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Romney, Obama, and 'redistribution:' How much do U.S. taxes reallocate wealth?

Published: Sunday, Aug. 2 2015 4:33 p.m. MDT

Sept. 2012, President Barack Obama speaks at a campaign rally in Golden, Colo. Recently a 14-year old video of Obama has been released about him saying he supports government redistributing wealth.  (Ed Andrieski, Associated Press) Sept. 2012, President Barack Obama speaks at a campaign rally in Golden, Colo. Recently a 14-year old video of Obama has been released about him saying he supports government redistributing wealth. (Ed Andrieski, Associated Press)

Our take: Following Mitt Romney's secretly recorded comments about the "47 percent," a counter video was released of Pres. Obama back in 1998 talking about how he believes in redistribution in the government. Peter Grier, from The Christian Science Monitor explains what redistributing wealth can mean:

"To what extent do US federal taxes redistribute wealth? That's a question that comes up because 'redistribution' is a hot word in American politics at the moment. Republicans in recent days have been brandishing a newly released 1998 tape on which then-state Sen. Barack Obama of Illinois endorses the concept of government redistributing wealth from one group to another.

"I actually believe in redistribution, at least at a certain level, to make sure that everybody's got a shot,' says Mr. Obama on the 14-year old recording."

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