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Pastimes : Discussion Thread

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To: Oeconomicus who wrote (502)	6/16/2008 12:04:30 PM
From: TimF	Read Replies (1) of 3816

Obama at the margin By TigerHawk at 6/13/2008 01:47:00 PM Barack Obama plans to impose the 6.2% payroll Social Security tax on wage income over $250,000. I am blessed and grateful to earn more than that amount, but it does mean that the aggregate marginal tax rate on my wage income -- 35% federal income tax, 8.97% New Jersey income tax, 6.2% Social Security tax, and 1.45% Medicare tax -- would then exceed 51%. This is without taking into account Obama's plan to repeal the Bush tax cuts (which would move the federal income tax rate from 35% to 39%) or the impact of the higher Social Security taxes on my employer. By the time he is done the taxes on my wage income at the margin will be well north of 55%, again excluding the impact on my employer... tigerhawk.blogspot.com

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