Thursday, October 04, 2007

Obama's Social Security Fix: raise taxes of course.

Barrack Obama has an idea on how he would fix the Social Security system. He would eliminate the earning cap and tax every dollar someone makes at the Social Security rate. Obama then wants to impose an additional 12.4% Social Security tax on the rich of course. There is nothing like punishing the over achiever in America.

Obama says that by taxing the rich we can eliminate the entire Social Security shortfall. Isn’t that just a wonderful idea? I mean after all the rich can afford it, who cares?

Well, you might find it interesting to know Obama’s idea of rich is anyone who makes more than $97,000 a year. I bet you folks that make 97,000 didn’t know you were rich.

Anyway, this is a typical liberal solution to a social program like Social Security and should come as no surprise. One thing is for sure, if Obama gets his way Social Security will finally be exposed for the income redistribution scheme it has always been. You take from those who are working and give to those who are not.

Robert Bixby is the executive director of the Concord Coalition, a non-partisan group advocating a balanced budget. He says that this would be a radical change from how Social Security was originally designed, because "it would end the contributory idea of Social Security, where you get back something for what you put in."Folks I will never get back even 10% of what I will have put in to Social Security…

No comments: