Obama proposed raising payroll tax on incomes above $250.000 by Ivana Macakova

On Friday, the presidential candidate Barack Obama pronounced he wanted to raise payroll tax for incomes above $250.000 annually. This step should feel about only 3% of wealthiest Americans. He said it should protect the middle-class Americans who have to pay the Social Security tax from every cent while for those who have more bigger incomes it`s only a trivial amount.Now the payroll tax is 6.2% for those who earn up to $ 102.000 a year. Obama assured people the raising of the tax won`t affect wages between $102.000 and $250.000. Also Obama`s campaign aides said that this increase wouldn`t pique to those forms of income such as investment. It would be apply on wages and salaries.Obama`s contra candidate, John McCain now is against his decision, though in the past McCain would greet the higher payroll taxes. Obama consider the raising of tax as a facility to extend the life of Social Security. And it wouldn`t involve raising the retirement age or cutting benefits.Obama criticize McCain for his attitude to investing part of taxpayers Social Security payments into private investment accounts.McCain react to his expression that he won`t privatize the Social Security. He announced that he only wanted to give an opportunity for young workers to take their a few money of their tax and put it into their private account. He said that these saving to private accounts had to be voluntary and only for young workers. This his statement sustained as a chance for young workers to have more possibilities for investing.

related story: http://www.southtownstar.com/news/1005812,061508obama.article

by Ivana Macakova for PocketNews (http://pocketnews.tv)

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posted by Lucia Adamova