Obama plans MASSIVE tax increase

#1
Townhall.com::The News::News ArticleObama wants payroll tax on incomes above $250,000Obama wants payroll tax on incomes above $250,000

Obama wants payroll tax on incomes above $250,000
By CHARLES BABINGTON


Democratic Sen. Barack Obama on Friday called for higher payroll taxes on wage-earners making more than $250,000 annually, a step that 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 wages up to $102,000 a year, which covers the entire amount for most Americans. Under Obama's plan, the tax would not apply to wages between that amount and $250,000. But all annual salaries above the quarter-million-dollar amount would be taxed under his plan, Obama said.
Obama also said his rival, John McCain, has indicated in the past he was willing to consider higher payroll taxes.
But Douglas Holz-Eakin, the Republican candidate's senior economic policy adviser, said that as president, McCain would not consider an increase "under any imagineable circumstance."
Obama was vague about what forms of income would be affected, saying, "We should exempt anyone making under $250,000 from this increase so that the change doesn't burden middle-class Americans." Campaign aides said the additional tax, like the current one, would apply only to wages and salaries and not to other forms of income such as investments.
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 confirmed a resumption point: $250,000 and above.
Obama made the remarks at a retirement facility in Columbus, capital of a state he lost badly to Sen. Hillary Rodham Clinton in the Democratic primary on March 4. Republican John McCain is hoping to carry Ohio this fall, as President Bush did four years ago in his narrow win over Democrat John Kerry.
Obama said his plan "allows us to extend the life of Social Security" without raising the retirement age or cutting benefits. He said McCain "a few years ago" stated that he might consider a higher cap on incomes subject to the tax, "but today he's attacking me for holding the very same position."
Obama also criticized McCain for being open to letting taxpayers invest part of their Social Security payments in private investment accounts.
"Imagine if your security now was tied up with the Dow Jones," he said, alluding to the recent slide in stock prices. "You wouldn't feel very confident about the security of your nest egg."

McCain, campaigning Friday in New Jersey, said Obama was misrepresenting his position.
"I will not privatize Social Security," he said. "But I would like for younger workers, younger workers only, to have an opportunity to take a few of their tax dollars, a few of theirs, and maybe put it into an account with their name on it. That's their money."
He told reporters later on his campaign bus: "Private savings accounts have to be voluntary, they have to be only for young people, and they can't be the centerpiece of the argument. We have to solve this problem and not worry about private savings accounts, because even though I support them, I don't think it's central to the issue. Central to the issue is that the system is going broke. Of course I'm not for privatization. But I do think young workers ought to have some options."
Current retirees would not lose any benefits, McCain said.
The total Social Security tax rate of 12.4 percent is evenly divided between workers and their employers.
Obama, speaking on other retirement issues, said he would "limit circumstances when retirement benefits can be cut," and increase the wages and benefits workers could protect in bankruptcy court. Companies would have to disclose more about their pension fund investments, he said. He vowed to end "the outrage of executives getting bonuses while workers watch pensions disappear."
 
#4
Re: Obama plans MASSIVE tax increase

since i'm not in the top 3% of american wage earners, tax them all you want.
Typical Democrat -- Totally ignorant and naive about the consequences to them about such actions by a government.


[FONT=verdana,arial,helvetica]The main problem with raising taxes on the "rich"[/FONT]

<!-- START -->
[FONT=verdana,arial,helvetica]

Edward Daley [/FONT]​
<!-- END -->[FONT=arial,helvetica]Edward Daley
September 5, 2003

[/FONT]
[FONT=arial,helvetica]Ok, so you're a single, working class Joe pulling down $20,000 a year at the age of 25. You're paying roughly a third of everything you make in taxes, from income to Social Security taxes; gasoline to sales taxes; excise to clean air taxes, and on and on.

You're not wealthy, far from it. You have rent payments, car payments, school loan payments, utility payments, insurance payments, food and clothing expenses, and you like to keep a few bucks in your pocket for a bottle of booze or an occasional video rental. You also have a girlfriend who has rather extravagant tastes in clothing and jewelry, and really enjoys eating in restaurants. You work fifty hours a week and spend five hours on top of that driving to and from your place of employment, so you're pretty tired most of the time, but at least you have weekends off and you like what you do for a living. You haven't had a raise in over a year and your company is currently laying people off, but your boss assures you that your job is secure in spite of the economic slow down, and, confidentially, you look like management material to him.

You have one credit card, and owe about $400 on it. Your three-year-old Ford Mustang is in need of minor repairs, but if left unattended, it will probably require major work within 6 months. You make a mental note of that. You have about $1,800 in the bank and no stock, bond or land investments, which means that if your car does break down, you're savings will be cut in half by the time you've had it fixed. Things aren't great, but they could be worse, and besides, you're a young man with plenty of opportunities ahead of you.

So, one Sunday afternoon you're sitting in your tastefully decorated (by your girlfriend) living room watching the tube and waiting for the football game to start when you stop flipping through the channels long enough to see the top two presidential contenders as they begin to debate the state of the economy. One candidate, a Republican, claims that everyone, regardless of their income class, could use a tax cut of one kind or another because the economy needs more money flowing into it in order to stimulate growth. The other candidate, a Democrat, claims that because the government has a budget deficit, "rich" people need to pay more in taxes.

On election day, you and the majority of people in the country vote for the candidate who wants to raise taxes on the "rich." What the heck, your next door neighbor who just bought a new Mercedes definitely isn't hurting for money. People like him SHOULD pay higher taxes! Sure, he seems like a nice enough guy, but hey, he can afford to pay a few more dollars in the name of balancing the budget. It's only fair, right?

Anyway, a few months go by and your boss tells you he has to let you go. At the same time, your rent is increased by $50 a month and the cost of virtually everything you buy seems to be going up. You find another job making $18,000 a year, move to a cheaper apartment in a seedy part of town and trade in your car for a six-year-old Hundai, which, it turns out, needs about as many repairs as your Ford did.

Also, your new employer's health insurance provider doesn't offer a plan that will cover you as well as the last one did, unless you agree to pay more money out of your own pocket for it, and it doesn't look like anyone is supporting the new president's universal healthcare bill like you were hoping they would. Your new neighbor is a drug addict who keeps you up all night with wild parties, and his friends vandalize your car one night in a crack induced fit over you calling the cops on them the night before. Your credit card debt just doubled because you had to charge 4 retread tires and a new windshield to the account. You would have paid cash for them, but the cost of moving, registering another car, paying those new, increased deposits for electricity and telephone service, and buying your girlfriend a present for her birthday pretty much wiped out your bank account.

The months go by and you find yourself sitting in your dingy little living room, watching the basketball game on network TV (because you can't afford the rising cost of cable anymore) and wondering what just happened to your life. Well, here's the deal... thanks to 6 out of 10 voters (yourself included) your old boss had his taxes raised, so he had to "cut corners" in order to stay in business. You just happened to be one of those "corners." You actually sort of liked the guy before he gave you the ax, but even so, you still felt he needed to pay higher taxes. After all, he WAS one of those "rich" people, just like your previous neighbor with the Mercedes. You remember him, he was the one who DIDN'T slash your car's tires out of spite or wake you up in the middle of the night screaming bloody murder. In fact, the only thing he ever did do was give you a bottle of single malt scotch for Christmas because you told him how much you liked his Mercedes.

Your former "rich" landlord had his taxes raised too, so he decided to increase your rent payments, forcing you to move. You hated him for that, but now that you think about it, at least he always made sure your utilities worked, the garbage was collected, the toilet didn't back up every other day and the place wasn't infested with cock roaches and other vermin...unlike your new landlord.

The local retail stores, manufacturers, distribution companies and the like all had their taxes raised as well, so they decided to pass their increased costs onto you. When push came to shove, it was either raise consumer prices or lay off your friends who work for them. After all, did anyone really expect the owners of those companies to take a pay cut on behalf of people like yourself who just voted to raise their taxes?

So anyway, there you are, suddenly turning the corner on 26 years of age. You work at a crappy job, for a cranky boss who doesn't pay you nearly what you're worth and is always asking you to come in on weekends. You find yourself buying industrial sized cans of 'Raid', a heavy duty toilet plunger, new tires every other month (because your neighbors are totally out of control and the cops don't patrol that neighborhood very often), higher fuel bills (because your place is so poorly insulated), higher prices at the store, higher insurance premiums, a security alarm for your apartment (because God knows what those maniacs next door will try next) and none of your friends want to visit you in that "hell-hole" (as they like to call it) you now call home.

Oh yeah, and your girlfriend just called to tell you that she doesn't feel your relationship is working out, saying something about the problem being with HER and not YOU... yada yada yada. In less than a year you've gone from being a fairly stable young man with a pretty young lady on your arm, a nice apartment, a cool car and extra money to spend, to a lonely, dateless, overworked schmuck, with swelling credit debt, no money in the bank, a career that's in the crapper and a brand new acid stomach condition.

Still, look at the bright side. The way things are going, it won't be long before you qualify for that earned income tax credit the new president was talking about last year while he was pushing for those tax hikes on the "rich."
[/FONT]
 
#5
Re: Obama plans MASSIVE tax increase

since i'm not in the top 3% of american wage earners, tax them all you want.
Typical Democrat -- Totally ignorant and naive about the consequences to them of such punitive actions by a government on its people.


[FONT=verdana,arial,helvetica]The main problem with raising taxes on the "rich"[/FONT]

<!-- START -->
[FONT=verdana,arial,helvetica]

Edward Daley [/FONT]​
<!-- END -->[FONT=arial,helvetica]Edward Daley
September 5, 2003

[/FONT]
[FONT=arial,helvetica]Ok, so you're a single, working class Joe pulling down $20,000 a year at the age of 25. You're paying roughly a third of everything you make in taxes, from income to Social Security taxes; gasoline to sales taxes; excise to clean air taxes, and on and on.

You're not wealthy, far from it. You have rent payments, car payments, school loan payments, utility payments, insurance payments, food and clothing expenses, and you like to keep a few bucks in your pocket for a bottle of booze or an occasional video rental. You also have a girlfriend who has rather extravagant tastes in clothing and jewelry, and really enjoys eating in restaurants. You work fifty hours a week and spend five hours on top of that driving to and from your place of employment, so you're pretty tired most of the time, but at least you have weekends off and you like what you do for a living. You haven't had a raise in over a year and your company is currently laying people off, but your boss assures you that your job is secure in spite of the economic slow down, and, confidentially, you look like management material to him.

You have one credit card, and owe about $400 on it. Your three-year-old Ford Mustang is in need of minor repairs, but if left unattended, it will probably require major work within 6 months. You make a mental note of that. You have about $1,800 in the bank and no stock, bond or land investments, which means that if your car does break down, you're savings will be cut in half by the time you've had it fixed. Things aren't great, but they could be worse, and besides, you're a young man with plenty of opportunities ahead of you.

So, one Sunday afternoon you're sitting in your tastefully decorated (by your girlfriend) living room watching the tube and waiting for the football game to start when you stop flipping through the channels long enough to see the top two presidential contenders as they begin to debate the state of the economy. One candidate, a Republican, claims that everyone, regardless of their income class, could use a tax cut of one kind or another because the economy needs more money flowing into it in order to stimulate growth. The other candidate, a Democrat, claims that because the government has a budget deficit, "rich" people need to pay more in taxes.

On election day, you and the majority of people in the country vote for the candidate who wants to raise taxes on the "rich." What the heck, your next door neighbor who just bought a new Mercedes definitely isn't hurting for money. People like him SHOULD pay higher taxes! Sure, he seems like a nice enough guy, but hey, he can afford to pay a few more dollars in the name of balancing the budget. It's only fair, right?

Anyway, a few months go by and your boss tells you he has to let you go. At the same time, your rent is increased by $50 a month and the cost of virtually everything you buy seems to be going up. You find another job making $18,000 a year, move to a cheaper apartment in a seedy part of town and trade in your car for a six-year-old Hundai, which, it turns out, needs about as many repairs as your Ford did.

Also, your new employer's health insurance provider doesn't offer a plan that will cover you as well as the last one did, unless you agree to pay more money out of your own pocket for it, and it doesn't look like anyone is supporting the new president's universal healthcare bill like you were hoping they would. Your new neighbor is a drug addict who keeps you up all night with wild parties, and his friends vandalize your car one night in a crack induced fit over you calling the cops on them the night before. Your credit card debt just doubled because you had to charge 4 retread tires and a new windshield to the account. You would have paid cash for them, but the cost of moving, registering another car, paying those new, increased deposits for electricity and telephone service, and buying your girlfriend a present for her birthday pretty much wiped out your bank account.

The months go by and you find yourself sitting in your dingy little living room, watching the basketball game on network TV (because you can't afford the rising cost of cable anymore) and wondering what just happened to your life. Well, here's the deal... thanks to 6 out of 10 voters (yourself included) your old boss had his taxes raised, so he had to "cut corners" in order to stay in business. You just happened to be one of those "corners." You actually sort of liked the guy before he gave you the ax, but even so, you still felt he needed to pay higher taxes. After all, he WAS one of those "rich" people, just like your previous neighbor with the Mercedes. You remember him, he was the one who DIDN'T slash your car's tires out of spite or wake you up in the middle of the night screaming bloody murder. In fact, the only thing he ever did do was give you a bottle of single malt scotch for Christmas because you told him how much you liked his Mercedes.

Your former "rich" landlord had his taxes raised too, so he decided to increase your rent payments, forcing you to move. You hated him for that, but now that you think about it, at least he always made sure your utilities worked, the garbage was collected, the toilet didn't back up every other day and the place wasn't infested with cock roaches and other vermin...unlike your new landlord.

The local retail stores, manufacturers, distribution companies and the like all had their taxes raised as well, so they decided to pass their increased costs onto you. When push came to shove, it was either raise consumer prices or lay off your friends who work for them. After all, did anyone really expect the owners of those companies to take a pay cut on behalf of people like yourself who just voted to raise their taxes?

So anyway, there you are, suddenly turning the corner on 26 years of age. You work at a crappy job, for a cranky boss who doesn't pay you nearly what you're worth and is always asking you to come in on weekends. You find yourself buying industrial sized cans of 'Raid', a heavy duty toilet plunger, new tires every other month (because your neighbors are totally out of control and the cops don't patrol that neighborhood very often), higher fuel bills (because your place is so poorly insulated), higher prices at the store, higher insurance premiums, a security alarm for your apartment (because God knows what those maniacs next door will try next) and none of your friends want to visit you in that "hell-hole" (as they like to call it) you now call home.

Oh yeah, and your girlfriend just called to tell you that she doesn't feel your relationship is working out, saying something about the problem being with HER and not YOU... yada yada yada. In less than a year you've gone from being a fairly stable young man with a pretty young lady on your arm, a nice apartment, a cool car and extra money to spend, to a lonely, dateless, overworked schmuck, with swelling credit debt, no money in the bank, a career that's in the crapper and a brand new acid stomach condition.

Still, look at the bright side. The way things are going, it won't be long before you qualify for that earned income tax credit the new president was talking about last year while he was pushing for those tax hikes on the "rich."
[/FONT]
 
#6
Re: Obama plans MASSIVE tax increase

Neither one of you clowns will be effected

In fact both of your dumbasses will be better off under Obama


:LMAO:LMAO:LMAO:LMAO:LMAO:LMAO:LMAO:LMAO:LMAO:LMAO:LMAO
 
#7
Re: Obama plans MASSIVE tax increase

since i'm not in the top 3% of american wage earners, tax them all you want.
you have to be joking right?

Why would you punish people for succeeding? Standard lib argument of "well they don't need it." It is THEIR money that they have earned...the gov't has no place to tell people what they can do with THEIR money.
 
#8
Re: Obama plans MASSIVE tax increase

No tax increase-just put it back to where it was under Clinton-when noone but Tar-turd(who probably grosses $22,500 per year) asked for a tax cut. The Middle Class, though WOULD stimulate the economy with a tax cut for them-because they would SPEND that extra cash at once-on food, gas, etc to help them face the big inflation the Repukes refuse to acknowledge!! The rich were as happy as pigs in shit as the 90's ended-they NEVER asked for tax cuts. But I've got mine-and will return it when the Bu$hco traitors return theirs!!! Warren Buffett offered a million dollars to any CEO of a Forbes 500 company who could show he paid a HIGHER EFFECTIVE tax rate than his secretary! He has never had to pay a penny-just shows how little Nick's heroes REALLY pay!! Fuck you, again, Nick!!!Liars figure and figures lie-and you are one of the biggest liars here. FUCK YOU you moron!! Tar-turd, too!!!
 
#10
Re: Obama plans MASSIVE tax increase

Tarbaby and Nicolas have to be related ....

there is no way in hell 2 guys who are so out to lunch could be posting
at the same forum
 
#11
Re: Obama plans MASSIVE tax increase

being a rich, white republican college student I don't have to work...but that doesnt mean I'm dumb enough to think someone should be punished for their success

the sad thing about harvey is that he's a working stiff who still hasn't learned this....so sad
 
#13
Re: Obama plans MASSIVE tax increase

How is it fair for 250K+ people to pay 17% while people below that mark pay 33%?

It should be the same for everyone.
 
#14
Re: Obama plans MASSIVE tax increase

The gravy train ends once Obama takes over

Tarbaby dont grasp it and neither does Nicolas or Real Deal:

OBAMA'S plan is better for them !!!
 
#16
Re: Obama plans MASSIVE tax increase

Nico: That article is absolutely absurd. If this is the type of "info" that drives your belief system, I now understand why you're so lost.

Small businesses will shut down if they have to pay a higher tax on 250,000 + income......HA HA HA HA HA HA HA HA HA HA. I guess they'd just rather not have any business at all if they have to pay a little bit more in taxes. HA HA HA HA HA HA HA.
 
#17
Re: Obama plans MASSIVE tax increase

Nicolas is afraid that $5 in tips he makes each nite at Pizza Hut will be "depleted by that damn darkey the Dems are running .."
 

dirty

EOG Master
#22
Re: Obama plans MASSIVE tax increase

Is Obama going to raise taxes.... Most definitely.. Is McCain... yes... anyone who believe that this High ass tax is going to pass needs a dose of reality as well... he knows all those high tax increases are not going to happen... The increased tax rate will be decided by Congress as usual after months of haggling and deal making to get other bills pushed thru in this "you vote for my bill I vote for your bill" ponzi scheme that is going on... Realistically your Tax rate is going up around the same amount with each president and your President Bush tax cuts will be rescinded as McCain didn't Vote for many of them at all and he has just recently become a mouthpiece for them. Get the Lube out with either one of them... Who I vote for will be determined by who the VP Candidate is.
 

Seymour

EOG Dedicated
#23
Re: Obama plans MASSIVE tax increase

Obama is basically going to raise your taxes by 100% - well, that's only if you own any stock, investment property, a mutual fund, etc. - he wants to raise the capital gains tax from 15% to 28% - but this only effects 100 million people - but hey, whose counting?
 
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