusive examiner.com coverage of the Obama administration's promise to bring about change.
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