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Obama Floats Social Security Tax Hike [Taxing Those Who Make More Than $97,000 Per Year...]
ABC news ^

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 ...


TOPICS: News/Current Events; Politics/Elections
KEYWORDS: 2008; democratparty; elections; husseinobama; obama; socialsecurity; taxes
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a true democrat.........
1 posted on 09/22/2007 2:50:58 PM PDT by Sub-Driver
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To: Sub-Driver
Don't tax you, don't tax me!

Tax the fellow behind the tree!

2 posted on 09/22/2007 2:53:56 PM PDT by an amused spectator (AGW: If you drag a hundred dollar bill through a research lab, you never know what you'll find)
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To: Sub-Driver
Democrats raising taxes? Wow, now that's a surprise.
3 posted on 09/22/2007 2:54:25 PM PDT by stm (Fred Thompson in 08!)
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To: Sub-Driver

Senator Obama, would it not be simpler if you just raised the minimum wage to $97,000.00 a year?


4 posted on 09/22/2007 2:57:22 PM PDT by JohnLongIsland
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To: BHO

Come on by and try to take it from me yourself, punk.

5 posted on 09/22/2007 2:57:41 PM PDT by I see my hands (_8(|)
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To: stm

I loves me some taxes. Bring on some mo taxes. Tax the taxes.


6 posted on 09/22/2007 2:58:08 PM PDT by shankbear (Al-Qaeda grew while Monica blew)
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To: Sub-Driver
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."

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.

7 posted on 09/22/2007 2:59:01 PM PDT by RJL
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To: Sub-Driver
Hey, if the Ponzi scheme starts to go broke, expand it so that it screws more people out of more money.

Typical Dummie approach to reforming the system.

8 posted on 09/22/2007 2:59:12 PM PDT by vetsvette (Bring Him Back)
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To: Sub-Driver

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.


9 posted on 09/22/2007 2:59:19 PM PDT by napscoordinator
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To: Sub-Driver

Typical leftist economic shenanigans.....overtax the productive and distribute to the wasteful so the ego-maniac politicians get the benefits. Screw them all!.


10 posted on 09/22/2007 2:59:23 PM PDT by tflabo
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To: Sub-Driver

Wonderful. More wealth transfer to the elderly. Not that he’ll be elected anyway.


11 posted on 09/22/2007 2:59:34 PM PDT by rbg81 (DRAIN THE SWAMP!!)
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To: Sub-Driver

“If you walk to much they’ll tax your feet.”


12 posted on 09/22/2007 3:00:25 PM PDT by Joe Boucher (An enemy of Islam)
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To: stm

Don’t tax me, Bro!!!!!!!


13 posted on 09/22/2007 3:01:47 PM PDT by quikdrw (Life is tough....it's even tougher if you are stupid.)
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To: shankbear
Mo money, mo money, mo money.


14 posted on 09/22/2007 3:02:19 PM PDT by stm (Fred Thompson in 08!)
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To: napscoordinator

I paid off SS late last spring..........this would suck


15 posted on 09/22/2007 3:02:37 PM PDT by Sub-Driver (Proud member of the Republican wing of the Republican Party)
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To: Sub-Driver

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.


16 posted on 09/22/2007 3:02:49 PM PDT by John Jorsett (scam never sleeps)
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To: napscoordinator
The cap is currently $97,500 and it goes up every year. In 2000, it was $76,200

Removing Social Security's Tax Cap on Wages Would Do More Harm Than Good--It would require the largest tax increase in U.S. history, subjecting millions of American families to a massive hike in their payroll taxes and further reducing an already dismal rate of return. This change would harm America's economic prospects by slowing economic growth and reducing employment opportunities.

17 posted on 09/22/2007 3:05:46 PM PDT by kabar
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To: Sub-Driver

ALready raising taxes and not even in office yet. The Dems must be awfully proud!


18 posted on 09/22/2007 3:06:30 PM PDT by NemoDog (and Nero fiddled...)
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To: Sub-Driver

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.


19 posted on 09/22/2007 3:07:03 PM PDT by napscoordinator
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To: Sub-Driver

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.


20 posted on 09/22/2007 3:07:55 PM PDT by tflabo
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