We will give Mr. Obama credit for thinking of something, unfortunately it is the thinking like a politician that gives us gas pains. Donuts a plenty. Wonder if they used the "donut holes" from the donuts bought by the PISD?
Obama's proposal is to make a significant change to the payroll tax system:
• Currently, all wages below $102,000 are subject to a 12.4 percent Social Security payroll tax, but all wages above that amount are not subject to the tax.
• Obama wants to eliminate the cap, but, in a concession to taxpayers, exempt wages between $100,000 and $200,000; he wants to create a "donut hole" in the taxing mechanism that pays for the nation's largest retirement program.
Source: Andrew G. Biggs, "The Obama Tax Hike," Wall Street Journal, March 12, 2008
Into the wild blue yonder.......................................................
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1 comment:
Wonder how many in this country make $100,000 to $200,000 a year in income?
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