CNBC's Bartiromo Misleads On Impact Of Obama's Tax Plan

CNBC's Maria Bartiromo, whose collagen injections are widely reputed to be a key market bellwether, offered the New York Post the precise sort of dire warnings you'd expect them to solicit on the deadly dangers of Senator Barack Obama's policies on the capital gains and income tax. It's certainly not surprising to hear Bartiromo express concern over a prospective rise in the capital gains tax - after all, back when he was co-moderating the worst political debate in recorded history, Charlie Gibson, no doubt blessed with the capital gains problem himself, spent an inordinate amount of time yelling about it. Yet, we will allow that it is a worthwhile debate to have: when President Clinton raised the capital gains tax in the 1990's, the economic conditions were vastly different than they are today.

Still, on matters of tax policy, you'd sort of like the anointed experts to have their facts right, and not indulge in misleading characterizations of the impact of that policy. Unfortunately, Bartiromo can't resist getting a little hysterical:

The income tax is also in for a bump. Bartiromo says, "Right now [it] is 35 percent, Obama wants to take that to 39 percent . . . We're talking about people who make over $200,000. That's not rich. So it's actually going to impact more people than you may think."

Bartiromo's suggestion that $200K per annum income is "not rich," and that an increased tax on those who earn that much represents some sort of widespread impact on mainstream earners is flatly false. The facts are these: in 2005, the national median income was a mere $44,389. And, according to the 2006 U.S. Census data on household income, households earning $200K or more represent a slim 3.5% of all households. That means that over 95% of all American households would likely prefer to have the problem Obama would impose on the nations' elite earners.

Comments

[breakfast]

She's still hot..as in cheerleader hot.

[thylacine550]

you beat me to it. I was just about to chime in with "...yeah. but she's soooo hot." :)

[Actionmac]

cheerleader hot, like cheerleader thinking hot...

[wbateman]

Yeah... she's like "Bond Girl" hot.

[sixletters]

I really didn't want to go there, but you do have to admit that she is one sexy woman.

[jamo02110]

She should be fired....

[strifeknot]

Her view is in line with that of her employers. If anything, they'll give her a raise, or at least a pat on the head.

[whatsmyname]

Barforoma....a planned "thing" to do and considering who she was talking to, her boss gave her a big big raise and possibly a cigar too. That is Corporate Media, doing its best work. Now, excuse me while I go cough, feed the fish......

[Researchguy66]

$200K isn't rich...have you people been to Whole Foods recently and seen the price of Arugula?

[U4IA]

$200,000 is more than three times what I earn, and that's with an advanced degree (that daddy didn't pay for). Arugula? I grow my own.

[ambiancemoushkila]

wow... suddenly Bartiromo is a whole lot less attractive to me.

Hey maybe she's not talking about dollars. Mayeb it's some other foreign currency. In which case I totally make more than 200K ! That's gotta be it.

Anything to uphold my crush on Maria...

[MilesTone]

I agree. Her "hot" factor has suddenly dissipated in my eyes.

[2sleepy]

This is all about radical free market economics, the biggest gift to corporate america in 50 years- God forbid Obama put the brakes on the 'plan'

[Jason357]

Exactly, some sort of anarchist econ. It's nus what these people believe.

[MessageForceMultiplier]

If you make 200K a year and feel that you aren't rich, here's some advice: Hire an accountant.

[DavidK08]

haha

[strifeknot]

It's one of life's delicious ironies that free market mousketeers have the flimsiest grasp of economics.

[Brillig]

On a US50K salary a year in almost any other country you can live like a King or Queen.

200 K not RICH? Only an extremely greedy or careless person could not live richly on 200k a year! How much do you need?

[Tommygun264]

Tell the elderly and disabled struggling to survive on Social Security that people with an annual income of $200,000 aren't well off. Has anyone making $200K a year ever had to apply for food stamps or stand in line at a food bank? Has Ms. Bartiromo ever had to go hungry so that her children can have enough to eat? You don't have to pay taxes unless you have income. People need to get their heads out of their overpaid butts and take a look around at what it means to be really poor.

[personalpolitical]

Wow, talk about out of touch, what idiots.

Trust me, when you make $20,000, ten times that is hella rich.

[olivia]

$200k sounds rich to the struggling middle class.

Out of touch much?

[Peace15Progress]

With the minimum wage in the US amounting to around $12k, yes $200k is damn rich.

I'm sure a lot of people making near that probably don't "feel" rich, but they can thank the economy and inflation for that. Which is partially caused by the quintupling of the oil price in the last 7 years thanks to the pro-rich right wingers and their war of choice.

[poppyseed]

200K not rich? In NYC or SF? My sister and her husband and two kids live in NYC on less than $40K per year. Even you folks who live in those cities who think $200K is not rich are out of touch with the vast majority of your own fellow city dwellers. I guess if you make a lot of money and live and work and hang out with people just like you, your reality gets skewed, just like Ms Bartiromo and Mr Gibson.

[Americanium]

Her ego is as big as her altered lips

[PorkBelly]

$200K not rich?

She can hang out with Charlie Gibson.