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Obama Floats Social Security Tax Hike
Sen. Barack Obama, D-Ill., is considering a major tax hike on the rich to shore up the nation's Social Security system. "If we kept the payroll tax rate exactly the same but applied it to all earnings and not just the first $97,000," Obama wrote this week in an Iowa newspaper, "we could eliminate the entire Social Security shortfall."
Advocating tax increases works so well for Dhimmicrats in national elections. Just ask Walter Mondale, Mike Dukakis, and John Kerry. Notice Bill Clinton never made that mistake.
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. Obama has been indirectly criticized by Sen. Hillary Clinton, D-N.Y., for suggesting on ABC News' "This Week with George Stephanopoulos" that a higher retirement age should be "on the table."

Posted by: Steve White 2007-09-24
http://www.rantburg.com/poparticle.php?ID=199992