Redistribution Of Wealth Favored By 59 Percent Of Americans

Redistribution of wealth is favored by 59 percent, or six out of 10, of Americans according to a new poll by Gallup.

As previously reported by The Inquisitr, President Obama made the “redistribution of wealth” phrase commonly known in every household. Obama’s secret 1998 tape in which he calls himself a believer in redistribution of wealth shows how the President views the American economy:

“I think the trick is figuring out how do we structure government systems that pool resources and hence facilitate some redistribution because I actually believe in redistribution, at least at a certain level to make sure that everybody’s got a shot. How do we pool resources at the same time as we decentralize delivery systems in ways that both foster competition, can work in the marketplace, and can foster innovation at the local level and can be tailored to particular communities.”

The basic idea is that the rich make too much and the Federal government must play Robin Hood and forcibly redistribute some of that wealth to the middle class and the poor. This would include the Obama household, which made over $600,000 in 2012. Still, Obama’s tax rate of 18 percent has been criticized, since Obama’s tax rate payment is about half of the tax rate many ordinary people pay.

The new Gallup poll about redistribution of wealth asks Americans, “Do you feel that distribution of money and wealth in this country today is fair, or do you feel that the money and wealth in this country should be more evenly distributed among a larger percentage of the people?”

59 percent of Americans believed more redistribution of wealth was needed in the United States, while 33 percent said the current distribution of wealth is at acceptable levels. In addition, 52 percent said the United States should redistribute wealth through heavy taxes on the rich, while 45 percent disagreed.

As you might expect, feelings on the redistribution of wealth fell along party lines, with 47 percent of conservatives believing the distribution of wealth is fair, compared with only 17 percent of liberals. Only 26 percent of Republicans want the government to redistribute wealth, compared with 75 percent of Democrats.

Redistribution of wealth has become popular as wealth inequality grows. As things stand as of 2011, the top 90 to 99 percent of income makers in the US make 27.3 percent of all income and own 41.3 percent of national wealth. The top one percent 17.2 percent of all income and own 35.4 percent of national wealth. The remaining 90 percent of Americans split 55.5 percent of national income and own 23.3 percent of national wealth.

At the same time, the Economic Policy Institute shows the bottom 60 percent of Americans have seen their wealth shrink over the last 30 years, while the top five percent has seen huge gains. Much of this can be explained by consumer debt and the lack of savings combined with the rise of computers digitizing the stock markets and banks, making it easier for the wealthy to become even more wealthy.

Do you think redistribution of wealth is fair in the United States?