[movermike] movermike: Obama's Payroll Tax

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Posted by movermike:
Obama's Payroll Tax
http://www.movermike.com/posts/1213455876.shtml


   Who is giving Obama economic advice like this? According to By
   [1]Charles Hurt of the New York Post, Obama would like to raise the
   payroll tax (that tax that goes for social security on your pay stub)
   on incomes over $250,000.

     ...the payroll tax would be applied to the entire income of workers
     making $250,000 or more a year. Currently, that rate applies only
     to the first $102,000 of income.

   So once you hit $250,000, you are liable for 6.2% of the income over
   $102,000 or $8,742. I know you might think, that's only fair. Social
   Security needs the money to keep away from Bankruptcy. However, you
   may be forgetting that the business needs to match and so business
   will pay another $8,742.

   Now here's the reality. There's a whole industry out there devoted to
   finding ways so that Mr./Ms Businessperson never reaches that $250,000
   line or cross it. Nudge up to but don't trigger that line. Find
   someway to compensate the individual without crossing the line.

   McCain spokesman Tucker Bounds said.

     "Barack Obama likes to think that his tax increases will only hit a
     few Americans, but in truth, his economic plan will be a disaster
     for everyone, especially seniors,"

     "Because of Barack Obama's tax increases, one out of every three
     senior households will end up paying higher taxes," he said.

   One other statement by Obama raises alarms. Obama is against tampering
   with social security, even allowing some partial privatization that
   would give a potential for higher returns.

     "Imagine if your security now was tied up with the Dow Jones,"
     Obama said, alluding to the recent tumble in stock prices. "You
     wouldn't feel very confident about the security of your nest egg."

   The history of the Dow Jones has been one of an uneven but steady
   climb. An investment in the stock market has been an investment in the
   ingenuity and creativity of America. If you believe in Capitalism and
   your country, why would you deny the prospect of higher returns to our
   young?

   [2]Obama [3]Payroll Tax [4]SocialSecurity

References

   1. http://www.nypost.com/seven/06142008/news/nationalnews/obama_tax_plan_raises_big_bracket_115443.htm?CMP=EMC-email_edition&DATE=06142008
   2. http://technorati.com/tag/Obama
   3. http://technorati.com/tag/Payroll+Tax
   4. http://technorati.com/tag/Social+Security