Under the guise of helping out the poor downtrodden American working class that earns "only" up to $102,000 per year, and hammering the "rich" who make more than $250,000 per year, Barack Obama has suggested an income tax package that ultimately could benefit - his buddies in Congress!
If he isn't elected president and his opponent, John McCain, nonetheless says "Hey, what a great idea!" and carries through with it, Barack himself could benefit.
Isn't this a great country? And the media ate it right up, spit it back out at us and never made the point that Congress could benefit from the Obama Tax!
The news reports said, and I quote:
"Democratic Sen. Barack Obama on Friday (June 13, 2008) called for higher payroll taxes on wage-earners making more than $250,000 annually, a step that would affect the wealthiest 3 percent of Americans. The presidential candidate told senior citizens in Ohio that it is unfair for middle-class earners to pay the Social Security tax "on every dime they make," while millionaires and billionaires pay it on only "a very small percentage of their income."
The 6.2 percent payroll tax is now applied to all wages up to $102,000 a year, which covers the entire amount for most Americans. Under Obama's plan, the tax would not apply to wages between that amount and $250,000. But all annual salaries above the quarter-million-dollar amount would be taxed under his plan, Obama said."
Obama was vague about what forms of income would be affected, saying, "We should exempt anyone making under $250,000 from this increase so that the change doesn't burden middle-class Americans." Campaign aides said the additional tax, like the current one, would apply only to wages and salaries and not to other forms of income such as investments."
Let's see, who would be in that nether region between $102,000 and $250,000? Why, the entire US Congress!
How convenient. How refreshing, and how absolutely relevant to most Americans! Wage earners, those who make this country work, get hammered. And the ones who work the hardest, have the best educations and business acumen, get whacked harder than anyone else, a truly fitting reward for studying hard, working hard, and contributing so much to the American economy.
I can't wait to get back to teaching college in the fall. The A+ over-achievers will be totally depressed and turning out C+ or B- work at best. This will really be inspiring.
The truly wealthy, those who derive their income from sources other than payrolls where deductions come before the cash, aren't affected. I wonder where Barack Obama and his family get their multi-million dollar incomes - Congressional salary excluded? Just curious.
His plan also doesn't affect anyone who doesn't get hit with a Social Security deduction in the first place. Let's see, who would that cover? Why Yes! Once again, the US Congress! Have you seen the benefits that people who served in Congress receive compared to what the rest of us get from Social Security?
So Congress is covered coming and going. They don't pay into Social Security now, so they won't get hit with the Obama Tax, but just in case the American public rises up and INSISTS that Congress join the rest of us, they would fall into that exemption area too. How very, very nice for Congress.
Boy, sign me up to run right out and vote for this guy.
Barack, old buddy, patronage works like this - you give government payroll jobs to lots and lots of the people in your target demographics, paid for by the taxpayers, of course. The people who receive these - usually cushy - jobs will get out next time and beat the bushes to ensure that people vote for you, and thus they keep their jobs.
There are less than 700 Representatives and Senators combined! This won't get you very many votes. Maybe you should rethink this idea and really start working for the working man, not your "Special Interest" friends - the US Congress.
The news about the Obama Tax continued:
Obama said his plan "allows us to extend the life of Social Security" without raising the retirement age or cutting benefits.
"Imagine if your security now was tied up with the Dow Jones," he said, alluding to the recent slide in stock prices. "You wouldn't feel very confident about the security of your nest egg."
Which means, Barack Obama thinks the vast majority of Americans, particularly those of the Baby Boomer era and older are too stupid to be able to manage their own money and need the government to do it for them.
Did even one reporter ask Mr. Obama if he would feel comfortable taking a 6.2 percent hit on his income with the requirement that all of that percentage go to Social Security for his retirement? I'd love to hear the answer to that one.
Is this an idea that instills confidence in the candidate or what?
I have one word for Mr. Obama. Diversify. Look it up. I learned it from my father, when he was old, and retired, and managing his retirement accounts for fun and profit.
What is really going on with Social Security is that over the past three or four decades the Democrats so vastly overloaded it with eligible payout categories, that there isn't sufficient income from wage earners to cover all its debts. So the Social Security system is being run right out of money just as a big influx of wage earners is due to retire and tap into it.
Anyone who thinks for a minute that the US Government is going to let them off the hook for paying for its mistakes is probably smoking something illegal.
Meanwhile, Obama is criticizing Republican Presidential candidate John McCain claiming McCain is creating loopholes for his - McCain's - friends. Can we say "hypocrite?"
McCain, who also was criticized by Obama for his position on Social Security said Obama is misrepresenting his position.
"I will not privatize Social Security," he said. "But I would like for younger workers to have an opportunity to take a few of their tax dollars, and maybe put it into an account with their name on it. That's their money."
I know of at least two votes McCain got from younger workers with just that statement.
Monday, June 16, 2008