[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.

[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?