Wednesday, Jan. 16, 2008 | 3:15 p.m.
The Clinton campaign has sent out a mail piece accusing Obama of a $1 trillion tax increase.
Here's the back story: To deal with Social Security's inevitable fiscal problems, which won't come for a long time but will arrive eventually, Obama has proposed raising the cap on Social Security payroll taxes.
Currently, every dollar you make over about $95,000 is not subjected to those taxes. Fair? That's for you decide.
Obama has proposed raising that cap so that upper middle income and wealthy taxpayers would put a larger portion of their income into the Social Security trust fund.
The whole point of the tax increase on the wealthier taxpayers would be to save Social Security, which is most needed by poor and middle income Americans.
Many passionate defenders of Social Security, including Paul Krugman of The New York Times and Josh Marshall of Talking Points Memo, are opposed to Obama's idea, because they think Social Security should be left alone for now.
ABC blogs on Obama's response to the Social Security mailer.
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