Obama Budget Would Take $112B From Rich

Those earning up to $107,000 would also benefit, according to the foundation's calculations. Families in the 60th to 70th market income percentile would receive an additional $8 billion in tax benefits, an average income redistribution of $475.

Those higher up the income scale would see increased taxes as benefits shift. Compared to the current policy, the proposed budget would move an additional $101,314 away from the highest earning 1% of U.S. residents, a total income hit of $509,257 per family. The top 5% income bracket would forgo an additional $20,304 a year (a total of $141,648) and the top 10% would lose out on nearly $9,000 a year through additional income redistribution.

-- Reported by Joe Mont in Boston.

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