Fact Check: Obama and Social Security

[BootinUp]

Fact Check: Sen. Obama on Social Security
2/5/2008 2:25:10 PM

Today, Sen. Obama's campaign claims that Sen. Obama has on the Social Security payroll tax.

This is false. In a September 2007 Quad-City Times , Sen. Obama argued that by lifting the cap for Social Security completely, 'we could virtually eliminate the entire Social Security shortfall:'

I believe there are a number of ways we can make Social Security solvent that do not involve placing these added burdens on our seniors. One possible option, for example, is to raise the cap on the amount of income subject to the Social Security tax. If we kept the payroll tax rate exactly the same but applied it to all earnings and not just the first $97,500, we could virtually eliminate the entire Social Security shortfall.

In a two months later, Sen. Obama defended the idea of lifting the cap entirely.

But what we can do is adjust the cap on the payroll tax. Right now anybody who's making $97,000 or less, you pay payroll tax on 100 percent of your income. Warren Buffet, who made $46 million last year, pays on a fraction of 1 percent of his income. And if we make that small adjustment, we can potentially close that gap and we can make sure Social Security is there...

Understand that only 6 percent of Americans make more than $97,000 -- so 6 percent is not the middle class..

The Urban-Brookings Tax Policy Center that lifting the payroll tax completely would increase taxes more than $1 trillion over ten years.

[tabatha]

1. False: the word completely does not appear in this sentence

to which you provided a link:

"One possible option, for example, is to raise the cap on the amount of income subject to the Social Security tax. If we kept the payroll tax rate exactly the same but applied it to all earnings and not just the first $97,500, we could virtually eliminate the entire Social Security shortfall."

Where does it say that he would completely eliminate it - raising it is not elimination.

Are you taking over P2bM's job?

[BootinUp]

2. "all earnings not just the first 97,500" - Surely you jest my friend. nt