Obama Budget Would Take $112B From Rich

President Barack Obama’s proposed budget would shift $112 billion away from the nation’s top earners in 2012, according to the Tax Foundation, a nonprofit organization that monitors federal and state fiscal policies.

The group analyzed the impact of the 10-year budget proposal on various income groups. The study, released last week, said higher-income families would lose the most because of the expiration of Bush administration tax cuts and the proposed 28% cap on certain deductions. Low-income and middle-class families stand to benefit from the redistribution.

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