Obama wants payroll tax on incomes above $250,000
(Yahoo News) - Democrat Barack Obama said Friday he would apply the Social Security payroll tax to all annual incomes above $250,000, which would affect the wealthiest 3 percent of Americans.
The presidential candidate told senior citizens in Ohio that it is unfair for middle-class earners to pay the Social Security tax "on every dime they make," while millionaires and billionaires pay it on only "a very small percentage of their income."
The 6.2 percent 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.
The presidential candidate told senior citizens in Ohio that it is unfair for middle-class earners to pay the Social Security tax "on every dime they make," while millionaires and billionaires pay it on only "a very small percentage of their income."
The 6.2 percent 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 $250,000. But all annual income above the quarter-million-dollar amount would be taxed under his plan.
posted by BP News Bureau | 2:00 PM
2 Comments:
If Obama wins in November, instead of calling him "Mr. President", we probably need to call him "Daddy" since he's going to be involved in every aspect of our lives.
Why the hole? tax all of us! but i guess if we all made over 102,000 we wouldnt care.
It would be sad to see this guy win on his race, not his policys
wake up people. the country is rotting from the inside out, and neither Oboma or Mcain give a F#$%!
With there anual earnings there is no way that they could represent the people. PERIOD.
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