Politics & Government

June 20, 2008

Obama win likely to mean Social Security tax hike for wealthy

Currently, no one pays Social Security taxes on their income over $102,000. But under Barack Obama's plan to pump billions into Social Security, people with incomes over $250,000 annually would continue paying the system's 6.2 percent assessment. Some analysts worry that'll push some wealthy people's total tax burden close to 60 percent.

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