Obama Plans a Massive Hike in Social Security Taxes

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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 9:55PM June 20, 2008

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 1:13PM June 20, 2008

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 1:32AM June 18, 2008

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.

Gary in Roswell of GA 11:07PM June 17, 2008

"Taxed Too Much of Va, we probably need to stop here, because the article is disappearing off the site page. On Obama's SS tax proposal, I believe he is proposing (per the article) to exempt those making under $250K."
No one who earns under $250K will be exempt from Social Security. Otherwise, the government will have to be forced to admit that the program is in essence a "welfare program" and no one would go for that. This, by the way, is the reason that people who make money above $200K are exempt from paying Social Security taxes on the remainder of their income.
If Social Security operated as it were intended, that is, to be a program that provides assistance after a person's assets and savings were exhausted, then we probably wouldn't be in this mess. However, the program instead acts as a retirement vehicle for the old, whether they have assets or not. This makes the program a redistribution program, a welfare program that takes from the young and gives to the old. In its present state, it will not work in the long-term, and everyone knows it.

Chris of AZ 2:21PM June 17, 2008

250 K is not much in San Diego. This tax increase would raise my rates to over 50%. I will simply not work as hard or as long. I will buy less, tip less etc. Raising the rates will harm the economy

JOE of CA 2:09AM June 17, 2008

"On Obama's SS tax proposal, I believe he is proposing (per the article) to exempt those making under $250K. "
Exactly, which is why my comments reflect his massive tax increase on those making over $250K. HARDLY trust fund billionaires!
"But they do need to so something to recoup the Trust Fund which cannot be repaid now from general revenue due to the past cuts since Reagan."
The Govt. of course SPENT the SS Trust fund which is a large part of the reason for SS's current dire straights. This is just more evidence of the Govt.'s total incompetence in running massive entitlement programs. SS is going broke, Medicare is in even worse shape. The Dems. response: MORE absolutely huge entitlement programs (socialized medicine, matching fed. retirement funds, etc.) when we can't begin to pay for the ones that we have. Absurd economic policy by an absurdly overpromising and stunningly unqualified Dem. presidential candidate with the leftist do-nothing congress in lock-step.

Taxed to much! of VA 11:08PM June 16, 2008

Taxed Too Much of Va, we probably need to stop here, because the article is disappearing off the site page. On Obama's SS tax proposal, I believe he is proposing (per the article) to exempt those making under $250K.
I'm not so sure that he is correct in attacking SS problems by raising payroll taxes.
I would prefer raising certain income and (especially) cap gain taxes. But they do need to so something to recoup the Trust Fund which cannot be repaid now from general revenue due to the past cuts since Reagan.

Daniel David of NM 6:52PM June 16, 2008

"As for Taxed to Much of VA, please note that I don't and didn't bring up Gates and Buffet as examples. But since you did, it's worth remembering that both of them are on record recommending more taxation at their highest end, not less. "
Daniel-
I didn't say that you brought up Gates and Buffett. In citing billionaire hedge fund managers while defending policies that severly punish those earning just $250K per year, you were employing the same tactic that the left always seems to use: They cite the very richest Americans while pushing to tax hikes on those earning over $250K. Obama and many others have invoked Gates', Buffetts', etc. names while pushing policies that will really hurt me and others who are just inside that top 1% and have worked very hard to get there.
As to Gates and Buffett, they are perhaps the two richest people in the world. Much of thier life is dedicated to giving thier money away, and good for them for doing so. Unfortunatley, much like Sorros, they have already made thier billions and it would mean nothing to them or to thier lives to pay higher taxes. It's infuriating when the truly ultra-wealthy, who could care less about paying more tax, push for massive tax increases on folks earning over $250 who WILL really feel these tax hikes. Just like Sorros, Buffett is sounding more socialist all the time. If he wants to tax billionaires let the legislative proposals reflect this. Same for the Hollywood leftists.
As to the taxes, I was saying that you already paid taxes on the intiial investment ($50 in your example). If you make money great, you can also loose a lot. Generally it takes risks to make money (unless it's in the form of Govt. handouts). A cap. gains tax of 15% seems reasonable. Your idea of haveing a higher cap. gains tax rate being used to offset earned income has a lot of merit as well. HOWEVER, as we all know, this will NEVER be proposed by the Dems. for higher earners. Even the ultra-liberal Wash. Post in a 4/25 editorial "Who'll Cover the Checks?" notes that Obama's completely unaffordable spending proposals of around ONE HALF TRILLION DOLLARS PER YEAR IN NEW SPENDING (our total fed. budget is $2.9T) is absurd. Any tax increases by Obama will be used on new spending, NOT to keep earned income taxes low. This level of spending by Obama will make today's deficit seem like the Good 'ol days! He impossibly overpromises on govt. handouts to buy votes from people who just want more free govt. stuff at other people's expense.
Finally, your response to my posts dealt only with cap gains tax and the Gate's/Buffett issue. These were the LEAST significant issues which I discussed in my responses to your posts. What about the rest? Obama calles his latest handout (to offset SS taxes) "Making Work Pay". Of course, to fund this new handout, he has to impose a "Making Work Not Worth It" plan on those of us who've worked our tails off to finally earn a good living.

Taxed Too Much!!!!!!!!!!! of VA 2:03PM June 16, 2008

It sounds noble to "save" social security, but the real "crisis" Obama is trying to stave off is the depletion of the politicians giant slush fund (a.k.a the Social Security "Surplus"). Social Security will be cash flow positive for the next 10 years. After that pols won't have billions of "surplus" to throw around on discretionary spending. Here's my Social Security plan: Each year the plan is out of balance according to the actuaries just raise the retirement age by one month, and freeze COLAs for existing retirees.
Obama's plan is not about helping Social Security, it's about saving the politicians' giant multi-billion dollar slush fund.

masstexodus of TX 1:37PM June 16, 2008