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

[grannysharp]

So 200,000.00 isn't rich, well tell that to someone who is making minimum wage or some one with a family that makes $10 to #15 dollars an hour. 200,000.00 sure lets you go to star bucks

[charon]

I would call someone making $200,000 comfortable, not rich. Rich is someone who can live comfortably on income from investments; comfortable is having enough money to buy just about anything without worrying about how much it costs.

[MaracaKabob]

Live in an expensive city and pay this each month for a family of four:
$4500 mortgage
$400 Home/Auto insurance
$1200 gas, electric, phone, internet, utilities etc
$2500 grocery
$3500 child care for two kids
$650 gas for one commuter and one city driver.
$12750 base monthly nut
twice a year we get hit with a $7500 property tax bill

Now that's around 167,000.00 a year for just paying the bills and living modestly.
No new cars, no vacations, no big toys and very little investment in retirement.
How much you gotta make a year to pay your taxes and all these bills.

This is the big American city life budget. My Wife and I wroks our a$$e$ off to make this kind of money. I work at least 12 hours a day 6 days a week.

[Chrisallalone]

Thanks for making this point. "Rich" depends in part on where you live and how much that living costs you. We don't make that much money at my house, but I'm sure many of the two-income families around here do, and I wouldn't call them "rich." "Able to save money for their kids to go to college," maybe, but not rich.

[Rogue55]

$2500 a month for groceries for a family of 4? Is that a typo? If not, maybe you should buy Hamburger Helper once in a while? $2500 per month for groceries???????

[PatrickforO]

This sounds funny to me for some reason. Seems to me Obama has been consistently talking about tax cuts for the middle class, and a greater share of taxes for the wealthy. And, I'll be happy to trade incomes with Bartiromo. Because, you know, I'm most definitely NOT better off in the face of the Bush tax cuts.

[NoLove4HillaryAnymore]

Stick with the script...h­oney!

[williamina]

Not sure what to say. I thought that progressives wanted people to pay more?

[wheaties]

Maria, you have become nothing more than a overpaid right wing shill. I don't know who is more embarrassing you or your idiot pal fascist Larry

[Davwbaird]

poppycock

[jupitor]

Boy she isn't no average joe, is she? Most normal folk only earns 30 to 60 thousand a year. Some even lower. If your earning 200 thousand a year, you can afford a little more tax's sister. What family you come out of, born with a silver spoon in your mouth like cindy and John Mccain,maybe?

[antaeus]

Stop using lazy math. Cindy McCain has upwards of 100 MILLION DOLLARS. That is rich by any standards. But a 200K salary in most American cities is nothing even remotely like that.

[irishgawdess]

I'm not as familiar with tax vocabulary as I should be, but what they say the tax rate you will pay at a certain income level is not the same as you actually pay after deductions. Mortgage interest, college loan interest, medical bills over 7%(?) of your gross income, plus any other allowed deductions can potentially lower your actual tax rate. We make $50K +/- and took the mortgage interest and college loan interest deductions for 2007, and our tax rate went down to 3%. Really rich people have more deductions they can take to knock down their standard tax rate, so I wonder what their final tax rate is when all is said and done. There's a huge difference between incomes of $50K and $250K.

Why don't these "experts" ever talk about the stated vs. actual tax rates? For once, I'd like to hear about the correct math.

[AllenD]

As a CPA, I ask you why should capital gains and dividends have lower tax rates than wages? I know all about the hue and cry about the "double taxation" on corporate dividends yet these same people are silent on the triple taxation on wages! That's right, wages are taxed THREE times. Wages are subject to income tax, wages are subject to payroll taxes (taxed at gross wage amount that do not take into account 401K contributions) and when you retire, your Social Security payments that your payroll taxes funded are subject to income taxes again. Please tell me why a single person making $31,850 in net taxable wages should pay the same effective tax rate as a single person making $349,700 from income other than wages. Think I'm full of it? see for yourself Link
http://www.irs.gov/formspubs/article/0,,id=164272,00.html

A wage earner in the 25% tax bracket paying 7.65% in additional payroll taxes pays an effective 32.65% in federal taxes. Since payroll taxes are taxed on gross wages, not net income, his effective tax rate is even higher. The person who makes $349K net income from sources other than wages probably has some dividend, capital gains, and tax free muni bond income so he probably pays an effective rate less than the 33% listed by the IRS. So tell me, how is the current tax code fair to workers? If you are interested in real tax fairness, then the only choice is Obama!

[CanadianAmerican]

Not to mention that lower income earners must spend a higher proportion of their earnings on necessities, so are forced to pay a larger percentage of their earnings in sales taxes.

[LMurphy418]

Amen.

[julescator]

Only 5% of Americans make over $75,000!

[antaeus]

To recall Mark Twain, lies, d_mned lies, and statistics.

This whole debate gets to the meaning of words like "rich" and "middle class," and I submit that it's often meaningless to define them according to an ever-changing median income figure.

To be middle class in the US used to mean, among other things, home ownership, marriage and children, civic participation, religious affiliation, maybe college education.

Whether some of you are able to believe it or not, people who have 200K in some urban centers now no longer resemble what we once called "middle class." If you are an undergraduate and contemplating a professional degree with some eye towards financial betterment, you might want to consider that fact. THAT'S what Mrs. O. was talking about when she gave her famous college-loan speech.

Stop lumping billionaires and people of truly independent means with those who have six-figure salaries but who nevertheless are wage slaves.

[sf94127]

Obama made a rare appearance on CNBC. He shies away from the channels that will ask him tough questions. McCain and Clinton were on "Mad Money" with Jim Cramer. I suspect Obama stayed away because Jimbo would have clobbered him over his ethanol policy. Obama also shies away from Bloomberg for similar reasons.

Maria Bartiromo could handle her own in a tough interview with Obama. Obama would NEVER agree to an interview with one of the tougher anchors at CNBC. I would love to see Obama on Mad Money; he has been invited. Or even Fast Money.

Obamamaniacs: its amazing you don't have concerns about this guy who clearly steers clear of the tough questions. At NBC they ask him how many ties he owns; thats how he likes his interviews.

[julescator]

It's a real shame that many of you have no clue about the economy. The GOP plays this "he's gonna raise your taxes" game each election. You me explain this old tired game to you. when Bush lowered taxes ALL 50 states raised them. You don't save a dime. You just transfer money from the feds to the state. You pay more for rental cars (state tax) gas (state tax) hotel rooms (state tax). One day you folks will wake up and come up to Obama's level. You have been in third grade economics with the GOP for so long you are clueless.

BTW - how do you suppose we are going to pay for the $12 billion a month for the war in Iraq - do we pull that out of thin air. How the hell do you lower taxes and wage a $3 trillion dollar war at the same time. Please answer that for me. BTW - how much is the deficit? How will it be paid. How do we pay China all the money we owe them. What if everyone demands to be paid in Euros? Answer those questions with a straight face please.

[sf94127]

Raising taxes when the economy is weak is a pretty bad idea. Obama is going to have to 'splain that one and McCain won't let him off the hook.

We have rising unemployment, a bear stock market, rising inflation, runaway energy costs, flat salaries.

We need a strategy that will strengten the US dollar and return us to solid growth, low unemployment, and a strategy for cheap energy.

Clobbering the upper middle class won't help.

[PatrickforO]

Yes, this fiscal movement from feds to states is called 'devolution' and has been with us since the Reagan days. But, at this point, since all domestic programs AND the Iraq war are being financed from $0.35 from every $1 collected by the IRS (See Congressional Budget Office report, August 2007), we simply DON'T have enough money at the federal level for everything we want to do - our government is a slave to its debts. Interestingly, we spend more on our military than the rest of the world combined. Seriously. So, maybe if we cut that just a tiny bit, we could afford healthcare, good education, and more college accessability.

[WordManMI]

Obama will raise taxes in all 57 states. LOL!

[AllenD]

>>>At NBC they ask him how many ties he owns; thats how he likes his interviews­.>>>

Please tell me your post was sarcasm. You do know that CNBC is owned by NBC (I would think the "NBC" in CNBC would be a dead giveaway even to the most challenged rightard) . Cramer might pop a neck vein asking the Fed for a government bailout of Wall Street but I have yet to see a "tough interview" by that fool. All Obama would have to say to shut up the talking heads on CNBC is ask where is that "wall of crude" that is going to save us and drive oil to $20/barrel? After all, CNBC has been predicting that for the past 5 years.

[sf94127]

Yes, moron, I do know CNBC is owned by NBC. Sounds like your highness watches MSNBC, the bottom of the barrel in terms of journalism standards and ethics.

CNBC goes its own way; they don't do the Obama shuffle like MSNBC or NBC news itself.

Obama shies away from Bloomberg as well. Barry stays away from the tough interviews.

BTW, Brian Williams did ask Obama about how many ties and suits he has. NBC believes Obama will be next president and they are pandering to him so they will have
A grade access after Jan. 20, 2009.

[Sixtwo]

Since when does Obama have control over the questions he is asked???? If ALL the networks are on top of their game, it won't matter which network he appears on. There are two reasons for the questions that are asked: either they know the answer or they do not know what to ask. Either way, Obama has done a good job answering questions that he has been asked, even though listeners like you have not heard the answers or don't like the answers.

[sf94127]

My point is he stays away from tough interviewers. Melissa Lee at CNBC could take Obama apart. She is a Harvard grad, smart as a whip. You will NEVER see Obama take an interview with her. Ditto many of the other CNBC anchors who see Obama as naive on the economy. They see him as this guy who plays the populist game, no idea about cause and effect. Obama is the grand pander bear.

[jimmy2001]

Sixtwo, AllenD, and julescator you guys need to stop this, I hate to see intelligent people waste their time trying to rationalize with incorrigible morons sf94127 is not even reading your replies... if he did he wouldn't still be posting that mess.

[jupitor]

Hey, I like the Ethanol plan , thank you. And I know where he stands. Your not very informed sf94127. You also don't read much, sense his views, opinions, programs are every where to read! At this point I'll take a little tax hike if he can fix the high gas price and raiseing food price and put them under control! Apparently giveing rebates isn't helping the economy, now is it? Figure we'll have plenty money for the health care program him, Mrs edwards and I suspect Mrs clinton will be working out , after we stop pumping Billions into the Iraq war. Any one who can generate the kind of money he did in this campagne, sure as heck can rally the american people to put programs into place and find ways to pay for them. I wouldn't truest any thing that nbc or fox news said. My advice to you is if you want answers from Obama, than get your fingers working through the internet and read buddy, because their is enough info there for any one!

[sf94127]

Barry sold his soul to Iowa. The corn farmers are raking it in with the ethanol subsidy; they know its a con game against the US public but hey, if uncle sam is paying them, why not?

You like the corn ethanol plan? Do you know it takes more energy to produce corn ethanol then it yields and there is no scenario where that changes. At least McCain sees corn ethanol is a scam.

[sf94127]

200K/year joint income is upper middle class for a very big part of this country. In some cities like San Francisco, 200K is enough to get buy if you were lucky enough to get into a house.

The upper middle class has the most exposure with Obama vs. McCain. This group will be taxed unfairly vs. very wealthy people with incomes at .5 million/year and above.

[Rose52]

200k/year is upper middle class, however, not for a big part of the country. The national average is way below that.

[antaeus]

National averages are meaningless when it's you who lives in an expensive urban center and you know your life isn't "rich."

[robinhood2]

$200K single, $250 joint does not go very far in our big cities if you are still paying off student loans, trying to buy your first condo at market rates, want to own a car and maybe visit the folks across the country once or twice a year. We are not talking about people spending their winters in St. Martin. I guess young doctors and dentists are going to have to make up their own minds as to how much tax pain they can take. I have never made close to $200K in my life and I've survived. But then, I'm more thrifty (cheap?) than most Americans.

Obama will have to do a better job explaining his plans for increasing the tax rates on dividend income and capital gains. A lot of senior retirees and early retirees depend on this kind of income to maintain a middle class standard of living after they stop working. Does Obama's tax plan call for a dividend tax increase on a 60 year old retired couple on Long Island, even if their total income is only $60,000 per year, with $30,000 coming from dividends? Contrary to what many of you might think, not all dividends go to people on the Forbes 400 list. Under 2008 law, the Long Island couple would pay no Federal income tax on their dividend income. GWB's income tax cuts just didn't go to the super rich. Middle income tax payers benefited as well.

[CarbonDate]

Watch them scream if their investment income is ever taxed at the same rate as labor.

[Gmoney1]

Stop screaming rich people - pay something back - as if those making 200K plus are having big money problems - and tell me Maria how have the less fortunate been impacted in the last seven years - as if we are suppose to cry for you people -

[observing]

Wow, she's brilliant. I... I could never have the smarts to figure out that getting out of Bush/MCain's Able debt would require a tax hike. I am staggered by her genius.

[NWGuy]

Obama may have no choice but to raise taxes if the country is to survive. Consider what has been spent by Bushco: 6 years of a war at $10B/mo with additional costs due to sky high corruption and fiscal mismanagement, pork barrel projects in the millions; then consider how they reduced available monies to pay for that by their tax cuts for the wealthy, the loss of value of the dollar in the world market, the loss of corporate taxes as they left to go overseas seeking tax havens, the loss of housing values; and we are already in a very deep hole. Now add what needs to be spent for the country to recover from the mess that Bush created or didn't try to prevent: rebuilding of the infrastructure that has been neglected - bridges, dams, roads, mass transit, pipes, etc.; the energy crisis, global warming. Don't forget it'll take a bundle just to clean out all the trash in the federal government that Bush put in - dishonest, incompetent appointees; reports, websites, policies that pushed their agenda at the expense of the truth; rebuilding advisory committees with valid experts rather than pundents, etc..

Bush et al has cost this country trillions, and so now they'll blame Obama for having to figure out a way to pay the piper as all their bills come due. Not surprising at all.

[AllenD]

Maria Buttaroma and the talking heads on CNBC are nothing more than Wall Street brokerage house shills. That channel is an absolute joke. If I want to watch financial news, I watch Bloomberg TV. If I want to watch Cramer have a meltdown and throw a chair or two, hear horrible takes on the economy from Larry Kudlow, get horrible stock picks as the brokerage houses use CNBC to pump what they are dumping and lose money in the market, I'll watch CNBC.

[justwaitandsee]

If everyone lost their job they still would claim things are going great.

[Grulg]

hahahahaha­hahahaha--­she didn't say this shit, did she??? Must shop where Charlie Gibson shops---nice goin' guys. Idiots. Lord Prince Obama-Save us! Tax these rich bastards.

[AllenD]

It was on CNBC's Kudlow and Cramer show where Kudlow predicted that within 6 months of invading Iraq, Iraq would be producing 10 million barrels of oil a day and oil would cost $10/barrel. Kudlow also advocated invading Iraq so the stock market would get a boost. CNBC is a joke.For financial news, Bloomberg runs circles around CNBC.