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  1. #1 Obama: Payroll tax on incomes above $250,000 
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    Jun 13 12:24 PM US/Eastern / By CHARLES BABINGTON / Associated Press Writer

    COLUMBUS, Ohio (AP) - Democrat Barack Obama would apply the Social Security payroll tax to all annual incomes above $250,000, which he says would affect the wealthiest 3 percent of Americans.

    The presidential candidate told senior citizens in Ohio on Friday that it is unfair for middle-class earners to pay the Social Security tax "on every dime they make, while millionaires and billionaires are only paying it on a very small percentage of their income."

    The payroll tax is now applied to all income up to $102,000 a year, which covers the entire amount for most Americans. Under Obama's plan, the tax would not apply to incomes between that amount and $250,000. But all annual income above the quarter-million-dollar amount would be taxed under his plan.

    http://www.breitbart.com/article.php...show_article=1
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  2. #2  
    Senior Member LogansPapa's Avatar
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    Oh Good, increase taxes on those folks that start and maintain small businesses. Brilliant.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  3. #3  
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    I don't see why any amount is exempted, frankly.
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  4. #4  
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    Quote Originally Posted by linda22003 View Post
    I don't see why any amount is exempted, frankly.
    I don't see why I have to pay social security tax if I am self-funding my own retirement.
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  5. #5  
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    So am I. Let's face it, SS is the only thing standing between us and people who are NOT saving for retirement voting to take all of our savings away from us. And there's no guarantee they won't do it anyway.
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  6. #6  
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    Quote Originally Posted by linda22003 View Post
    I don't see why any amount is exempted, frankly.
    I have a problem with the dollar limit being raised, and I have never made over the threshold amount.

    The Democrats and Republicans have stolen, raped and pillaged the money that was supposed to go into the S.S. fund; it was transferred into the general fund and spent. There is no money in the S.S. fund; only IOU's.

    I will do a little math here for ya:

    If you work 40 years under civil service and make $4,250 per month, you get a retirement check of $4,250 per month. A 100% retirement check which is funded by a retirement system that invests the money and earns an average of 8% per year. Investing the money assures that the system will be solvent.

    If you work 40 years in the private sector, you will be lucky if you get 1/2 (50)% or $2125 per month because the politicians have screwed the pooch and spent it as fast as it is sent in. The system will pay out more than it takes in in 15 years and become insolvent unless rates are increased and/or age is increased.
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  7. #7  
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    The payroll tax was set up, I believe, to correspond to the maximum amount of benefits you could recieve from the programs that you pay to fund. So therefore, since the benefits are capped at a certain amount, those who make a lot more money will be forced to pay quite a bit more for the same amount of compensation as those whose taxes are quite a bit less. Obama must feel pretty confident that there are enough people who won't figure this out, to risk floating such an unfair idea. It's time we told the truth. The dems idea of Social Security is not a retirement fund, it's a tax designed to transfer wealth.
    Last edited by Lager; 06-13-2008 at 01:33 PM.
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  8. #8  
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    I honestly think we are in need of an enema via revolution.
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  9. #9  
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    Quote Originally Posted by Lager View Post
    The dems idea of Social Security is not a retirement fund, it's a tax designed to transfer wealth.
    F'ing Bingo.
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  10. #10  
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    Quote Originally Posted by LogansPapa View Post
    Oh Good, increase taxes on those folks that start and maintain small businesses. Brilliant.
    He's your 'Front Man' for the West Coast Maoist elite !
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