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 presidential candidate told senior citizens in Ohio on Friday that it is unfair for middle-class earners to pay the Social Security tax "on every dime they make, while millionaires and billionaires are only paying it on a very small percentage of their income."
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.
Need I say more? It's about time the wealthy started getting taxed proportionately to what they make.
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