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Barack Obama

Obama Wants To Transfer Payroll Tax From Middle Class To Wealthy

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Barack Obama said Friday he would apply the Social Security payroll tax which now taxes most middle class Americans with lower incomes to those above the $250,000 income.

According to the US Census Bureau 2005 reports, 28.22% of household incomes were $25,000 or below; 26.65% of household incomes were $50,000 or below with the National Median being $44,389; 18.27% of household incomes were $75,000 or below; 10.93% of household incomes were $100,000 or below; 15.73% of household incomes were $100,000 or more with 1.50% being $250,000 and above. Barack Obama has said Friday he would apply the Social Security payroll tax to those above the $250,000 income which today represents about 3 percent of the wealthiest Americans, according to AP.

Obama stated it was unfair for the middle-class to pay the Social Security tax "on every dime they make," while millionaires and billionaires pay it on only "a very small percentage of their income."

Currently, the 6.2 percent payroll tax applied to all income up to $102,000 a year and with Obama's plan, the tax would not apply to incomes between that amount and $250,000 because all incomes above that amount would be taxed under his plan.



Obama stated that his plan also "allows us to extend the life of Social Security" without raising the retirement age or cutting benefits. Obama also referred to McCain for "a few years ago" stating that he might consider a higher cap on incomes subject to the tax. "But today he's attacking me for holding the very same position," stated Obama.

In related news, Obama has also vowed to end "the outrage of executives getting bonuses while workers watch pensions disappear" which includes forcing companies to have to disclose more about their pension fund investments.

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Barack Obama

ISIS Video Shows American Beheading of Another US Journalist, Obama Sends Warning

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Steven J Sotloff beheaded ISIS

The Islamic state in Iraq and Syria, better known as ISIS, released a video beheading of another American U.S. journalist, Steven J. Sotloff and Obama has vowed "justice."



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Barack Obama

Barack Obama Weighs In On Marijuana, Says Weed Is ‘No Dangerous’ Than Alcohol

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President Barack Obama marijuana vs alcohol is not any more dangerous

Closely following the legalization of marijuana in the state of Colorado, President Barack Obama has weighed in on weed saying, 'it's no more dangerous than alcohol.'

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Barack Obama

Minimum Wages Battle: Workers Nationwide Strike For $15, President Obama Proposes $10

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Minimum Wage Strike

Raising the minimum wage has been talked about for quite some time now and legislators still seem to be dragging their feet even though fast-food workers went on strike nationwide on Thursday in hopes of income equality.

Companies like Punch Pizza are setting an example and have already taken matters into their own hands and increased the pay of their more than 300 employees to $10 an hour or more, according to St. Paul Business Journal.



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