What Would Raise Taxes On Middle Class, Impose A Heavy Burden On Small Business, Slow The Economy & Cost Jobs?
Posted on : 28-01-2010 | By : twitter traffic tips | In : Social Media Marketing
14
Answer: Barack Obama’s plan to lift the cap on earnings subject to the 12.4% Social Security tax.
That’s what the Heritage Foundation discovered in an analysis of a proposal by the Democratic nominee.
We can’t help noticing that thorough, close, objective analyses of Obama’s proposals are sadly lacking in the national media.
Granted, the Heritage Foundation is a think tank with a record of opposing taxes, but at least someone’s taking a look at how an Obama presidency would affect working Americans – as opposed to how the Obama campaign says an Obama presidency would affect ordinary Americans.
Here’s what the researchers found: Presently, only the first $102,000 is subject to tax for Social Security. That’s a pretty fair annual salary, but for a sole breadwinner with, say, a family of five, with a house bought in Southern California before the market went bust, that salary hardly puts you in the company of, oh, John Edwards.
According to Heritage, the take home pay of 10.3 million Americans would be reduced by an average of $5,650 in the first year alone. Taxes would be raised on four million workers over age 50.
The analysis finds that taxes would be raised on 97,065 carpenters, 110,908 police officers, 254,992 nurses, 208,562 postsecondary teachers and 237,000 dentists. The move would also hit small-business owners who file their taxes as individuals.
The point of all this? Tax increases on the “wealthy” sound good to middle-class ears, but often turn out to be a burden on people other than the Rockefeller set.http://www.avpress.com/n/05/0905_s8.hts
