politics

show me Obama or show me ...
Is Obama your man? Do you see him as the savior of this country? Do you also like being succesful? Then make sure youre supporting him while clearly understanding what he is proposing: His specific recent proposal is to extend the FICA (Social Security) levy so that it will apply to all income above $250,000 ... Obama is proposing to charge the FICA tax on the first $100,000 of income (just as today), and then stop applying it to income between $100,000 and $250,000 (again, just as today), and then re-apply the tax to all income above $250,000...Income above $250,000 will pay the Social Security tax, but will not contribute to the benefit calculation...So when Obama proposes to also apply the 12.5% levy to all income above $250,000, hes doing nothing more or les than to raise the effective marginal rate on that income from its current 33 to 35 percent, to a maximum of 47.5%. Add in his already-proposed income-tax rate increase of 4.5% for high earners, and that takes you well above a 50% marginal federal tax rate for high incomes. This is an income-tax increase, not a Social Security tax increase.source And when you add in state taxes, those earning over $250,000 will have a marginal tax rate around 60 percent.Now, I am not judging his proposal one way or another, just trying to make sure that all of his supporters are aware of the exact implications.

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