- Daily Photo: Obama Jokes Around at G-20
- Blackwater gets replaced in Iraq
- Daily Photo: U.S. Marines Look Out for Taliban in Afghanistan
- Hillary Clinton the Tomboy and Her "Ah-Ha" Moment
- Obama Administration Sudan Envoy Headed to Region
- Daily Photo: Potential Flashpoint in Iraq
- Clinton Says New Afghanistan-Pakistan Plan Depends on Diplomacy
- Exclusive: Three Israeli Airstrikes Against Sudan
- Additional 4,000 Troops to Be Ordered to Afghanistan
- Daily Photo: Navy Submarine Trains in the Arctic
- Alarm Over North Korea Missile Prep
- Anti-Terror Stimulus? US Offers Rewards for Top Terrorists
- Daily Photo: Pakistani Women in Refugee Camp
- Condoleezza Rice Appears on "The Tonight Show"
- Diplomat and Aid Group Sound the Alarm on Darfur Camp Situation
- auto industry rescue
- Ballotwatch
- Biden, Joe
- Bush, George W.
- Clinton, Bill
- Clinton, Hillary
- Dodd, Chris
- Edwards, John
- Giuliani, Rudy
- Gravel, Mike
- Huckabee, Mike
- Hunter, Duncan
- Inauguration
- Iraq
- Kucinich, Dennis
- McCain, John
- Obama, Barack
- Palin, Sarah
- Paul, Ron
- Romney, Mitt
- Tancredo, Tom
- Thompson, Fred
- Veepstakes
- Vote 2008: Democrats
- Vote 2008: Republicans
- Washington
- White House
« Previous | Main | Next »
Obama Clarifies Social Security Tax Stance
Email
ShareOctober 09, 2008 4:44 PM
ABC News' Teddy Davis and Arnab Datta report: Barack Obama's top economic adviser clarified the Illinois senator's Social Security tax stance Thursday, one day after the Democratic presidential nominee made ambiguous comments on the subject to ABC News' Charlie Gibson.
During his Wednesday interview, Obama said the best approach on Social Security is "raising the cap on the payroll tax, keeping the tax rate the same, but saying, you know, somebody like myself or Warren Buffet can afford to pay a little more in payroll tax to make sure the system is solvent."
The comment left anti-tax advocates scratching their heads, wondering if Obama wanted to apply the current 12.4 percent tax rate to all income.
"No way that's what he meant," Obama adviser Jason Furman told ABC News. "I would interpret that as referring to most people."
"For most people, the rate would be the same," he added.
At present, the 12.4 percent Social Security payroll tax is only applied to the first $102,000 of income.
Back in 2007, Obama wrote an op-ed for an Iowa newspaper in which he floated the possibility of applying the 12.4 percent tax rate to all income.
He did not, however, formally endorse that concept.
Obama's plan, as confirmed by Furman, remains to impose a new 2-4 percent Social Security payroll tax on income above $250,000 per year starting 10 years from now. Furman joined Obama adviser Austan Goolsbee to outline the plan in an Aug. 14 op-ed in the Wall Street Journal.
Obama has not yet decided if upper income beneficiaries paying the new tax would see a corresponding rise in benefits.
October 9, 2008 in Obama, Barack, Vote 2008: Democrats | Permalink | User Comments (74)
You can follow this conversation by subscribing to the comment feed for this post.
Tax and spend... remember that. Obama = more taxes. He hasn't really decided which statement he'll stick to yet. First, he's got to find a way to craw into the WH and then he'll steal your money. Then he'll find a way to explain away his association with terrorists, and those who hate this country.
Posted by: Gina | Oct 9, 2008 5:07:05 PM
Why don't we see anything about voter frraud by ACORN and Obama's ties to ACORN on the main-stream media? Why do we have to tune in to Fox to get unbiased media coverage? If McCain gave $800,000 to an organization that registers dead people to vote, wouldn't it make the national news?
Posted by: Janie | Oct 9, 2008 5:09:06 PM
title: "Obama Clarifies Social Security Tax Stance"
closing line: "Obama has not yet decided if upper income beneficiaries paying the new tax would see a corresponding rise in benefits."
could the Political Radar be any more in the tank for Barack Obama? Obama is being dishonest with us. He lists the pros and cons of both sides of an issue and claims bipartisanship, and when the issue has run its course, he claims to have been on the right side of history and all those who really had the courage to take a position against the one proven correct is inept. He is being dishonest with his relationship with Bill Ayers. I couldn't care less if Ayers was a loser terrorist. I don't like how Obama served on an education reform bill with Bill Ayers, and Bill Ayers to this day praises Hugo Chavez's Communistic revolutionary socialist education system (http://billayers.wordpress.com/2006/11/07/world-education-forum), and Barack Obama refuses to talk about it.
Posted by: Clintonite for McCain | Oct 9, 2008 5:09:13 PM
I was going to leave a comment Gina But what could I possibly add after yours!
Posted by: reddog0216 | Oct 9, 2008 5:09:20 PM
Much better than McCain's plan of PRIVATIZING SOCIAL SECURITY.
The Stock Market dropped BELOW 9000 today.
Posted by: Carrie | Oct 9, 2008 5:15:06 PM
I want clarification on why
Wachovia Corp., a once-thriving financial giant now teetering on the brink of collapse, confirmed today that it was extending an $8 million loan to the cash-strapped National Republican Congressional Committee for last-minute activites to support GOP House candidates.
Middle Class America can't get loans, Wachovia investors lost millions and their bail-out came at tax payer expense.
ANSWERS ARE NEEDED NOW!
Posted by: Paige | Oct 9, 2008 5:15:13 PM
If obama is elected very few people will be making over 100k
Posted by: Cassandra Washington | Oct 9, 2008 5:17:36 PM
I think your all pathetic little people, you only read, see and hear what you want.
Posted by: becky | Oct 9, 2008 5:19:05 PM
Carrie: Or doing away with Medicare/Medicaid. Which he as written in his plan for the next 10 years.
They had a medical specialist on the news the other day that said Obama's plan was the best for this nation. He said McCains would be awful for us.
Go figure.
Oh by the way, how many of you make $250,000. If you do sorry, but thanks.
Posted by: becky | Oct 9, 2008 5:21:22 PM
title: "Obama Clarifies Social Security Tax Stance"
closing line: "Obama has not yet decided if upper income beneficiaries paying the new tax would see a corresponding rise in benefits."
what clarification? could ABC News be any more in the tank for Barack Obama? Barack Obama is being dishonest with us. He is being dishonest with his involvement with Bill Ayers. I don't really care if Bill Ayers is a washed-up former terrorist, I want to know what Barack Obama's policy on public education is, and he served on eduction reform boards for Chicago with Bill Ayers, who praises Hugo Chavez's socialist public eduction system that fosters communistic revolution to this day http://billayers.wordpress.com/2006/11/07/world-education-forum/ Barack Obama shouldn't muddle around with us concerning his service to Bill Ayers on the issue of his public education policies.
Posted by: Clintonite for McCain | Oct 9, 2008 5:22:22 PM
test
Posted by: becky | Oct 9, 2008 5:24:09 PM
test
Posted by: becky | Oct 9, 2008 5:24:17 PM
From the standpoint of the “media” it appears that Barack Obama will be the next President and has anyone noticed that the Stock Market is plummeting, sinking into the abyss. The people (and it does not take an economist) know that the Obama tax and redistribution policies will destroy jobs, wages, stocks in retirement accounts. Obama’s polices will make economic conditions in America much worse and this is clear and they are beginning to remove their money as Obama pulls ahead in the polls. It’s over for America with Obama at the helm.
Posted by: Ann | Oct 9, 2008 5:26:20 PM
The country is bankrupt. Social Security will be dissolved. They are just waiting until after the election to drop the bomb.
Posted by: hmn | Oct 9, 2008 5:27:38 PM
Paige, I just found out about Wachovia and the *loan* to the NRCC. Our tax $$ are going to prop up the GOP. We need answers to this NOW.
Posted by: Clint | Oct 9, 2008 5:27:52 PM
Let's hear more on the voter fraud issues involving ACORN and obama's connection to ACORN and ACORN's endorsement of obama. While we're at it let's hear more on REV WRIGHT and AYERS!!
Posted by: John W | Oct 9, 2008 5:31:38 PM
You people that are worried about if Obama will raise taxes seemed to have forgotten the times we were in when the first Bush took office. We were no where near what we are experiencing today......Do you rememeber him saying "read my lips...no new taxes"? He did it anyway, his hands were tied. If you dont think this crisis we are in means there will be more taxes with either canidate you are seriously living in la la land. Not to mention in the next few years taxes will be the least of all of our problems!
Posted by: Debbie | Oct 9, 2008 5:32:22 PM
Which answer he gives will depend on which direction the wind is blowing.
Posted by: david | Oct 9, 2008 5:32:37 PM
Clintonite for McCain,
Obama does talk about his relationship with Ayers. This had been brought up by Hilary's camp months ago. Obama has explained it to the medium more than once, including the TV interviews. Please be an informed voter before you question anything.
Posted by: A Voter | Oct 9, 2008 5:32:53 PM
THE STOCK MARKET DROPPED BELOW 9000 TODAY!!
At the same time Gallup shows Obama up 11 points in the national polls...
Gallup Tracking 10/06 - 10/08
Obama 52%
McCain 41% Obama +11
McNasty your name calling isn't working...
Posted by: Davis | Oct 9, 2008 5:36:05 PM
Post a comment
