Posted by
raytex on Saturday, October 18, 2008 11:00:00 PM
Barack Obama keeps saying he will NOT raise taxes on anyone making over $250,000 a year. He has also said he wants to
eliminate the cap on the social security payroll tax. In 2008 the payroll tax is capped at $102,000. That is, one doesn't pay any more
payroll tax on income above $102,000 for the year. Eliminating the cap would increase taxes on everyone making more than $102,000.
Last time I checked $102,000 was considerably less than $250,000.
To be fair, Obama has said he would "consider" exempting those making between $102,000 (in 2008) and $250,000. Consider? What's
to consider? Either is ISN'T raising taxes for people making less than $250,000 or he is "considering" not raising taxes on them. I'm betting on "HE IS!"