Obamacare to Redistribute Wealth of the Middle Class

Posted: Feb 04, 2014 7:15 AM

Get ready middle class America, Obamcare is about to get a whole lot worse for your wallet. According to a new study by the Brookings Institution, detailed here by Byron York, families making $21,000-$40,000 per year will see their wealth redistributed to pay for Obamacare and in return will see their income reduced.

Obamacare will increase the income of Americans in the lowest 20 percent of the income scale, and especially in the lowest ten percent. But all other income groups -- even people who make very modest incomes in the $25,000 to $30,000 range, as well as all income brackets above that -- will experience a decline in income because of Obamacare.

In other words, Obamacare is going to cost some of the very people it was designed to help.

Obamacare will reduce, by an estimated 0.9 percent, the incomes of working-age Americans in the next-lowest income bracket, households making between about $21,000 and $40,000 a year. And in the next income group, households making between about $40,000 and $65,000 a year — Obamacare will reduce their income, too, also by 0.9 percent.

This reduction in income comes on top of tripled premiums for middle class families and slew of new Obamacare taxes.

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