Obama has proposed lifting the cap on social security taxes and payroll taxes to everyone earning over 75 thousand dollars a year. This could amount to a net tax increase of anywhere from 15 at the low end to 50K tax increase at the high end. Obama hopes to raise 200 billion this way to fund social programs which include prison reform, alternative energy subsidies, healthcare and increases in food stamps and wic payments to the nonworking poor. Some argue that this would undo all of the Clinton welfare reforms and increase the welfare rolls by over 50 percent. Others argue that this would help to give us a uniform lower middle class wage base.
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14 responses so far ↓
1 Mr Wisdom // Jul 1, 2008
If Obama is elected hold on to your wallet!
2 Uptown // Jul 1, 2008
Someone has to payoff George W. Bush's debt.
3 pablo_asawa // Jul 1, 2008
The cap has been raising for many years now..it keep going up..so will all taxes as the ratio of Social security was six to one when it started….now it is 3 workers paying in taxes to support one person collecting Social Security…
this has made al lot of people think that this sytem will not last until 2040..and medicare/medicaid is worse yet
4 Mr. Know It All // Jul 1, 2008
No; many people like myself make 75k/year, but I am responsible for 6 people. after taxes, rent, utilities, car/gas/insurance, food, school stuff, clothes, etc. After all the bills are paid, that works out to be about 500 dollars/per person/year, for everything else. That is providing there is no car repairs,etc., or unforeseen problems.
I certainly cant afford Obama.
5 Knochen Schinken // Jul 1, 2008
Strictly speaking, payroll taxes fund old age social security pensions and disability payments. So, you are saying that Hussein would be stealing from the social security fund for his pet projects?
6 Andy J // Jul 1, 2008
No. Vote for Ron Paul.
7 OBX // Jul 1, 2008
Hey…anything to destroy this country…People want change, and they are going to get it.
8 ninebadthings // Jul 1, 2008
This is just another tax, it goes into the general fund, it is not a savings plan for peoples retirement. As it is now, it a tax on being poor. Why should a self employed person making only 30K have to pay an 17 3/4% tax in addition to income and state tax when a person making 500K a year only pays this tax on the first $75K? This is grossly unfair.
Alot has changed from the time this tax was set up, and the deck has been restacked to screw the working class. This is one thing I agree with Oboma on.
9 August For President // Jul 1, 2008
Like all other tax increases,it's just more money for the Government to essentially waste on nothing. If he just forced the US Govt to investigate and stop all the waste and fraud rampant within the system,he could easily come up with well over 200 Billion without raising taxes one dime. But they never do that,they just raise your taxes again to help make up for the Billions being wasted every day.And everyone just accepts it,how foolish.We are however far past any hope of an Election solving any of the countries problems,they are too deep rooted to be solved with anything less than the utter destruction of the current system followed by a fresh start. Or you can simply vote yet again for the two "pre-selected" Candidates,and hope they leave enough left in your pocket to feed the kids.They're robbing us blind,living like Kings,and we just keep voting the next one in,Pathetic!!
NObama 08'
No On Juan McCain 08'
August 4 President
10 pretender59321 // Jul 1, 2008
Typical Liberal ideas. Remember when the Liberals talk about making everyone equal, the know that it is much easier to bring the Bill Gates' of the world down to the poors' income level than it is to bring the poor up to Bill Gates' level.
11 Veteran for Obama // Jul 1, 2008
Yes of course it is a good idea…when you word it like that make it sound bad who would think that is good…blah blah blah…NEXT!!!
12 Imlistening // Jul 1, 2008
I think there are tons of people who think it's a GREAT idea. Let's see….including but not only…
The ignorant
The lazy
The self proclaimed entitled ones
The professional assistance collectors
The lazy, oops I said that already
Welfare, food stamps, ssi lifers…
yeah theres a ton of folks who are busily sucking off the government teat who think it"s a great idea and a very good thing. If you are middle class and hard working get prepared to sign your paychecks over to the above mentioned.
noobama
ABO
13 Pink Tresses // Jul 1, 2008
No I do not think it is a good idea.
A taxpayer voting for Barack Obama is like a chicken voting for Colonel Sanders.
14 greighvee // Jul 1, 2008
In light of the recent spike in gas prices, the economy in general, the mortgage crisis, to tax MORE is the exact opposite of a good thing. If you had a child who didn't spend responsibly, would you give him more money just to see if this changed?
The federal government should learn to spend wisely before they should be entrusted with any more of our money.
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