July 8, 2008
“ …Obama intends to raise income taxes, and he intends to raise them big time. I will never forget his statement during the primaries, when he wanted to completely remove the cap on social security taxes. At the present, the tax is only paid on the first $102,000 of income. Obama proposed removing that cap completely, effectively raising taxes on everyone making over $102,000 by 7.5%. Think about that, if you are making over $102,000 a year, your marginal tax rate is 28%, if you make over $170,000 it is 33%. Today you pay 7.5% up to $102,000 for social security. If Obama has his way, the marginal tax rate for the guy who makes $150,000 a year will be 35%. …
Mark J. Astarita