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 ...
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.
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!!!!!!!!!!!!!
should be required reading for the lefties...then again, never mind, that is the kind of overbearing taxes they want...
This actually ran in the media.....well, I’m stuned.
I thought all the media was reporting lately was “Palin is a poopey head”...
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?
This sounds like a job for Captain Obvious.
Could? Philly please!
If you’re getting a paycheck, you’re rich. All you’re gonna be left with is change.
But more importantly, this could be a first step in America losing its sovereignty.
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