Taxing all earnings would indeed amount to a $1.3 trillion increase over the next 10 years alone, according to estimates by Cato Institute Social Security experts. A similar estimate comes from Citizens for Tax Justice, which figures the measure would bring in $124 billion per year.
Obama defended his proposal by saying it would fall only on the upper class: “Understand that only 6% of Americans make more than $97,000--so 6% is not the middle class--it’s the upper class.”
The base pay of an NYC firefighter is $68,475 after 5 years on the job. So Clinton is being misleading to suggest that a rank-&-file firefighter would be affected. On the other hand, FDNY captains make $140,173 with overtime. For them, Obama’s proposal could amount to a $2,646 tax increase. As for school administrators, in NY state there are few that make less than $100,000 a year.
Obama may be correct to say that only the top 6.5% of earners would be affected. But we judge that Obama is being misleading to say that his proposal would tax only the “upper class.”
|Candidates and political leaders on Social Security:|
Incoming Obama Administration:
Outgoing Bush Administration:
2008 Presidential contenders:
AIP: Frank McEnulty
Constitution: Chuck Baldwin
GOP: Sen.John McCain
GOP VP: Gov.Sarah Palin
Green: Rep.Cynthia McKinney
Independent: Ralph Nader
Liberation: Gloria La Riva
Libertarian: Rep.Bob Barr
NAIP: Amb.Alan Keyes
Socialist: Brian Moore
Please consider a donation to OnTheIssues.org!
Click for details -- or send donations to:
1770 Mass Ave. #630, Cambridge MA 02140
(We rely on your support!)