Obama already broke his campaign promise on tax hikes by raising the tobacco tax and the tanning bed tax, and his Obamacare legislation also includes six provisions that enact new taxes, eliminate or cap deductions, and eliminate the tax benefits of withdrawing from a Health Savings Account. But now he’s considering breaking an even more explicit promise:
U.S. President Barack Obama on Tuesday backed boosting the amount of individual income subject to Social Security taxes, one of the first concrete proposals he has endorsed to put the retirement program on a stronger fiscal footing.
The president’s deficit commission late last year proposed raising the income cap on Social Security taxes, now at about $107,000, but Obama has shied away from supporting specific proposals.
Social Security taxes are also known as payroll taxes. In September 2008, as he defended himself from McCain’s accusation that he would raise taxes, Obama emphatically insisted that he would not raise any tax for any American making less than $250,000 per year. No wiggle room or caveats. Watch for yourself:
He said it because he needed to say it to win, not because he meant it.
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