Doesn't Obama say he will not increase taxes on people earning less than $250,000/year? Doesn't Obama/Democrats plan to lift the social security tax cap, currently at $102,000/year?
To educate any that are unfamiliar with the social security tax withholding, 7.5% of income is withheld for social security tax from your check -- and your employer pays a corresponding 7.5% tax on this income also -- up to an adjust gros income of $102,000/year. After you pass the $102,000 earnings threshold . . . no more social security tax!!!
What this means is that Obama plans to raise taxes -- significantly raise taxes -- on anyone earning more than $102,000/year. Total BS that he won't raise taxes unless you earn more than $250,000/year. In case you don't know it, a 7.5% tax increase on this marginal extra income is a pretty big tax increase.
That means someone earning $202,000/year gets to pay an extra $7,500/year taxes under Obamafor social security tax -- and last time I checked social security IS a tax, so I don't know why it has dropped off Obama's radar screen. Someone making $152,000/year gets to pay $3,750/year additional taxes under Obama for social security tax.
This is spot on! $102,000 is a hell of a way from $250,000 and that is a very significant increase in tax.If any one truly believes that Obama will only raise taxes on those earning $250,000 they are sadly mistaken.What about his intention of requiring all business's to pay 60% of the health insurance premiums for there employee's medical insurance.Many small business's do not provide medical insurance for their employee's,and many who do only pay for the individual and not the full family.Call this what ever you want but it is certainly a tax on business people.95% of people getting a tax break,he is so full of crap it is not funny!!
No increased taxes at less than $250 K???
