HRC won't raise cap on SS. Obama will!!

[elixir]

I'd like to keep as much as possible of my earned income. No cap for me Mr. Obama. Hands off.

*******************************

WATERLOO, Iowa - Democrat Hillary Rodham Clinton marked Veterans Day by calling for new assistance programs, but said she would move more carefully than her rivals on dealing with looming shortfalls facing the Social Security system.

Her move came as rival Barack Obama said he would lift the income ceiling on the Social Security tax. Currently, only the first $97,500 of a person's annual income is taxed; the cap is scheduled to rise to $102,000 next year.

"I know it may sound good at first blush," said Clinton. "If you look at all the complexities of this, I think it's much smarter to say: Look, we're going to deal with the challenges by fiscal responsibility and we're going to use a bipartisan commission. And we're not going to do it by further burdening middle-class families

In an interview Sunday on NBC's "Meet the Press," Obama said increasing the income ceiling would allow relatively well-off taxpayers such as himself to pay a little more to rescue the system. Clinton rejected that argument.

"If you lift the cap completely that would be a $1 trillion tax increase," Clinton told reporters after a Veterans Day event.

Clinton said she would initially end the practice of borrowing from the Social Security trust fund. She said more responsible fiscal practices could bolster the economy, which would in turn make the fund more healthy.

*****

[jlake]

1. K&R! Go Hillary!

[Emillereid]

15. I'm totally for raising the cap - I don't even know if there should be a cap at all.

Make them quazillionares pay!

[jlake]

17. Dupe. Delete.

[jlake]

18. I could get behind that - but Obama's plan does not lift it completely -- only

tax the upper middle class more.
There should be a donut hole so that the uber wealthy pay their share, but the middle class is not gouged.

[Recursion]

27. $102K for a single earner is "middle class"?

man, I would love to have lived the kind of life that would let me see it that way.

[RL3AO]

2. Technically Obama can't raise the cap on SS

Only congress can.

But you know that.

[Mojambo]

3. I support raising the cap. n/t

[Qutzupalotl]

5. Me too.

That's the best way to keep it solvent IMO. That and getting out of Iraq.

[progdog]

12. I agree

[dansolo]

4. Good for him - it is a horribly regressive tax.

[elehhhhna]

6. I've gone over the cap many times in thelast 10 years and lemme tell ya --

it doesn't hurt. At all. It was, like 700 per month I would have LIKED to had during Oct-Dec, after I'd passed the cap, but if ya can't get by on 120K or so a year, you have issues.

[stray cat]

7. I am in favor of raising the cap but I don't make more than 100,000

However, even if I did I'm in favor of protecting social security particularly for those who need it most

[bicentennial_baby]

14. I think it's already over that,

102,000 for 2008.

[Owl]

8. $102,000 for one wage earner?

$204,000 for combined husband/wife is middle class?

[bicentennial_baby]

9. I'm an Econ major, and I support lifting the cap, but,

with the bubble exception for those earning between the current cap and $150,000.

[Orangepeel]

10. heaven forbid that people making over $100,000 a year pay taxes on it.

I support progressive tax policies.

[TheWraith]

11. If you're making over $100k, you can afford to give a little more to the starving elderly.

Oh, wait. You were just trying to smear Obama as being a "tax and spend liberal." Nevermind.

[Starbucks Anarchist]

13. I'd like to keep as much of my income, too...

Except I make way less than the capped amount, so my whole meager salary takes the full hit.

If you'd like to switch places, I'd do it in a heartbeat.

[Liberal Veteran]

16. You do realize the vast majority of us make less than the cap, right?

[rocktivity]

19. What's wrong with getting rid of the cap?

As Obama pointed out to her during one of the debates, eliminating the cap would affect only an additional six percent of U.S. wage earners. More important, EVERYONE could pay a LOWER rate!

:bounce:
rocknation

[Dob Bole]

20. Where in the world is $204,000 middle class?

Beverly Hills, maybe? Upstate New York? (No, scratch that, I know someone who lives there.) Rhode Isl...aha.

[dysfunctional press]

21. how does raising the $102,000 cap per wage earner "further burden the middle-class" ?

in one respect, i do hope hillary is the next potus- seeing as how much i LOVE being able to say "i told you so"... and there are a LOT of clinton supporters who will get a rude awakening if/when the dlc candidate gets in.

[w13rd0]

22. I presently exceed the cap...

...but not by much. I support lifting it. Why the hell is there a cap anyway? If you are claiming it is income, shouldn't it be taxed accordingly? Those making 100k plus annually usually have retirement plans and savings, those beneath often struggle to buy groceries. Bring some equity into the system.

[Occam Bandage]

23. I support raising the cap. As did all Democrats, before HRC.

[HeraldSquare212]

24. You forget the AP reporter who heard her say a 'donut' might be a good idea.

that's one of Obama's possible courses of action. and, by the way - I'll pay more if it goes through, and am very happy to do so.

[MiniMe]

25. I would like to see a different structure

Leave a cap in place, but open it back up to those making over 500,000 or maybe over 1million in salary. Maybe have a structure in place where a business wouldn't have to match on the higher amounts.

[Recursion]

26. We went over this in another thread: you're not remotely rich enough to be affected

We need to raise -- for that matter, eliminate -- the FICA cap. Yesterday.