Editor's notes: According to the CBO conclusions (below), will see the 10.10 minimum wage increase and benefit 1.3 million folks currently earning minimum wage incomes (3% x 45 million). At the same time, another half million will be harmed, dropped from current job projections, according to the CBO.
Of the total 19 billion dollars in additional income (2 + 5 + 12 = 19 billion - see below), 2 billion will come from the wage increases and 17 billion will be taken from those making 72,000 and more, proving, of course, my claim that Obama has targeted the working middle class in his rush to income/wealth redistribution and not [just] the One Percenters [if at all].
From the CBO (all parties listed below are middle class. at the top, you have those who earn $72,000 a years BEFORE THEIR 40% OVERALL TAX BURDEN, and $12,000 per year (individual "poverty" level. No one in the middle class are "rich," but most are treated as rich, if their income actually more than $50,000 per year* ~ blog editor).
Once the increases and decreases in income for all workers are taken into account, overall real income would rise by $2 billion.
Real income would increase, on net, by $5 billion for families whose income will be below the poverty threshold under current law, boosting their average family income by about 3 percent and moving about 900,000 people, on net, above the poverty threshold (out of the roughly 45 million people who are projected to be below that threshold under current law).
Families whose income would have been between one and three times the poverty threshold would receive, on net, $12 billion in additional real income.
About $2 billion, on net, would go to families whose income would have been between three and six times the poverty threshold.
Real income would decrease, on net, by $17 billion for families whose income would otherwise have been six times the poverty threshold or more, lowering their average family income by 0.4 percent.
http://www.cbo.gov/publication/44995
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* My "$50,000" number comes from the fact that those individuals earning $50,000 or more per year, are not eligible for any ObamaCare subsidies - meaning, of course, that they have been targeted by this Administration for wealth redistribution.
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