Posted on 09/22/2007 2:50:53 PM PDT by Sub-Driver
Obama Floats Social Security Tax Hike Democratic Presidential Candidate Suggests Taxing Those Who Make More Than $97,000 Per Year By TEDDY DAVIS
Sept. 22, 2007 —
Sen. Barack Obama, D-Ill., is considering a major tax hike on the rich to shore up the nation's Social Security system.
"If we kept the payroll tax rate exactly the same but applied it to all earnings and not just the first $97,000," Obama wrote this week in an Iowa newspaper, "we could eliminate the entire Social Security shortfall."
Obama's idea, which he described on the op-ed page of Friday's Quad City Times as being "one possible option" and not a formal plan, would raise more than $1 trillion over 10 years by subjecting income of more than $97,000 to a 12.4 percent tax. Half of the tax would be paid by employees and half would be paid by employers.
Obama is floating the idea of a tax hike on the rich as a way of assuring lower- and middle-income voters that he sees an option for ensuring Social Security's solvency that would not burden them. Obama has been indirectly criticized by Sen. Hillary Clinton, D-N.Y., for suggesting on ABC News' "This Week with George Stephanopoulos" that a higher retirement age should be "on the table."
By suggesting the elimination of the Social Security tax cap, Obama has distinguished himself as the presidential candidate most willing to touch the "third rail" of American politics. No other major candidate has come close to offering a specific idea with the potential of generating as much revenue.
Obama's idea, however, also carries considerable political risk.
Eliminating the Social Security tax cap without changing the benefit formula could undermine support for the program among the roughly five percent of Americans who earn more than $97,000 per year.
(Excerpt) Read more at abcnews.go.com ...
Tax the fellow behind the tree!
Senator Obama, would it not be simpler if you just raised the minimum wage to $97,000.00 a year?
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I loves me some taxes. Bring on some mo taxes. Tax the taxes.
"If we kept the payroll tax rate exactly the same but applied it to all earnings and not just the first $97,000," Obama wrote this week in an Iowa newspaper, "we could eliminate the entire Social Security shortfall."
There would be no problem now if politicians didn't spend the social security money on everything else.
Additional taxing will just create another pile of money that will make the Dems mouths water for even more new spending.
Typical Dummie approach to reforming the system.
And to think I make 96,999 dollars. Good thing I am just under the limit. lol. Actually in reality tens of thousands under the limit.
Typical leftist economic shenanigans.....overtax the productive and distribute to the wasteful so the ego-maniac politicians get the benefits. Screw them all!.
Wonderful. More wealth transfer to the elderly. Not that he’ll be elected anyway.
“If you walk to much they’ll tax your feet.”
Don’t tax me, Bro!!!!!!!
I paid off SS late last spring..........this would suck
While we’re at it, let’s apply it to capital gains too. If we’re going to stick it to rich people, let’s stick it to them good and hard.
ALready raising taxes and not even in office yet. The Dems must be awfully proud!
Believe me bud. We are all hoping this does not happen no matter who wins the White House. After seeing some Republican behavior lately (Hatch giving a billion to gang control), I would not bet against Republican not increasing Social Security either. The entire political arena is wack right now.
Hey Oblabber mouth... how about pols in DC stop raiding the SS funds.... whatever excess surplus now generated into SS stays as an adjunct fund that compounds with interest over time. An account that earns interest compounded would eliminate any need for extra taxes collected and further burden the younger generation. Americans pay ENOUGH Taxes already.
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