HONOLULU (Reuters) - Barack Obama's presidential campaign said on Thursday a potential hike in payroll taxes for wealthy Americans under an Obama administration would not occur for 10 years while taxes on dividends and capital gains would be capped at 20 percent.
The new details, laid out in an opinion piece by the Illinois senator's advisers and on a conference call with reporters, added specificity to a key economic policy area that has drawn criticism from Republican presidential rival John McCain and Wall Street.
Obama previously had not given a timeline for a plan he says he would consider to increase payroll taxes for people making $250,000 or more annually. The increase would be used to shore up the U.S. Social Security program.
McCain, an Arizona senator who promises to support lower taxes, says Obama would raise taxes to fund social programs he has promised to support during his campaign.
The Republican's advisers said Obama's new tax details represented one more in a series of policy shifts by the Democrat, while the Obama campaign said his plans would represent a net tax cut greater than that proposed by McCain.
"Sen. Obama believes that one of the principal problems facing the economy today is the lack of discretionary income for middle-class wage earners," Obama economic policy director Jason Furman and senior economic adviser Austan Goolsbee wrote in the Wall Street Journal.
"That's why his plan would not raise any taxes on couples making less than $250,000 a year, nor on any single person with income under $200,000 -- not income taxes, capital gains taxes, dividend or payroll taxes."
Goolsbee and Furman said an increase in payroll taxes for wealthier Americans would be delayed for at least 10 years. Continued...
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