Obama in favor of raising social security taxes

[FatalError]

I know this is somewhat political but this seems to be the place for tax discussion so move it if necessary.

http://abcnews.go.com/Politics/story...710&page=1


[ QUOTE ]
Obama's idea, which he described on the op-ed page of Friday's Quad City Times as being "one possible option" and not a formal plan, would raise more than $1 trillion over 10 years by subjecting income of more than $97,000 to a 12.4 percent tax. Half of the tax would be paid by employees and half would be paid by employers.


Obama is floating the idea of a tax hike on the rich as a way of assuring lower- and middle-income voters that he sees an option for ensuring Social Security's solvency that would not burden them.


[/ QUOTE ]

This is a big deal for all poker players because we don't have an employer to pay the other half of that 12+% and would be paying a flat 12% SS tax on all income with no cap. A plan like this would create a much larger tax burden for poker players or any other self employed individuals.

[Dire]

[ QUOTE ]
This is a big deal for all poker players.. poltics.. politics.. politics..

[/ QUOTE ]
...because all poker players make and report more than 97k per year.

[707782]

What this guy doing is essentially raising tax on the poor people too, what do you think the business and the rich will do after their money gets cut? They will raise product price and/or lower wages.

[spino1i]

I am now much less interested in Barack Obama becoming president than I was before.

[snowbank]

[ QUOTE ]
I am now much less interested in Barack Obama becoming president than I was before.

[/ QUOTE ]

[MegaFossil]

[ QUOTE ]
My interest in Barack Obama becoming president has remained equal (i.e. 0%)

[/ QUOTE ]

[Uglyowl]

The social security program has a huge chunk of money coming out of every American's paycheck and matched by the employer and has been a giant failure. The solution, throw more money at it.

Wow, this is another example of government thinking Americans can not make decisions for themselves. The program is so good that government employees do not take part in it, they are smart enough I guess [img]/images/graemlins/confused.gif[/img]

Employers are struggling mightily with rising health care cost, a slowing economy, and this guy just wants to add more obstacles.

NOTE: I do not make more the $97,000 per year.

[DeadMoneyDad]

[ QUOTE ]
The social security program has a huge chunk of money coming out of every American's paycheck and matched by the employer and has been a giant failure. The solution, throw more money at it.

Wow, this is another example of government thinking Americans can not make decisions for themselves. The program is so good that government employees do not take part in it, they are smart enough I guess [img]/images/graemlins/confused.gif[/img]

Employers are struggling mightily with rising health care cost, a slowing economy, and this guy just wants to add more obstacles.

NOTE: I do not make more the $97,000 per year.

[/ QUOTE ]


The SS was set up as a simple saftey net, but totaly mismanaged by Congress. The age of 65 was set up originally as 1/2 of the people paying in would never live that long. Then the pile of money to make future payments got so big and congress either didn't understand economics or simply didn't care and started passing out the gravy until the gravy pot was empty.

These fools in the past knew that older people, over 45 register and vote in some age brackets twice as frequently as the younger voters. Live by the older voters "destroy" the SS system by them. Take Ida Mae Fuller. She used to be prominently displayed on SS's website as a sucess story.

She was the woman who received the very first monthly SS check. She paid in a total of less than $25.00 her first check was almost that much and over her life time she collected over $250,000.00!

SS is completly broke but something of a promise to the American people. Hearing the Obam a Dem's solution is to tax the rich to cover the elderly rich dosen't surprise me one bit. The AARP are single issue voters and whores for the SS system. It is pretty much F the grandkids over there.

Poker and or gambling taxes will never make SS solvent, well unless we paid all the recipents in FT cash and make them clear a portion of it as a bonus!!! Then we'd make them work for it rather than simply get it to exist.

Giving Congress more money even to try and solve something is never a good idea. Even the worst donk seems to have better bankroll skill..

D$d

[justin]

[ QUOTE ]
What this guy doing is essentially raising tax on the poor people too, what do you think the business and the rich will do after their money gets cut? They will raise product price and/or lower wages.

[/ QUOTE ]
This is why I hate [censored] conservatives. Bush put in tax cuts and Bush before him as well did wages increase and prices decrease when they did this? Price of crap is dependant on the demand of that crap and cost to make that crap. Wages are dependant on the supply and demand of labor.
With that said wow this would suck. But hey we sit on our asses, make our own hours, and make more money then like 90% of people out there who havent inherited a buusiness from mommy and daddy. Plus lets be serious there is no way Obama is gettin elected Louisiana is far from an isolated case.

[questions]

From what I can see, this is nothing more than eliminating the income cap above which SS taxes are not paid, which is 97k, coincidentally (or very close to it). That is, you pay SS taxes on every dollar you earn up to 97k, after which, you stop paying SS taxes. Why should there even be an income cap?? That is an arbitrary ceiling and not fair, considering that the wealthy can still collect SS themselves.