- Sep 27, 2005
- 1,171
- 14
- 0
McCain, stay the course, 4 more years of war. No healthcare for you.
I like how this sounds.
Obama would raise Social Security income cap
Rejects cutting benefits or boosting retirement age.
Monday, February 25, 2008 3:27 PM
By Mark Niquette
THE COLUMBUS DISPATCH
In Cincinnati today, Sen. Barack Obama discusses retirement security.
CINCINNATI ? Sen. Barack Obama said today he would not cut retirement benefits or raise the retirement age to protect Social Security but would increase the $97,500 income cap for paying payroll taxes into the system.
Obama outlined his plans for ?retirement security? today at a roundtable discussion with five residents concerned about the financial security ? some got emotional ? at the Cincinnati Museum Center at historic Union Terminal.
It was similar to the event Obama held in Columbus on Saturday on health care at the Ohio State University Medical Center.
Obama?s plan includes addressing an expected shortfall in Social Security, encouraging more Americans to save, reforming bankruptcy laws and doing more to protect worker pensions.
?We?ll have to come together to keep America?s promise, the promise that in this country, people who work hard will be able to retire with the dignity and the respect that they have earned,? Obama said.
That starts with protecting Social Security, he said. Currently, the Social Security payroll tax applies to only the first $97,500 a worker makes. Obama proposes increasing that amount but hasn?t provided specifics, saying he would work with Congress on a ?payroll-tax reform package? to keep Social Security solvent.
Blair Latoff, spokeswoman for the Republican National Committee, said, "It's utterly unsurprising that Barack Obama believes raising taxes is the solution to our Social Security problems but equally unsurprising is his inability to specify how he'd implement such a change.?
During the forum, Obama referenced a ?doughnut hole? where people would not start paying the payroll tax until their incomes reached $200,000 or $250,000.
Obama said he also would create what he calls ?Automatic Workplace Pensions,? a payroll-deduction account that employees could keep if they change jobs. He also would expand the existing Savers Credit to match 50 percent of the first $1,000 of savings for families that earn under $75,000, and he will make the tax credit refundable.
He also would eliminate income taxes for seniors making less than $50,000 and require full disclosure of company pension investments.
The Illinois senator then moved onto rally at the University of Cincinnati to speak to an enthusiastic crowd estimated at more than 11,600. Before Obama?s speech, Cincinnati Mayor Mark Mallory, one of Ohio Democrats? superdelegates, endorsed him.
Obama also was to attend a rally in Dayton before heading to Cleveland tonight to participate in Tuesday night?s nationally televised debate with Sen. Hillary Clinton before the March 4 primary.
Obama is expected to return to Columbus on Wednesday for a rally at OSU?s St. John Arena at 10 a.m. Doors open at 8:30 a.m. for the event for Obama, who has been drawing overflow crowds at his other stops in Ohio.
I like how this sounds.
Obama would raise Social Security income cap
Rejects cutting benefits or boosting retirement age.
Monday, February 25, 2008 3:27 PM
By Mark Niquette
THE COLUMBUS DISPATCH
In Cincinnati today, Sen. Barack Obama discusses retirement security.
CINCINNATI ? Sen. Barack Obama said today he would not cut retirement benefits or raise the retirement age to protect Social Security but would increase the $97,500 income cap for paying payroll taxes into the system.
Obama outlined his plans for ?retirement security? today at a roundtable discussion with five residents concerned about the financial security ? some got emotional ? at the Cincinnati Museum Center at historic Union Terminal.
It was similar to the event Obama held in Columbus on Saturday on health care at the Ohio State University Medical Center.
Obama?s plan includes addressing an expected shortfall in Social Security, encouraging more Americans to save, reforming bankruptcy laws and doing more to protect worker pensions.
?We?ll have to come together to keep America?s promise, the promise that in this country, people who work hard will be able to retire with the dignity and the respect that they have earned,? Obama said.
That starts with protecting Social Security, he said. Currently, the Social Security payroll tax applies to only the first $97,500 a worker makes. Obama proposes increasing that amount but hasn?t provided specifics, saying he would work with Congress on a ?payroll-tax reform package? to keep Social Security solvent.
Blair Latoff, spokeswoman for the Republican National Committee, said, "It's utterly unsurprising that Barack Obama believes raising taxes is the solution to our Social Security problems but equally unsurprising is his inability to specify how he'd implement such a change.?
During the forum, Obama referenced a ?doughnut hole? where people would not start paying the payroll tax until their incomes reached $200,000 or $250,000.
Obama said he also would create what he calls ?Automatic Workplace Pensions,? a payroll-deduction account that employees could keep if they change jobs. He also would expand the existing Savers Credit to match 50 percent of the first $1,000 of savings for families that earn under $75,000, and he will make the tax credit refundable.
He also would eliminate income taxes for seniors making less than $50,000 and require full disclosure of company pension investments.
The Illinois senator then moved onto rally at the University of Cincinnati to speak to an enthusiastic crowd estimated at more than 11,600. Before Obama?s speech, Cincinnati Mayor Mark Mallory, one of Ohio Democrats? superdelegates, endorsed him.
Obama also was to attend a rally in Dayton before heading to Cleveland tonight to participate in Tuesday night?s nationally televised debate with Sen. Hillary Clinton before the March 4 primary.
Obama is expected to return to Columbus on Wednesday for a rally at OSU?s St. John Arena at 10 a.m. Doors open at 8:30 a.m. for the event for Obama, who has been drawing overflow crowds at his other stops in Ohio.
