Democrat Barack Obama said Sunday he will push for higher Social Security taxes if elected, viewing it as the best option for improving the retirement program’s finances.
Obama and several other Democratic presidential candidates previously have signaled support for lifting the cap on the amount of income that is taxed to provide monthly Social Security checks.
But during an interview on NBC’s “Meet the Press,” Obama said taxing more of a person’s income was the option he would push for if elected president. He objected to benefit cuts or a higher retirement age.
“I think the best way to approach this is to adjust the cap on the payroll tax so that people like myself are paying a little bit more and people who are in need are protected,” the Illinois senator said.
“That is the option that I will be pushing forward.” Currently, only the first $97,500 of a person’s annual income is taxed. That cap is scheduled to rise to $102,000 next year.
A bold move for Obama, considering that when Bush was pushing for Social Security reform back in 2005, Democrats largely opposed doing anything to ensure Social Security’s solvency. When Rep. Wexler (D-FL) made his own proposal, which included tax increases, Democrats distanced themselves from him, and Nancy Pelosi reportedly “chewed him out over the phone,” for making his proposal.
We know Democrats, if given the chance, will raise taxes. Two years ago, they were reluctant to be honest about their tax-raising tendencies, yet today, Obama who is pursuing the presidency, seems comfortable pledging to raise our taxes.
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