Skip to main content

View Diary: Reid pushes Obama to leave Social Security out of negotiations (113 comments)

Comment Preferences

  •  Obama suggested doing just that in 2008 (3+ / 0-)

    During his campaign... at least for those making more than $250,000

    Obama talks social security ...

    Obama also promoted his proposal to help shore up Social Security by levying further taxes on income above $250,000 a year. Now, the first $102,000 in income is taxed. Under his proposal, that wouldn't change, and income between $102,000 and $250,000 also wouldn't be taxed.

    "Right now, the Social Security payroll tax is capped," Obama said in prepared remarks. "That means most middle-class families pay this tax on every dime they make, while millionaires and billionaires are only paying it on a very small percentage of their income. That’s why I think the best way forward is to adjust the cap on the payroll tax so that people like me pay a little bit more and people in need are protected. That way we can extend the promise of Social Security without shifting the burden on to seniors. And we should exempt anyone making under $250,000 from this increase so that the change doesn’t burden middle-class Americans. This means that 97% of Americans will see absolutely no change in their taxes under my plan – 97%."

Subscribe or Donate to support Daily Kos.

  • Recommended (147)
  • Community (78)
  • Baltimore (77)
  • Freddie Gray (57)
  • Bernie Sanders (54)
  • Civil Rights (45)
  • Elections (38)
  • Culture (34)
  • Media (32)
  • Hillary Clinton (31)
  • 2016 (29)
  • Law (28)
  • Racism (25)
  • Education (23)
  • Labor (23)
  • Environment (23)
  • Republicans (22)
  • Politics (21)
  • Barack Obama (19)
  • Police Brutality (19)
  • Click here for the mobile view of the site