Obama wants payroll tax on incomes above $250,000
The 6.2 percent 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. From the AP
So you will be taxed if you make up to $102,000, or over $250,000 #1 I'm not sure anyone I know even makes $100,000 a year # 2 I certainly don't.
So is Barack Don't ask Questions Obama, is defining the middle class as those that make over $100k a year, & would like the poor & the rich to support them. I can see why people who make the kind of money might have hope & want change. But if you are a poor working stiff, making under $40 a year, you'll just pay more baby.
Of course for those that make over $250k a year they can likely absorb the increase slightly better, but isn't there a cap on what SS pays? So won't they pay more to collect less?