Saturday, June 14, 2008

Obama wants payroll tax on incomes above $250,000

clipped from
Democratic Sen. Barack Obama on Friday
called for higher payroll taxes on wage-earners making more than
$250,000 annually, a step that would affect the wealthiest 3
percent of Americans.
The presidential candidate told senior citizens in Ohio that it
is unfair for middle-class earners to pay the Social Security tax
"on every dime they make," while millionaires and billionaires
pay it on only "a very small percentage of their income."
The 6.2 percent payroll tax is now applied to all wages up to
$102,000 a year, which covers the entire amount for most Americans.
Under Obama's plan, the tax would not apply to wages between that
amount and $250,000. But all annual salaries above the
quarter-million-dollar amount would be taxed under his plan, Obama
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