Now That’s Rich.

[Scully60]

http://www.nytimes.com/2008/08/22/op...on&oref=slogin

Of course, all the evidence in the world won’t stop Republicans from claiming, as they always do, that Democrats are going to impose a crippling tax burden on ordinary hard-working Americans. But it just ain’t so.

[DeHannen]

Originally Posted by Scully60

http://www.nytimes.com/2008/08/22/op...on&oref=slogin

Of course, all the evidence in the world won’t stop Republicans from claiming, as they always do, that Democrats are going to impose a crippling tax burden on ordinary hard-working Americans. But it just ain’t so.

Obama defines rich as making over $150,000. I can tell you that 150k it certain cities, NY, LA (s***, any city in Cali), and even Chicago is not rich.

Secondly, small business owners that run sole proprietorships, LLC's or even S corps, pay both sides of the payroll tax equation, that is 12% for SS and 5.8% for Medicare. Removing the caps on payroll deductions for someone making 150k a year would result in an increase of 16% in payroll taxes. That my friend is a Huge tax increase for someone making under 150k.