question about Obama's tax plan (vanity)

10-29-2008 | stan_sipple

[stan_sipple]

I wondered about Obama's plan to confiscate wealth from "just" those making over $250k a year. I believe this involved requiring those taxpayers to contribute to FICA. If that happens would the social security administration insure that income and calculate benefits on that high income? If so that would explode social security.

[Smogger]

Answer: It’s a flat lie, and I can’t believe more people aren’t hammering the Big O on this.

Obama has proposed raising the social security cap to 250K.

Yes that is a tax increase on people making UNDER 250K.

To quote Obama:

“In terms of raising the cap on the payroll tax, right now everybody who’s making $102,000 or less pays 100% of payroll tax on 100% of their income. There are about 3% to 4% of Americans who are above $102,000 in income every year. So if you want to talk about who’s middle class, me giving cuts to folks making $60,000 or $70,000, and potentially asking more from friends of mine like Warren Buffett. That’s a debate I’m happy to have with John McCain, because it’s the people making $75,000, $50,000, $60,000 who are hurting.”

Removing the cap entirely is a 1.4 Trillion dollar tax increase over five years.

http://www.ontheissues.org/Economic/Barack_Obama_Social_Security.htm

[Vigilanteman]

BO ran an ad last night during Jeopardy (one of the few programs I even bother watching on the alphabet news) where he said the money for all his programs would, among other places, come from a modest increase in taxes over those making $200K (not $250K) per year. Of course, bugging out of Iraq will save us a bundle of money as well.

[stan_sipple]

will Obama insure the higher wages subject to the fica tax, or are we just taking the money?

[Eric Esot]

a surrogat explained - the 200k is for individuals; 250k for married - which amounts to a marriage penalty.

[11th Commandment]

From Obama’s own Website calculator:

If your income is between $200K and $250K and you file single or jointly, you will NOT received at TAX cut.

[mlocher]

I wondered about Obama's plan to confiscate wealth from "just" those making over $250k a year.

You mean $200K $150K, don't you?

[Smogger]

No mention. I suppose it would be insured up to the Social Security Wage Base, but that’s just a guess.

See what I am talking about. Obama has been so good at hammering home the 250K progressive tax increase, that even people here on FR don’t recognize that he is actually going to dramatically up taxes on people paying less by upping or eliminating the the Social Security Wage Base.

[Eric Esot]

thanks - was quoting.

[Vigilanteman]

So what do you suppose the explantion will be when the amount gets lowered to 150K, 100K, 50K and finally anyone earning more than what they define as a necessary liveable wage?

[Eric Esot]

the explanation will be a ‘hypothetical’ - as it is with obamas ‘each family will save $2500 a year health plan’