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Obama just said he would raise payroll taxes on the rich...the rich do not get payroll checks!

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Didereaux Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:33 PM
Original message
Obama just said he would raise payroll taxes on the rich...the rich do not get payroll checks!
He said that raising the payroll taxes on the rich(not the middle class or the blue collar) he could pay for his health care plan. Time to go back to the drawing board.
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Captain Hilts Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:34 PM
Response to Original message
1. They need to LOWER it on the first $20K you earn. Tax investment income higher. nt
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Sebass1271 Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:36 PM
Response to Original message
2. LINK PLEASE
where did he say that? If he did, he needs serious lesson on tax laws... :-(
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Thrill Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:37 PM
Response to Original message
3. I think you need to rewind your DVR
he didn't say that
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Snarkoleptic Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:38 PM
Response to Original message
4. I think he was saying that nobody should "FICA out".
There is a point when you no longer have to pay FICA on your earnings.
I've been fortunate enough to be there in the past years.
In 2007, you stopped paying FICA when your YTD wages reach $97,500.
This translates to $6,045 in FICA taxes.
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Snarkoleptic Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:40 PM
Response to Reply #4
7. On edit, I meant to say this applies to W-2 earnings.
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Big Blue Marble Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:39 PM
Response to Original message
5. They don't get payroll checks?
Everybody that pays into SS and pays in enough receives SS checks when they
reach retirement age now 66.
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Captain Hilts Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:40 PM
Response to Reply #5
9. They earn most of their money on investments, which have a LOWER tax rate. nt
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Didereaux Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:44 PM
Response to Reply #5
11. he specifically mentioned Warren Buffett....
Buffets wealth and income do NOT derive from a steady payroll check...nor do CEOs. For the CEOs its the stock options and bonuses etc which is the source of their wealth. Yes, yes they get token payroll checks. Do you honestly believe that there exists a single CEO or CFO who wouldn't work for zero salary but keep all the present perks and bonuses? Obama made this proposition in the very first exchange on health care programs. So rabid BO supporters shut the fuck up and open your ears.
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sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:39 PM
Response to Original message
6. FICA for social security, medicare
Which is on income and capped.
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Warpy Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:40 PM
Response to Original message
8. That won't do a damned thing but give the middle class
another back door income tax increase.

As it stands, 40% of your payroll taxes are robbed and put into the general fund to obscure the disaster income tax cuts to the rich and corporate have been.

Obama is just going to throw more money from more people into the general fund without doing a damned thing for Social Security but using it to cover up the crime of the last 60 years: the shift of wealth away from working people to the richest.

This plan is pure theft.
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ripple Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:41 PM
Response to Original message
10. I thought he said the tax cap, not payroll taxes n/t
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depakid Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-05-08 09:48 PM
Response to Reply #10
12. He did -and he's probably correct on that point
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