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I don’t and who would, I wonder?
This blogger quotes Obama’s plan for the Social Security payroll tax increase:
Democrat Barack Obama would apply the Social Security payroll tax to all annual incomes above $250,000, which he says would affect the wealthiest 3 percent of Americans.
The payroll tax is now applied to all income up to $102,000 a year, which covers the entire amount for most Americans. Under Obama’s plan, the tax would not apply to incomes between that amount and $250,000. But all annual income above the quarter-million-dollar amount would be taxed under his plan.
Obviously this is not going to work. The amount of people making enough money to be taxed according to this plan are not enough to keep social security in the black.
And, being that people with incomes as high as this are obviously money smart, they would divert their incomes in such a way to avoid the tax.
This is no more than another election proclamation that has nothing but fresh air behind it.!
