One is the income tax, whichyou're right, is collected on your entire Adjusted Gross Income
The other is SS. Obama has proposed that a way to fix SS would be to lift the cap that is currently in place. Right now, you pay SS on your income until you reach 102,000. Proportionately what you contribute into the system, you're supposed to get out of the system when you retire.
What Obama is proposing is to lift that cap, so that you pay SS on your entire income- that is, above 102,000 for those who make that much-- BUT YOUR BENEFIT STAYS THE SAME.
What she's saying is that, instead of Social Security being a system where everyone gets out what they pay in-- what it is NOW-- Obama is proposing having a system where the wealthier (for lack of a better word) will pay in more than they get out. The extra money the wealthier pay in will go to fund the lower income people who didn't contribute as much.
She characterized it as theft; I think it's redistribution of wealth.
given how the left is always complaining that giving tax cuts to the "rich" is giving money from the poor to the rich, how come when the money is flowing in the opposite direction, suddenly, it's no longer a transfer payment?
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Obama's plan proposes taking from one group of citizens and giving to another group of citizens.
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That's complete Bullschweebie.
Obama's plan CUTS taxes from some and raises it for others. My money isn't going to you and your money isn't going to me.
For people that advocate country-first, you're short on real substance.
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Reward Republicans for 8 years of failure? No way, No how, No McCain!
I've never said McCain was perfect... in fact, given that I'm in MA, which is about as "safe" a state as Obama could have, I'll be voting for Barr.
But, McCain isn't proposing to increase my taxes, Obama is.
What has changed in your or your husband's fields of employment since the Democrats took the Senate?
Exactly.
Obama is changing the system from a get out what you pay in system into another entitlement handout program. Sigh.
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There are two different things here.
One is the income tax, whichyou're right, is collected on your entire Adjusted Gross Income
The other is SS. Obama has proposed that a way to fix SS would be to lift the cap that is currently in place. Right now, you pay SS on your income until you reach 102,000. Proportionately what you contribute into the system, you're supposed to get out of the system when you retire.
What Obama is proposing is to lift that cap, so that you pay SS on your entire income- that is, above 102,000 for those who make that much-- BUT YOUR BENEFIT STAYS THE SAME.
What she's saying is that, instead of Social Security being a system where everyone gets out what they pay in-- what it is NOW-- Obama is proposing having a system where the wealthier (for lack of a better word) will pay in more than they get out. The extra money the wealthier pay in will go to fund the lower income people who didn't contribute as much.
She characterized it as theft; I think it's redistribution of wealth.
That is simply not true.
For starters, 95% of people don't even pay federal income tax.
http://online.wsj.com/article/SB122463231048556587.html
"The wealthy will pay more for one simple reason: They can."
KAREN
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