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Tax Rates For New Yorkers Would Top 50% Under Obama
nysun.com ^ | July 18, 2008 | Julie Satow

Posted on 07/18/2008 7:31:08 PM PDT by Free ThinkerNY

New York tax filers reporting more than $375,000 a year in earned income may end up paying nearly 60% of their wages in taxes to the government under a Barack Obama presidency, economists who have analyzed his plan said.

The Democratic presidential candidate is proposing not only raising the federal income tax, but also adding a Social Security tax for those Americans earning more than $250,000 a year. For New Yorkers, that could mean that if the current Social Security rate is applied, the marginal tax rate, or rate on every extra dollar earned, could rise to 58%.

"This is a very eye-popping number," a resident scholar at the American Enterprise Institute, Alan Viard, said.

Under current law, there is a 12.4% Social Security tax on salaries up to $102,000 a year. While the Social Security tax is split equally between employers and employees, economists widely hold that employees shoulder the entire tax burden because employers simply pass along the cost of the tax in the form of lower wages.

Mr. Obama has spoken of creating a so-called doughnut hole, where those earning more than $250,000 would have to pay an additional Social Security tax; anyone earning between $102,000 and $250,000 would be exempt.

(Excerpt) Read more at nysun.com ...


TOPICS: Breaking News; Business/Economy; Culture/Society; News/Current Events; Politics/Elections; US: New York
KEYWORDS: 2008; abolishssnow; barackobama; classwarfare; democratparty; democrats; electionpresident; elections; issues; legalisedtheft; nobama08; ny2008; obama; obamatruthfile; socialism; socialsecurity; taxes; taxincrease; unconstitutional
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1 posted on 07/18/2008 7:31:08 PM PDT by Free ThinkerNY
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To: Free ThinkerNY

I have been for a progressive FICA tax for years, but this isn’t the way to go.


2 posted on 07/18/2008 7:34:01 PM PDT by LukeL (Yasser Arafat: "I'd kill for a Nobel Peace Prize")
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To: Free ThinkerNY

Sozialismus kostet zu viel!


3 posted on 07/18/2008 7:35:10 PM PDT by SandRat (Duty, Honor, Country! What else needs said?)
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To: SandRat

And yet the dumbo New Yorkers will vote for more taxes. Wait and see.


4 posted on 07/18/2008 7:38:19 PM PDT by JaneNC (I)
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To: JaneNC

No doubt here.


5 posted on 07/18/2008 7:40:22 PM PDT by SandRat (Duty, Honor, Country! What else needs said?)
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To: Free ThinkerNY

Great...this is the Stupidity Tax that all the Wall Streeters for Obama should be happy to pay.


6 posted on 07/18/2008 7:40:49 PM PDT by kittymyrib
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To: Free ThinkerNY

The rich will move their money to trusts, Swiss bank accounts or mattresses. They are too smart for Oblabba. The hard working middle American will shoulder the load for the Dems. He will destroy the country.


7 posted on 07/18/2008 7:40:58 PM PDT by Hattie
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To: Free ThinkerNY
Sounds good. The Dems have been running business out of Cal for years and they still vote for them.
8 posted on 07/18/2008 7:41:59 PM PDT by Domangart (editor and publisher)
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To: Free ThinkerNY

Since New York is a solidly blue state, I believe they should welcome these higher tax rates with open arms.


9 posted on 07/18/2008 7:43:22 PM PDT by pnh102 (Save America - Ban Ethanol Now!)
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To: Free ThinkerNY

remember u.s. senator george mitchell from maine?

he was my favorite tax and spend, hate the rich liberal.

he got an increased tax on luxury boats and put all the blue collar guys—remember, the dems are for the working class!

out of work! because the rich people stopped buying luxury yachts.

poor george.


10 posted on 07/18/2008 7:48:05 PM PDT by ken21 (people die and you never hear from them again.)
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To: Free ThinkerNY

“From each according to his abilities to each according to his needs” (Karl Marx)


11 posted on 07/18/2008 7:51:45 PM PDT by tips up
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To: Free ThinkerNY

Watch Obama carry New York easily. Liberals are self destructive.


12 posted on 07/18/2008 7:55:17 PM PDT by Anti-Bubba182
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To: LukeL; tips up

Why not?

From each according to his abilities to each according to his needs, just like your ‘progressive’ FICA tax.


13 posted on 07/18/2008 8:08:36 PM PDT by perfect_rovian_storm (Jindal/Palin 2012)
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To: perfect_rovian_storm

bttt


14 posted on 07/18/2008 8:12:36 PM PDT by ConservativeMan55
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To: Free ThinkerNY
Yah, but he's for change. Big change.... and he'll spend your money where he feels it's most needed.

Yessir, there'd never be a Katrina under a Baraq regieme. We're saved.



15 posted on 07/18/2008 8:20:39 PM PDT by glock rocks (Baraq Hussein Obama ~ black, white, and red all over.)
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To: Free ThinkerNY

Well, it should solve the housing crisis a little in the south.

They’ll all take off and come here to FL. And God forbid, vote Democrat.


16 posted on 07/18/2008 8:43:19 PM PDT by I still care ("Remember... for it is the doom of men that they forget" - Merlin, from Excalibur)
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To: LukeL
I have been for a progressive FICA tax for years

Have ya? To make Social Security "solvent"? I've already paid more into SS than I could EVER get out, unless I live to the ripe old age of 116. Under the LukeL plan, you'd have me pay more eh?

17 posted on 07/18/2008 8:44:37 PM PDT by Malsua
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To: perfect_rovian_storm

Well why should a bottom wage earner pay 7.5% of his income to taxes which he can never get back? Why make small business owners pay some 14% in FICA taxes?


18 posted on 07/18/2008 8:44:45 PM PDT by LukeL (Yasser Arafat: "I'd kill for a Nobel Peace Prize")
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To: Free ThinkerNY

“New York tax filers reporting more than $375,000 a year in earned income may end up paying nearly 60% of their wages in taxes to the government under a Barack Obama presidency, economists who have analyzed his plan said.

The Democratic presidential candidate is proposing not only raising the federal income tax, but also adding a Social Security tax for those Americans earning more than $250,000 a year. For New Yorkers, that could mean that if the current Social Security rate is applied, the marginal tax rate, or rate on every extra dollar earned, could rise to 58%.”

Makes not a whit of difference.

New Yorkers - PARTICULARLY the wealthy, liberal ones - will vote for Obama en masse. He’ll win in a landslide there. Didn’t the great Elliot Spitzer win with something like 70% of the vote?

Can’t have the evil Republicans in control, now, can we?

Change! Change! Change!
Spare some change?

- John


19 posted on 07/18/2008 8:50:00 PM PDT by Fishrrman
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To: LukeL
"Well why should a bottom wage earner pay 7.5% of his income to taxes which he can never get back?"

A bottom wage earner gets EITC which is thousands of dollars. They pay nothing in, yet get everything out.

20 posted on 07/18/2008 8:52:41 PM PDT by boop (Democracy is the theory that the people get the government they deserve, good and hard.)
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