Jeff Vanke at The Rise of the Center has sniffed out an Obama tax plan that sounds like it came straight from the lips of the 1 percent. Or Mitt Romney.
Vanke wrote that the Obama administration has a tax increase plan to shore up the states’ unemployment funds. The current unemployment tax is a federal minimum 6.2% on the first $7,000 earned, paid by the employer. The Obama plan would raise the limit to the first $15,000 earned — a tax increase of $496 on all full-time jobs.
Vanke added: “True, he proposes to wait until 2014 for this to take effect. But low-paying jobs have been stagnating for decades, not just in this recession. We need to be lifting the tax burden from low-paying jobs, not increasing it. This is a terrible idea.”
Thanks for the shout out!
I would also add that Jeff Vanke now works as an economist at the Committee for a Responsible Federal Budget, a branch of the New America Foundation think tank.
Solomon Kleinsmith
Rise of the Center