Democratic presidential candidate Sen. Barack Obama D-Ill., speaks to senior citizens, Friday, June 13, 2008, in Columbus, Ohio, as his wife Michelle Obama looks on
If anyone believes that Barack Obama as President and the Democrat controlled Congress would limit Social Security payroll taxes to increase for taxpayers ONLY making more than $250,000 a year then Flap has a New York bridge to sell you.
Democrat Barack Obama would apply the Social Security payroll tax to all annual incomes above $250,000, which he says would affect the wealthiest 3 percent of Americans.
The payroll tax is now applied to all income up to $102,000 a year, which covers the entire amount for most Americans. Under Obama’s plan, the tax would not apply to incomes between that amount and $250,000. But all annual income above the quarter-million-dollar amount would be taxed under his plan.
1. There are insufficent number of “BALLERS” to exact the amount of money to make Social Security solvent.
2. Most of these taxpayers faced with increasing taxes would divert their income stream to non-earned income compensation which would NOT be subject to the increased taxation.
This is a prime example of the consistent Democrat age and social class pandering act.
Plus ca change, plus c’est la meme chose – The more things change, the more they stay the same.