The Richest 1% Get $10 Billion
A Year From Uncle Sam
by John Merline - December 12th, 2011 - Investor's Business Daily
Each year, the federal government hands approximately $10 billion over to the richest 1% of Americans — mainly to rich retirees — according to an IBD analysis of data on various federal transfer programs. And these payments are growing, adding to the income inequality that politicians like President Obama frequently complain about.
The bulk of the taxpayer money going to the richest 1% came from Social Security and Medicare, which provide benefits to retirees regardless of their income.
Using IRS data, IBD found that the top 1% of income earners claimed approximately $7 billion in Social Security benefits in 2009. That year, the program paid super-rich seniors — those with adjusted gross incomes exceeding $10 million — an average of $33,000 each.
Since it has always been the Democrats who have blocked attempts to "need test" Social Security and Medicare, you have to be incensed at their continued denigration of tax rates for the rich. If they cared about ending this government support for the rich they would acknowledge the reasonableness of "need testing" these two rapidly bankrupting programs.