Maria Bartiromo Warns That Obama Will Hike Taxes, Says Someone Earning $200K/Year Is "Not Rich"

In the latest issue of Avenue magazine — a "glossy, lifestyle magazine that chronicles the lives of Manhattan's affluent and socially powerful" — Maria Bartiromo warns the New York elite that a vote for Barack Obama is a vote for higher taxes (via Page Six):

He's going to take the capital gains tax at 15 percent right now all the way up to 25 to 28 percent," the "Money Honey" tells Avenue. "Sell anything, like a home or stocks, and make a profit . . . [almost] 30 percent of the profit will go to the government instead of 15." 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."

Comments

[MadJeffersonian]

Ahhhh, another "Anchor of Little Brain."

[Acebass]

$5,000. would turn my life around. Tax em I don't feel sorry for them.

[myops]

I'm tired of broad generalizations. 200K/year in NYC and the surrounding environs won't go as far as it will elsewhere in the country. Standards of living are different in different parts of the country. This doesn't excuse Maria Bartiromo's comment - rather it makes it worse IMO. She should recognize differences in SOL, and note that there are areas where 200K is in fact a lot of money and can stretch much further than it could in other areas of the country.

[bobste]

I might add that $200K is after write-offs. Remember, when these folks talk about tax rates, the government looks at your net, not gross income, which means it's more like $250K+ - and by the way - it is rich. Just because Maria's butler, housekeeper, and chauffeur probably make that much doesn't mean they're not rich.

[keclxivq]

Actually I think George Bush has raised taxes more than any past President due to his lack of understanding of world affairs that has led to $4.00 a gallon gas. For my family this is a terrible burden. Maybe time to nationalize the oil industry. I know it's not the American way and that we should believe in free trade but when the ship is sinking you have to make tough decisions quickly. When companies start making billions of dollars in one quarter something is not right. I don't see the $200,000. people trading their SUVs because they can no longer afford the gas. We have two small cars and still gas prices are a very hard thing for us to deal with. What will all this lead to? We can't afford the gas. We can't afford the food. We can't afford the cars. We can no longer get good paying jobs unless you are in certain financial business such as hedge fund mgrs..
But I'm not worried. I believe in America! We'll just start another war and the economy will be booming in no time at all, right?

[BillyT]

And Bartiromo is false in her accounting, says The Tax Policy Center:

http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/index.htm

People making $161K-$227K will see -$2,789 in their taxes.

And comparing McCain vs Obama:

INCOME McCAIN OBAMA
$112K-$161K -$2,614 -$2,204
$66K-$112K -$1,009 -$1,290
$38K-$66K -$319 -$1,042
$19K-$38K -$113 -$892
Under $19K -$19 -$567

[heal57]

First of all, Obama said $250,000, not $200,000. There's no way capital gains should be 15% while ordinary income on wages and bank interest [what a joke] are so much higher. We've had enough years of trickle down economics which reward only the wealthiest among us; now we go to a bottoms up plan.
Regarding social security/medicare taxes taken out of salaries, the first 10,000-$15,000 of an annual paycheck should not have this tax at all, and those making over $100,000 can have it deducted like the rest of us have to.
What would you expect from the stock market network 's people to sprout off?

[BillyT]

Target audience for Avenue magazine: "glossy, lifestyle magazine that chronicles the lives of Manhattan's affluent and socially powerful" makes about 10 times the 200K Bartiromo is whining about.

What a sham: she whines about $200K as not that high to the multimillionaires who would of course agree with her.

These people make 2 million/year or more. But these are only the top 3% of earners in the USA. How about trying that whine to the rest of America?

What she fails to mention is that starting at 200K/year and LOWER, tax rates under Obama's plan is significantly LOWER than McCain's plan. That's what Obama meant by tax cuts for the middle class.

[hokulele]

good reply. My wife and I make over 200K per year, but less than 300K, I live in Hawaii. My choice. 200K doesn't go as far here as it could in other states. I say abolish that private corporation, the I>R;S and tax the hell out of the top 3% of earners. Most of them are thieves who live on power and tax priviledge anyway. Also, the US has almost the lowest tax amount on fuel. It needs to be raised while subsidizing alternate means of transportation including: ridesharing, public transportation, alternative fuels vehicles, etc. Tax the hell out of Big Oil and close the loopholes. Recoup the 7 trillion lost by Bush, et al. Stop the illegal Iraq invasion, now. The majority of Iraqi's want us out. Support the people who are legally in our country.

[nomadicexpat]

that's it Hok, tax the hell out of the people making $1 more then you -- but acknowledge that you yourself are taxed enough

there are alot of people on this site who want policy made out of sour grapes

[trinity]

200K is certainly not "rich" these days especially if you have just as much in debt. What is the old saying "the more you make the more you spend". There are plenty of foreclosures in the neighborhoods with homes in the 400,000+ range. Then you add the H2 (make that two H2s), plasma TVs, etc., next thing you know you owe more than you make.

I live in the suburbs of Chicago and the average home price has gone up quite a bit thanks to the McMansion craze (that's all the builders would build)...s­o a lot of people making 200,000+, are also deeply in debt. It was difficult for my husband and I (both with good union jobs) to really find anything reasonable, so we found a real nice 50 year old home. But most people want brand spankin' new with all the bells and whistles, and those homes cost money, A LOT of money.

[ThePhilosopher]

If you are in that income bracket, then you are making more than 95% of the US population on an annual basis. If being in the top 5% highest wage earners doesn't constitute being rich, then I don't know what rich is.

Yes, there are individuals who are in that income bracket facing debt and foreclosures but that does NOT mean they aren't rich, it just means they are rich people who have overextended themselves. They are rich people who have tried to live a filthy rich lifestyle, instead of simply a 'rich lifestyle,' heh. If you are living in an area, such as certain suburbs around Chicago, where homes cost that much, then you are living in a rich neighborhood. You are still living a lifestyle far more extravagant and luxurious than that experienced by 19 out of every 20 Americans.

[trinity]

It's all relative..­.almost all the neighborhoods going up, you would probably consider "rich neighborhoods". But that is what is available. The people buying these houses are not investment bankers, they are teachers, steel workers, blue collar tradesmen, and I know from experience "not rich". A friggin ranch or bi-level will run you well over 200K-300K. I'd love to move back to Buffalo and buy an nice big house for less than 100K. Back there, 200K is RICH, but not in the Chicago suburbs or the NYC suburbs or the Washington DC suburbs or practically the entire state of California (which I am guessing that same ranch is going for over 800K).

[AntonBursch]

If you are in the top 5% in the richest country in the history of the world... YOU are rich. Just because you spend more than you make doesn't mean that you aren't rich. And just because houses are out of control also doesn't mean that you aren't rich. It means that even the rich are starting to be affected by the economy. When the titanic sinks... it sinks for everyone on it. Now, if you think that you can complain that you are having trouble while most people are living off of 5 times less than you... you need need to rethink. And you need to vote for Obama so in 5 years we aren't having a revolution that takes all the money from the top 5%. Read history. It will happen.

[bwither]

Whether or not you want to define $200k/yr as, "rich," it DOES put you among the top 5% of individual income earners in the country.

If my wife and I can figure it out in Miami, FL on $60k/year combined, an individual making $200k/yr can make it happen.

It is a moral failure that income made through sweat and toil are taxed at higher rates than dividends and capital gains.

[Caringthinkingperson]

bwither - it is a moral failure for someone to not understand that $200K is extremely comfortable - if not outright rich.

[bwither]

Ain't THAT the truth. . .

[MrGiggles]

Nobody likes it when taxes go up BUT after 7 years of tax cuts in a time of war, we have accumulated and outrageous national debt that is hurting buying power of our hard earned dollars in way much worse than raising taxes.

,

[UncleJimbo]

Yeah,but the taxes should go up on the companies who profitted from the war!

[swift goat pet for truth]

Money made with wealth should be taxed like money made with labor.
In fact, I think labor should be taxed less.

So, I have no problems with cap gain tax going from 15% to 25%.
And yes, I make at least a couple grand a year on cap gains.

[bdl0715]

I think a flat tax is a good idea.

Each dependent is worth $10,000, after that 15% of your income goes to taxes. No deductions at all.

A family of 4 making $40,000 would pay nothing. Seems simple, fair and will make the super rich pay their fair share.

[bdl0715]

Give me $200,000 a year and I will happily pay the taxes. Thats about 7 times what I make now.

[Gericault]

I agree with Maria.200k doesn't buy what it used to.
I live in SoCal and a 50 yr. old 1033 sq.ft. 3 bd 1 bth costs 500k. We have no mass transit. Our health care is $1000 a month.
I shop at thrift stores. i clip coupons. I have a twenty six inch Sony t.v. I won at a raffle. Financially i'm not in debt, but my family of four is barely above water.
It depends on where you live alot more than how you live.
I'm going to splurge on fathers day and put in a new fence.
We are not rich, we just don't live on credit.The taxes will hurt me.

[swift goat pet for truth]

And you make $200K?

I agree with you about the cost of living in So. Cal, but you did not say you made $200K.

[nomadicexpat]

$200k is well off, but by no means rich. in a majority of urban settings in this country you can still enjoy a nice lifestyle, but at the end of the day youre still working for a living.

Rich to me implies wealth, being able to fly private jets and have multiple homes. 200k a year gets u a nice suburban house but by no means a mansion, a staff or any of the accoutrement that is "rich"

200k doesnt even really qualify as "mass affluent" in most of america, despite it being in the top 2% of incomes