Friday, May 02, 2008

Don't Know Nothing

George Will, elite pundit extraordinaire:

• You favor eliminating the cap on earnings subject to the 12.4 percent Social Security tax, which now covers only the first $102,000. A Chicago police officer married to a Chicago public-school teacher, each with 20 years on the job, have a household income of $147,501, so you would take another $5,642 from them. Are they undertaxed? Are they rich?

I'm not even sure Obama is proposing this, but in any case lifting the cap above 102,000 on this couple wouldn't impact them at all as the cap is on individual incomes, not joint incomes. They're already both being taxed on their full salary, and lifting the cap wouldn't impact them at all.

This in the magazine about how out of touch Obama is.