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Obama's change could cost big bucks
The Philadelphia Inquirer ^ | Sep. 14, 2008 | Paul Gessing

Posted on 09/14/2008 1:15:56 PM PDT by Read2Know

Under Obama's plan, ... individuals will face a tax rate of 15.65 percent from payroll taxes and the top income-tax rate of 39.6 percent for a combined top rate of more than 56 percent on each additional dollar earned. Obama's plan would keep Social Security in the black for only three more years. Annual deficits would hit in 2020, instead of 2017, and by the 2030s the system would still run an annual deficit exceeding $150 billion.

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


TOPICS: Government; Politics/Elections
KEYWORDS: 2008; economicpolicy; election; issues; obama; obamabiden; socialsecurity; taxes

1 posted on 09/14/2008 1:15:57 PM PDT by Read2Know
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To: Read2Know

Don’t forget that it will stunt economic growth and job creation, putting federal revenues, expenditures and deficits into a downward spiral.

We really can’t afford 0bama. He’ll reduce us to Zimbabwe.


2 posted on 09/14/2008 1:25:02 PM PDT by henkster (Sarah Palin; the 2nd coming of Teddy Roosevelt)
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To: Read2Know

And this is under the optimistic assumption that raising taxes doesn’t slow economic growth. Which it will.

Obama will then have to raise taxes MORE.

Then the economy slows even more.

Obama will then have to raise taxes MORE.

etc, etc.

FDR and Rex Tugwell, you have been reborn!!!!!!!!!!!!!


3 posted on 09/14/2008 1:25:43 PM PDT by whitedog57
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To: Read2Know

should be required reading for the lefties...then again, never mind, that is the kind of overbearing taxes they want...


4 posted on 09/14/2008 1:31:51 PM PDT by raygunfan
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To: Read2Know

This actually ran in the media.....well, I’m stuned.

I thought all the media was reporting lately was “Palin is a poopey head”...


5 posted on 09/14/2008 1:34:36 PM PDT by Brytani ("The First Amendment doesn't say anything about giving you a hug if you're offended.")
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To: Read2Know
Again, with an eye toward punishing those who have achieved economic success, Obama plans to end the Social Security payroll-tax cap for those making more than $250,000. The cap is currently set at a more reasonable $102,000. Under Obama's plan, these individuals will face a tax rate of 15.65 percent from payroll taxes and the top income-tax rate of 39.6 percent for a combined top rate of more than 56 percent on each additional dollar earned.

Regarding the payroll tax increase, I've attempted to find information that shows whether individuals will have their SS benefits increased by this or will their taxes just go to propping up the system or both. Anyone out there can help me out on this?

6 posted on 09/14/2008 1:37:58 PM PDT by mainevet
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To: Read2Know

This sounds like a job for Captain Obvious.


7 posted on 09/14/2008 1:38:00 PM PDT by mrmargaritaville
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To: Read2Know

Could? Philly please!


8 posted on 09/14/2008 1:43:34 PM PDT by JZelle
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To: Read2Know

If you’re getting a paycheck, you’re rich. All you’re gonna be left with is change.


9 posted on 09/14/2008 1:47:51 PM PDT by rawcatslyentist (I will stand with the Muslims ~B Hussein Obomunist ~~~~~~~~~~~~~~~ Verito Possumus~Verified Sleeper!)
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To: Read2Know
Obama also wants to impose a tax - administered by the UN - for world poverty. (We saw how Oil for Food worked out under the administration of the UN.)

But more importantly, this could be a first step in America losing its sovereignty.

10 posted on 09/14/2008 1:57:39 PM PDT by xtinct (Suicide Hotline... !! "Obama here" --> Please Hold...)
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