Yessir, there'd never be a Katrina under a Baraq regieme. We're saved.
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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 ...
I have been for a progressive FICA tax for years, but this isn’t the way to go.
Sozialismus kostet zu viel!
And yet the dumbo New Yorkers will vote for more taxes. Wait and see.
No doubt here.
Great...this is the Stupidity Tax that all the Wall Streeters for Obama should be happy to pay.
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.
Since New York is a solidly blue state, I believe they should welcome these higher tax rates with open arms.
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.
“From each according to his abilities to each according to his needs” (Karl Marx)
Watch Obama carry New York easily. Liberals are self destructive.
Why not?
From each according to his abilities to each according to his needs, just like your ‘progressive’ FICA tax.
bttt
Yessir, there'd never be a Katrina under a Baraq regieme. We're saved.
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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.
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?
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?
“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
A bottom wage earner gets EITC which is thousands of dollars. They pay nothing in, yet get everything out.
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