Do you know about Obama's plan to help Social Security?

Question

I heard an Obama spokesman on CNN yesterday say that Obama would increase Social Security payments made by those making over $250,000/year. That's in addition to increasing their taxes.

Answer 1

I agree with Obama's social security solution. The current earnings cap is set at 102,000. That means if you earn half of the poverty limit you pay roughly 8% of your income on social security. If you are at the poverty limit you pay roughly 8% of your income to social security. If you make 60k/ year you pay about 8% of your income on social security. If you make 200k, you only pay about 4% of your income on social security. If you are a millionaire you may less than 1% on social security. While the cutoff was created to keep the rich from paying the most into the program while the poor collect the most out of it, the cost of benefits continuously rises while the cutoff stays relatively low, especially as the number of millionaires and very wealthy people grows. Rather than eliminating one of the best American programs (and one of the most successful) as some republicans would like, or even raising the retirement age or cutting benefits, why not increase the income cutoff limit. Another option is to stagger the percentage of income you pay after $102,000 so that you pay x% on your first $102,000, and the .5x% on the next $102,000, and .25x% on the next 102,000.



And to those of you who wanted a link, here is a couple. If you don't believe Obama wants to raise the cap on social security, and need a link for verification, why are you voting. I support Obama, but I prefer to make an educated decision, and I hope all of you do too. Please, learn all of the candidates' platforms before you get on here answering questions about the candidates.

Answer 2

Sorry to variety yet via fact the Clinton administration Social secure practices contributions have been dumped into usual sales and spent on unrelated issues. there is not any separate social secure practices fund, no longer a dime. THe device is a Ponzi scheme the place the investment has been stolen and the seniors are paid at as quickly as from the contributions of the greater youthful. while social secure practices began there have been a hundred and forty workers for each retired person amassing reward now that ratio is 3 to a million. in basic terms to characteristic some icing to this cake the "Payroll Tax decrease" isn't a alleviation in earnings taxes, that's a alleviation in contributions to social secure practices

Answer 3

Currently, you do not pay into social security for income earned in excess of 102,000 dollars, so those making above 250,000 per year pay nothing into social security on income earned in excess of 102,000 dollars, so if they paid anything at all on income in excess of 102,000 dollars, that would be an increase.



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Source(s):

Social Security's Old-Age, Survivors, and Disability Insurance (OASDI) program limits the amount of earnings subject to taxation for a given year. The same annual limit also applies when those earnings are used in a benefit computation. This limit increases each year with increases in the national average wage index. We call this annual limit the contribution and benefit base. For earnings in 2008, this base is $102,000.

http://www.ssa.gov/OACT/COLA/cbb.html

Answer 4

Here is Obama's plan:



Double Capital Gains tax, and when this happens historically the government collects more money. If you think this tax does not affect you think again! IF you own a home and you sale it, you will pay this tax if you have any investments you will pay this tax.



Lift the cap on Social Security tax, that leaves more young people paying longer and more for LESS of a program



845 billion to be allocated to Africa in a 10 year period to be paid to the United Nations making US accountable to them.



reinstatement of the inheritence tax! If someone dies and leaves you money get ready to pay tax on it!



Doubling taxes of income to over 97,000 combined income, that means if you and your spouse make 50,000 each your combined tax bill will be almost 43,000 dollars of your income



Raising corporate taxes and small businesses, anyone making over 250,000 will have a doubled rate.



Giving a 500 dollar credit to those who pay NO TAXES, so in essence those who do pay tax will be getting taxed for those who do nothing, so they can do more nothing and get another credit through those who have to pay tax, this is absurd!



He wants to increase welfare programs including making taxpayers pay for vouchers for abortions for those who can't afford them, basically you and I and all who pay tax will be covering someone elses choice to abort their offspring. So if you do not believe in abortion you will be an accomplice to it no less because you will be providing funds for it!



He is going to offer tuition to illegals, and this will also cost the tax payer.



He said a RAISE in gasoline tax, gas will go even higher, he wants to use this for his "global warming package" if you do not buy the global warming arguement, too bad!



He will raise tax to corporations who always cut from the bottomline to pay for increases, so that means higher prices and LESS employees and more outsourcing



He will fund healthcare by raising tax, even if you carry your own insurance you will be required to pay in! We will be on our way to a taxation system without any representation! WE will be a new socialized goverment in which the government collects and then redistributed accordingly!

Answer 5

No I did not know this.



But this doesn't sound right since Social Security currently is only paid on the first $102k a person makes. Maybe Obama is hoping to just raise the ceiling to $250k?

Answer 6

A presidential candidate of ANY party who openly promises to raise taxes on specific individuals should be labeled a traitor and kicked out of the race for the person who will be leading our country the next 4 to 8 years.

Answer 7

Well, not exactly. Social Security taxes stop at $102, 000 this year. Senator Obama proposes that that limit be raised but only for people over $250K per year.

Answer 8

Spot of Communism may be good for America, or destructive. I don't know



I don't even know how to respond to this in a serious way, everything Obama does is taxing the rich, stopping the banks, the cooperation, the credit card companies, stopping wall street (apparently all of these things are evil). I don't know how we are going to have business anymore



Here's to capitalism

Answer 9

Yes.. he want to put it too the rich guys..the top of the line the creme of the creme



it will not work..but he has to say something to look good for the peanut gallery...I think raising taxes for anyone is wrong.



This is a bear market..so this is the worst thing to do

Answer 10

Good - it's about time. I see no reason that people making a lot of money shouldn't have to give a little more to social security. If nothing is done soon we will not see a penny from all of the money we have put in.

Answer 11

I think he will borrow from the SS fund to pay back the SS fund. You would have to be Liberal to understand.

Answer 12

Hey the neo-cons have bankrupted our country with a 2 trillion $ war-we have to find a way of paying for alot of things-the middle class has been paying for it with their blood.

Answer 13

He will continue to raid it to fund more failed social programs. The Dems. have been raiding S.S. for 30 years.

Answer 14

I didn't know that,but that is good. It is about time someone came up with a good idea on SS and taxes.

Answer 15

Um, he doens't have a plan to help social security.

LOL.

Answer 16

you wouldn't by any chance have the link to this.