ObamaNomics Vs The Truth

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In his stump speech in Des Moines, Iowa this morning Barack Obama bellowed:

The last thing we need now is four more years of the tired old policy that says we should give more and more money to Millionaires…

Senators Obama and Biden and their various surrogates and supporters have repeated this line hundreds of times during the campaign.  Since they say nothing that isn’t pretested in polls and focus groups, we have to assume their research indicates this is effective propaganda.

The only problem is that it’s a lie – a lie that forms the very foundation of the Obama campaign.

The government gives a lot of money to a lot of people.  We’ll list some of it below.  But “we,” meaning the government, do NOT “give money” to Millionaires.

Here are the facts from the IRS Statistics of Income Division, for 2006, the latest data available:

  • Number of households earning over $1 Million Dollars: 354,093 – one out of every 400 – one quarter of one percent;

  • Taxes paid by Million Dollar households: $273 Billion Dollars;

  • Percent of all Income Tax revenue paid by Million Dollar households: 26.7%

.So who does the government “give money” to?  Here’s a partial list:

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Senator Obama’s so-called “tax cuts” are actually a bunch of new programs, similar to the ones on the list above.  But Obama intends to structure them as “refundable credits,” administered by the IRS.  Rather than apply for a cash benefit, individuals and families file forms with their tax returns and automatically receive the full amount of the cash benefit from the IRS as a so-called “refundable credit,” even if it exceeds their tax obligation, even if their tax obligation is $0

Here, from the campaign website, are the additional “give money” programs Senator Obama promises to enact if he becomes President:

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