In another thread we talked about, "rich" being a relative term. Apparantly, anything over $97,000 a year is rich. So now we know.
by Neil Boortz,
SOCIAL SECURITY 'FIX'
Obama has a typical liberal solution to fix the Social Security system ... increase taxes on the rich. Hopefully, this comes as no surprise. If there is any one policy that the Democrat Party absolutely loves, it's the idea of raising taxes on the evil rich. So what if the top 10 percent of income earners already pay about 80 percent of all income taxes. That means nothing to MoveOn Democrats. They understand the numbers. You nail 20 percent of the voters with a new tax and get the adoration – and the votes – of the other 80 percent.
Politicians and our media constantly reinforce the idea that rich people are evil, dirty, nasty, crude, dishonest ... you name it. You don't think the term "filthy rich" has anything to do with whether or not someone washes their hands, do you? The term "filthy rich" is intended to send the message that high achievers are dirty just by virtue of the fact that they have earned a lot of money. Actually ... you're more likely to find unkempt and dirty people at the lower end of the income scale; but you sure aren't going to hear anyone refer to the "dirty poor" are you?
Barack Obama's great idea for saving Social Security? Easy ... eliminate the earnings cap. Just go ahead and tax every penny someone makes – no matter how much that is – at the full Social Security rate. wants to impose a 12.4% tax on all income above $97,000 per year. He says that by taxing the rich we can eliminate the entire Social Security shortfall.
One thing you could say for Obama's idea: It would expose Social Security once and for all as nothing less than a grandiose income redistribution scheme. 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."
So far Hillary Clinton has dodged this bullet by not providing a solution. But Hillary did point out the fact that we are missing a lot of value money to tax! She points to Warren Buffet, reminding us of his famous liberal dogma, 'Look, tax me because I'm a patriotic American and I want to make sure our country stays strong and is fair.'"
SOLUTION?
Simple .. the FairTax. The economic growth that would come from the expansion of business and our economy from the enactment of the FairTax would protect Social Security for generations.
Here are a few things to think about.
Tourists. When the come to this country and spend their billions of dollars on everything from ash trays to second homes, do they pay any Social Security tax? No, not a penny. But under the FairTax every dollar a tourist spends on a hotel room in New York or a ticket at Disney World would see 23% sent to the federal government.
Ditto for the underground economy and the money spent by our wonderful, hard-working illegal aliens. Just how much do you think they're paying into Social Security now?
More about this in the new FairTax book, coming soon to a book store near you.
