Obama wants payroll tax on incomes above $250,000 »
Posted By engineer 3 months, 4 weeks ago in NewsDemocrat 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.
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Hi My background is Biomedical engineering with an MBA As you know from all my comments where I almost stand politically. I have loads of ...
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engineer3 months, 4 weeks ago
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.
Obama has talked before of establishing such a "doughnut hole" in the amount of income subject to the Social Security tax. Friday marked the first time he named a restart level: $250,000 and above.
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mesodude3 months, 4 weeks ago
Very smart man. Roll back the tax rates to where they were when we had a budget surplus under Bill Clinton and most Americans were doing very well (instead of just the ultra wealthy, as is the case today). It will take time but Obama will get us out of the crushing debt that Bush and Republicans plunged us into. Who in their right mind would even fantasize about voting Republican ever again?
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mesodude3 months, 4 weeks ago
But didn't Republicans give us the largest government in history? I think they did. And they also plunged us trillions of dollars into debt with two wars and war time tax cuts (the first time that's ever happened in history). Their borrow-and-pile-on-debt approach is what has destroyed America almost beyond repair but if anyone can fix it, Obama can. Have faith. Republicans ruined us. No sane person wants to go back down that road again. Be logical.
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TechnologyExpert3 months, 4 weeks ago
Go for it. The wealthy have had all the breaks in the Bush Administration. These people are so rich, they can afford this.
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mcarpentry3 months, 4 weeks ago
Techexpert, you had better look at the democrats for being the wealthy with Kerry being the richest, followed by Kennedy, Edwards. What I do not understand is the typical pandering by the politicians about taxing "the rich" when they have one of the most lucritive plans out there. They do not have to pay Social security taxes, lets start there and make EVERYONE pay into this fund to make it fair.
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aniokly3 months, 4 weeks ago
The Democrats need a new plan. Every election cycle they are going to tax the rich, improve Education, fix Social Security, and last time they threw in end the war. They lie, people. Can you not figure that out? Has Sen O'bumble even done one thing about taxing the rich since he has been in the Senate? No.
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jordan113 months, 4 weeks ago
once again. with the republicans filibustering all legislation, and the vote to break the filibuster being required to be a larger number than democrats have votes for, how would you suggest that democrats 'fix' anything? Are you deliberately lying about the democrats, ani, or is the concept of how the filibuster from cons is thwarting their attempts just more than your ability to comprehend?
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libsRfunny3 months, 4 weeks ago
"with the republicans filibustering all legislation"
They do? That's news to me. Are you deliberately lying about Republicans, or is the concept of a filibuster beyond your ability to comprehend?
Republicans don't have to filibuster legislation if they know the President will veto it, genius.
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jordan113 months, 4 weeks ago
oh, by the way ani. republicans have held power in congress for twelve years, and with their constant filibusters of the democrats who hold a slight majority in the senate the past year and a half, they,ve had power for 13 1/2 years. any complaints you have for nothing going right is with them, and no one else.
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jimdoze3 months, 4 weeks ago
That is one way to turn the higher earning demographic entrepreneurs. Only a fool would work on a W-2 for income over $250,000 in that instance.
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mesodude3 months, 4 weeks ago
"Say goodbye to more jobs and higher wages then."
--We've done that for several quarters already under this administration. Oddly, I haven't heard a peep out of anyone on the right about that. Wonder why...
"Those people run the businesses that create the jobs we all have. Take away their money and they pass it on to the little guy."
--LOL... Stop being so melodramatic. Obama is essentially talking about rolling back taxes rates to where they were during the Clinton administration. I seem to remember prosperous times and low unemployment then. It'll work out just fine, auto. Don't fret. ;-P
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santa03 months, 4 weeks ago
taxes on people who make 250,000 does absolutely nothing to depress the lower class. taxes on other wised saved money only adds back into the system money that would have been taken out. it increases the value of the dollar. it releases a proportional tax burnden on the lower classes. and it adds no budgetary stress onto upper-class tax payers who would have otherwise invested that money into savings or markets outside of the product or service sectors and virtually meaningless to the american market.
the rich are richer than they have ever been. yet the economy has slowed and both the poor and the middle class have gotten poorer. can we please get rid of this of this stupid notion of trickle down economics? business hold on to record profits (see Exxon/Mobile). it gets spread amongthe top one percent of people in the company. they do not reinvest it in their working class. it does not get passed along in teh christmas bonus. they do not waste it on unnecessary rasies.
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mesodude3 months, 4 weeks ago
"Tax burdens laid on employers will eventually end up in the lap of the employees. It's a 'can't see the forest for the trees' type thing. "
--This *does* sound scary but when has it actually happened and on what scale? I hear this a lot but it doesn't sound like reality based thinking. Can you provide some real world examples? You seem very worried so I'm sure you can demonstrate why? Thanks. I'm waiting to be enlightened. ;-P
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jimdoze3 months, 3 weeks ago
It's about economics and individuals making economic choices, dude. And it's pretty basic economics at that.
I'll guarantee you that putting in such a tax will cause a sizable distortion in the normal distribution of W-2 wages around and above $250,000. You WILL see a bunching of income earners right at the $250,000 level along with a dramatic drop in W-2 earners above that level. Plus, it WILL cause many in that bracket to opt out of the W-2 work force for the 1099 workforce. Furthermore, it will incentivize employers, who also pay 6.2% of that tab, to utilize that kind of high priced human capital as consultants or in other business arrangements.
And, I'll also guarantee you that if you go after 1099 income in a similar fashion, you will also see a bunching just below $250,000. People WILL choose to not work rather than devoting that kind of time and effort to paying Uncle Sam.
Here's another guarantee. You guys won't stop at 6.2% from employee and employer either.
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Klarissa3 months, 4 weeks ago
one way to fix ss is to give everyone the same dollar increase.It would be an easy calculation, and all of the checks would be the same.
Take the total amount of social security payment, increase it by the allowed percent for the year. Divide the total amount by the number of people who receive SS, and send out the checks.
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nikkibabe3 months, 4 weeks ago
This is nothing compared McCain's proposal to eliminate employer offered medical benefits to employees. Basically he wants all those who lose medical benefits so far received through employers to shop for their own insurance. He will do this by discouraging employers by removing the tax credits they get now.
When my father ran out of COBRA and was in "hole" for 5 months before getting Medicare, his premium with COBRA was $118/month. When he shopped for his own for 5 months it was almost $1,017/month with $1000 deductible. He ended up running his credit card balance from $38 to almost $5,109.
Stay tuned McCain supporters.
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Klarissa3 months, 4 weeks ago
nikk - you forgot to mention that is would be a deduction on the individual's income tax, instead of on the employer's tax.
I contract as an individual for my medicare supplement, and total it costs almost $2,000 a year
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libsRfunny3 months, 4 weeks ago
You must mean this ...
http://www.medpagetoday.com/PublicHealthPolicy/...
"McCain proposed a system that focuses on tax credits to let individuals buy policies in a competitive open market."
"McCain would have states play a larger role in promoting competition among insurers. With federal assistance, states could create risk pools for those who can't obtain insurance on the open market because of pre-existing conditions."
Sounds like a far better plan than socking it to job providers.
If your father was on COBRA, then he didn't have a job.
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hefaa13 months, 4 weeks ago
IMHO, taxes should be alot higher on the rich. We have to "re-coup" what they stole from America in the last seven years under George "W" numbnuts.
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nikkibabe3 months, 4 weeks ago
Quote:
""McCain proposed a system that focuses on tax credits to let individuals buy policies in a competitive open market."
This is BS. It leaves out thousands who can lose their jobs, get laid off. If you are unemployment, try to obtain medical insurance policy. You will be sorry you voted for McCain.
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nikkibabe3 months, 4 weeks ago
Quote:
"McCain proposed a system that focuses on tax credits to let individuals buy policies in a competitive open market."
"McCain would have states play a larger role in promoting competition among insurers. With federal assistance, states could create risk pools for those who can't obtain insurance on the open market because of pre-existing conditions."
Sounds like a far better plan than socking it to job providers."
This is BS. Now through employers, people who lose jobs or get laid off, COBRA covers for 18 months with no conditions.
What good is tax credit and state help if you have no INCOME. Dumb Ass.
My father was laid off and had COBRA cover for 18 months.
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jeffieny3 months, 3 weeks ago
" Above $250,000 "
This news felt like the sound of strong rain drops falling on thirsty, cracked soil where life in pain yearn to breath, yearn to spring.
I pray for all. I pray for plenty.
Be blessed...
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