Lets hash out the differences. Obama wants to raise the level that is taxes but provide a donut hole to shield middle class. He does not want a reduction in benefits to recipients.
Hillary says this plan will be a 1T tax increase and effect firefighters in in NYC.
from Fact Check:
Clinton called Obama's proposal to raise Social Security taxes on annual earnings over $97,500 "a trillion-dollar increase on middle class families." Obama defended his proposal: "Only 6% of Americans make more than $97,000--so 6% is not the middle class --it's the upper class." Clinton responded that some of her constituents would still find the increase burdensome. "I represent firefighters. I represent school supervisors," she said.
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."
http://www.issues2000.org/2008/Hillary_Clinton_Social_Security.htm
NEXT lets look at what a donut hole is???? Because I didnt know details until I investigated.
Here are the details. There are three major proposals for raising the payroll cap:
* Impose the payroll tax on all wages without a limit.
* Impose the tax on wages up to a limit of about $170,000.
* Employ a doughnut hole approach whereby income up to the current limit would be taxed, then income above that threshold would be exempted until a new income threshold, such as $200,000, is reached, when the payroll tax would again apply.
SOOOO what choice is hillary for? My bet is to continue to raise the limit and to investigate reductions of benefits. Meanwhile Obama will freeze this limit and then begin taxing again at 200K plus without reductions in benefits.
Hillary says this plan will be a 1T tax increase and effect firefighters in in NYC.
from Fact Check:
Clinton called Obama's proposal to raise Social Security taxes on annual earnings over $97,500 "a trillion-dollar increase on middle class families." Obama defended his proposal: "Only 6% of Americans make more than $97,000--so 6% is not the middle class --it's the upper class." Clinton responded that some of her constituents would still find the increase burdensome. "I represent firefighters. I represent school supervisors," she said.
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."
http://www.issues2000.org/2008/Hillary_Clinton_Social_Security.htm
NEXT lets look at what a donut hole is???? Because I didnt know details until I investigated.
Here are the details. There are three major proposals for raising the payroll cap:
* Impose the payroll tax on all wages without a limit.
* Impose the tax on wages up to a limit of about $170,000.
* Employ a doughnut hole approach whereby income up to the current limit would be taxed, then income above that threshold would be exempted until a new income threshold, such as $200,000, is reached, when the payroll tax would again apply.
SOOOO what choice is hillary for? My bet is to continue to raise the limit and to investigate reductions of benefits. Meanwhile Obama will freeze this limit and then begin taxing again at 200K plus without reductions in benefits.
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