False: Although Obama said, "I think when you spread the wealth around, it's good for everybody," that is not the focus of his tax plan.
Barack Obama's tax plan will spread the income around, and has very little affect on wealth.
Reviewing his plan, the only provision I found affecting wealth was the reinstitution of the estate tax, which does not impact the truly wealthy. Although the estate tax will be paid by people like Joe the Plumber, Todd the Fisherman, and Charlie the Talk Show Host; folks like Bill the Software Magnate, Warren the Investment Tycoon, and Oprah the Media Conglomerate will shield their wealth from the estate tax by creation of trusts.
Barack Obama will shelter his wealthy friends from wealth redistribution, but will seize the ordinary income, interest and dividends, and capital gains of working Americans. That seized income will be given to Barry the Community Organizer, Bernadette the Bomb Builder and other slackers with a huge senses of entitlement.
Consider this myth to be busted. The truth is even worse.
5 years ago