Obama Plans a Massive Hike in Social Security Taxes

Pay Your Fair Share or Move

Boo Hoo. I'm so sad that people making over $250,000 will have to pay more into Social Security under Obama. Look, people, get used to the idea that the US is going the way of Britain and other European economies. The rich had their day in the sun. Now they will be taxed fairly so that the other 95% of americans can afford decent health care and other benefits (like food in their 70's and 80's). If Obama doesn''t raise taxes on the wealthy, we'll continue as we have, with the rich getting richer and poor poorer til we're living in a very dark place. Move somewhere else if you don't like paying to live in this country that made you rich.

Cindy of PA @ Oct 16, 2008 16:56:45 PM

ddd

YEEEEEEEEEEEEEEEEEEEEEEEEEEEEAH

csjkfl of GA @ Sep 10, 2008 09:49:22 AM

Fuzzy Math

Mr. Biggs appears to be using some funny math. He said top rates would go from 37.9 to 50.3, almost tripling Bush's reductions from 39.6 to 35. He is adding in the entire 12.4%. Surely he knows the taxpayers would only pay 1/2 of that, or 6.2% with employers paying the other 6.2%. A new rate of 35% plus 6.2 would equal 41.2%, actually not that much different from the pre-Bush rate of 39.6. Those were the days with surpluses are far as the eye could see.

Terry Richards of IL @ Jul 28, 2008 23:38:18 PM

Obama and taxes

People making over 250k a year are not stupid and will react to excessive taxation.

If these taxes are enacted I as a self employed person will first cut back to work part time as not to exceed the 250K limit and cut back on expenses. Then over the next few years will implement leaving the US to possibly move to some of the East European states which have inplemented flat taxes.

I find it ironic that the idea of the progressive income tax common in the U.S. and West European democracies was first suggested in the 1800s by non other than Karl Marx. Now in the 21 century those who once tried Marx's great advice have implemented flat taxes(ie Russia, Estonia, Georgia, Ukraine, Czeck Republic) and we are marching toward that great and successfull economic ideas of Karl Marx.

As a first generation american who came here with nothing and became one the dreaded member of the "rich" I say if you punish people to making money they will go elsewhere.

Texas guy of TX @ Jul 01, 2008 18:56:47 PM

Socialistic Obama will ruin this country

First we a plan to phase away from Social security-

Americans need to become free from this slave costing system. All social security did was provide a comfort blanket and to many people have turned SS into a welfare program. Personally I am sick of paying into it and the reason is because it is being given to people who have barely paid in to it.

The thing this country DOES not need are more Obama purposed welfare programs, and the biggest proof of this Katrina. The people who got stuck in Hurricane Katrina are the ones that lived off the system and depend on the government for their every breath. MAny people were warned to get out but they did not. They had no savings and no plan what to do except what the Government gave them. Some victims are living in those trailers.

Obama's plan will cause more of these same type of people NATION wide to become further dependant on the system

Here is another good example:

My sister was offered a full time Dr assistant job that would pay her 18.00 an hour.

She turned it down because she did not want to loose her free medicare and NY State social service programs-

This is how people on the system think, they do not want to benefit themselves what so ever. They just care about getting the Government check.

Another lady I knew claimed disability because she would get bad head aches. So the government gave her disability and she quite work. Yet she sure seems to be able to run all over the place shopping, meeting with friends, going out to eat and running a singing group for the church-

There are people who really do need help in this country buy they are very few the rest are frauds.

The only way to solve this is flat tax or Fairtax act.

why? Because the government will get more tax back then they do now. Americans love to spend and most cannot control themselves. They can loose their house and yet still find money to shop.

Tell me what right does someone have that lives on Welfare and they go and buy an Apple IPHONE? Trust me I know someone who did-

Now far as so called rich people who cap over 250,000, I can tell you they will find every loop hole they can to make sure that they will not qualify for Obama's tax hikes. I being one of them. All we will do is shift the money around legally avoid the tax trap and the money will be back in our pockets.

TAxing Corporations ??? Well thats an easy one to

just cut more jobs and employees out, and outsource simple and easy-

there you just offset Social security, and Medicare TAxes

Since corporate money flows back to the share holders we will just shift that around before that happens to-

So under Obama the so called rich have found more holes and the Government is left with more unemployed people that have to take Obama up on his newly created welfare programs. So since the rich soundly look middle class on paper,

who is going to pick up the bill to support Obama's grand socialist plan?

Brandie of FL @ Jun 29, 2008 18:17:35 PM

Even worse than Clinton....

Obama would, for the first time ever, change SS into a straight welfare system. For the first time, putting more money in would not result in getting more money out. In fact, just as with the Fed. taxes under his socialist vision, SS would we just another welfare system. No prior Presidents, even Clinton, saw fit to turn SS into Welfare. Only Obama. Of course, being that he is THE most liberal Senator, this is not surprised. If SS were originally proposed to such a welfare system, it would have never passed. This should serve as a lesson of what happens, over time, to big Govt. programs. To think that there are many who would intrust our healthcare to the same Govt. that has mismanaged and run SS and Medicare into the ground is just unreal. Of course, impossible to fulfill promises of all manner of Govt. handouts to buy votes IS the Dem. mantra!

Taxed too much!!! of VA @ Jun 20, 2008 21:55:27 PM

Far less that they think

What's sad to realize that is if Obama is able to raise the highest marginal rates to over 50%, the revenue will be far less than projected, and GDP will decline a good bit more than the government takes in.. in essence, he'll drop GDP $2 to get $1 of new tax revenue.

In an extreme case, I was making $249k a year, and bearing the normal burdens of life, would I work harder to make $300, knowing a good chunk of that would be taken? Would I invest in building a business, knowing that if I succeed, the bulk of any profits would be siphoned off? No, and that's the insidious rot in the economy that progressive choose to ignore because it conflicts with their vision of the world. This argument of "your already rich" is economic sectarianism at its worst - look at home much of the income tax is already paid by those you consider wealth - somewhere from 60-90%.

If we want to dig ourselves out of the deficit hole, it has to be through economic growth. Can we revert to the Clinton level of tax brackets, perhaps cap gains in the 20% range, likely yes, but Obama wants to raise it to those levels and more, to spend it.... we'll get the worst of both worlds.. high taxes and continued high deficits

Grant of MA @ Jun 20, 2008 13:13:24 PM

What are you talking about???

To those that are given much, more is expected. - Luke 12:48

Pay your taxes and tithe- Jesus (Render unto Caesar Luke 20:25)

"It is always amazing to me the people that want to parade Christ around until their pocketbook is involved then they forget His words. Jesus condemned no individual but beat the hell out of the business people, twice.

If you don't make it, you don't pay it.

Yes I am in the top bracket."

WHAT does this have to do with anything that has been said?

I did not bring religion into any of this. I specifically said that I'm O.K. with paying more taxes than those who make less, BUT NOT the absurd, confiscatory levels of taxation that is proposed by Obama and the other leftists. I've detailed exactly how much is paid by whom in previous posts. Is this not enought for you?

It's great that you're in the top bracket and love to pay taxes. I'm all for your giving your every last dime to the Govt. Just DON'T IMPOSE your desires on the rest of us! I think that the nearly half of my income which is confiscated from me is enough.

If your're belief is to "Pay your taxes and tithe" than clearly you must think that the bottom 50% of earners in the U.S. is NOT paying thier "fair share".

As to your "to those who are GIVEN much...." I am blessed with good health, but I wasen't GIVEN ANYTHING with respect to money. I EARNED it by workng very, very hard for many years before I earned much. Those who are "given much" are the reicpients of all of the govt. handouts NOT those who are taxed to death!

If you hate business people so much, what do you do to earn all of your $?

As Joe points out above, the lib. economic policies DISCOURAGE and PUNISH hard work and productivity. As YOU say "If you don't make it, you don't pay it" so what's the incentive to make it if holy than thou types like you just take it all?

As to the SS comment from Chris, I believe that the proposal would have a donut hole from the current cieling to $250, above which ALL earnings would be subject to SS tax essentially making it a welfare program as you note.

Taxed too much!!!! of VA @ Jun 18, 2008 01:32:46 AM