Friday, June 27, 2008
Obama's Social Security Fine Print - WSJ.com
I think this is another "say anything to get elected" item.
Apparently, they didn't even do any analysis!
Something to consider when you vote in November...
Apparently, they didn't even do any analysis!
Something to consider when you vote in November...
In the Wall Street Journal, Donald L. Luskin writes:
"According to the nonpartisan Tax Policy Center, Mr. Obama's new tax would siphon off 0.4% of gross domestic product annually. Combined with Mr. Obama's other tax-hike initiatives, 'the total tax on labor would be close to 60 percent. In high-tax states like California and New York, the top rate would be even higher.'
Would it help Social Security's financing problems? Mr. Obama has no idea. One of his senior economic advisers admitted to me that no one on the campaign has run any detailed models or performed any rigorous analysis. When one proposes an enormous tax increase, shouldn't there at least be a spreadsheet somewhere?
But the most alarming thing about Mr. Obama's proposal is that the $250,000 threshold, above which the payroll tax would be applied, refers to household income, not individual income. So it's quite deceptive when he claims that the $250,000 threshold will 'ensure that lifting the payroll tax cap does not ensnare any middle class Americans.'"
