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

[zigzag1]

I'll bet the money bunny and the tax whiners never pick up the check at the restaurant either. They believe they are entitled to all the goodies without paying their share. As for the sale of a house referred to by Maria, everyone gets an exemption on the sale of their primary residence. This is a financial expert?

[ErnestineBass]

Over two decades ago I worked for one of the first cable news networks. The owner of this cable news network (who shall go nameless..­.heh heh) was already insanely rich, and yet, every time I encountered him in the company cafeteria, he would ask me or another of his $6.00 an hour employees to "loan him" enough cash to pay for a cup of coffee and slice of pie.

That's the way it is with really rich people. They're leeches.
That's how they got rich, and that's how they stay rich.

[Jaxxon]

So what exactly are we to consider people who make under $200,000? Are you poor making $50,000? I don't get it.

[dadw5boys]

The top end of the"TRUE" Lower class income scale is $74,000.

By "TRUE" I mean all incomes combines without removing the top 19%.

[Mariel]

Yes, you are poor if you have a mortgage on a house worth, say, $300,000. You have to make more than $50,000 a year to pay the mortgage unless inherited money paid for most of the downpayment.
We make $67,000 a year before taxes and we can no longer afford our house, that is, if we also buy clothing and vitamins and healthy food. We no longer buy clothing except for one t-shirt at Christmas.
We don't celebrate holidays. We do give about $50 a month to church or charity, but that is not a really decent amount. Those who say we should tithe might be asked: should we give up the vitamins and minerals which stop me from having myoclonis and vascular spasm, just so we can tithe? I'm not really off the subject, just pointing out that we can no longer function as typical middle class people at an annual income of $67,000.

[pbfishtaco]

I'm letting my kids pay for the war!

[piperson]

$200,000! I have a masters degree and I don't come close to making half of that. If you are fortunate enough to make 200K annually, you are probably making more money than 98% of your fellow citizens. You are not regular folks and any attempt to pass yourself off as one of us is laughable. You are rich and you should give back to the community and the country that made you rich. You are the only ones left to tax and let's face it, you have gotten a free ride for the last 7 years. Don't be such cry babies. Your fellow citizens have had their jobs outsourced and their incomes have been downsized. They are working two jobs and still can hardly afford to pay for housing and their cars let alone health insurance. Their children are going to schools with leaky roofs, and they are not getting much direction from their parents because they are working all the time and when they see the kids they are too exhausted to give quality time. Quit bellyaching and acting like you are witnessing the French or Bolshevik Revolution. If you want a country where you won't have to pay taxes, move to Somalia.

[dadw5boys]

The only way to get $50,000 as middle income is to leave out the super rich which amounts to the "NOW" top 19% because of the tax cuts on capital gains they have reinvested the moeny and nearly doubled their weath!

[julescator]

you are correct. The IRS consideres $200,000 income per person "rich". I guess Maria needs to give them a call. There are certain investments you cannot buy unless you make $200,000 per person or $300,000 per household. That is the call of the IRS. Maria doesn't know what she is talking about. But then again, she is in NYC and if you want to live in a penthouse, then I guess $200K is not enough.

[dadw5boys]

She is right $280,000.0­0 a year is "TRUE MIDDLE CLASS INCOME" not the $50,000.00 a year sold by the government to keep people from asking for raises when they realize the $50,000.00 is the upper end of the "TRUE" lower class income scale.

[NoElephants]

"A vote for Obama means a vote for higher taxes." God forbid people should vote based on morals, ethics, and conscience - money is all that matters.

[ErnestineBass]

If you're Maria Buttaroma, IT'S ALL ABOUT THE MONEY, HONEY.

[ICantBeBothered]

LOL!

Nice one!

[zigzag1]

Funny how those that were all in favor of the three trillion dollar Iraq experiment billed to our big chinese credit card want to welch on the bill.
Let the middle class and their children and grandchildren pay the bill.

[eternalkerri]

200k a year isnt rich????

Ive been working since I was 16 and still havent TOTALLED 200k!!!

[JonStewart4President]

I don't know if the Money Bunny actually looks at facts, but like her friend Charlie Gibson and his sputtering indignation about possibly raising the capital gains tax or taxing people who make more, that 96% of people in the US do in fact make less than 200,000 per year.

Maybe that's way to radical a concept for rich morons who can't do research or don't care about the little people like the rest of us, but in fact, it's true.

Obama's plan doesn't raise taxes on 95% of the population. Oh no! The other 5% might have to start paying their fair share of taxes after 8 years of not? Cry me a river. As Warren Buffet rightly points out, when he as a multi-Billonaire pays less taxes than his secretary? Than something is wrong.

I hope this ignorant woman is taxed and taxed often.

[skibum49]

oh geez give me a break! I am going to vote for Senator Obama in November for a number or reasons that go way beyond tax policies. With that said however I get really tired of hearing the crap that folks like you go on endlessly about.

What was that you said?
"The other 5% might have to start paying their fair share of taxes after 8 years of not? "

Sorry pal but that 5 percent paid almost 60 percent of the income tax collected last year!
The top 10 percent paid over 70 percent of the income tax collected last year.

Also you obviously misunderstood what Mr Buffet said. He said that his Secretary paid a higher tax RATE than he did (not more tax than he does) since most of his earnings were from capital gains (currently taxed at only 15 percent).

[gonavy]

Shouldn't the government be encouraging us to invest for our retirement. They clearly are not going to "fix" the social security system, so we have to invest, but what is the point when our investments are being taxed so high. How are the middle class ever going to be able to afford to retire?

[dadw5boys]

Tax cuts are meant to " STARVE " Socail Security of funds.

Like the 20 hour week some work so the employers don't have to pay social security.

[julescator]

If you make under $200,000 you will have a lower tax rate. Your 401K is taxed as ordinary income - NOT AS CAPITAL GAINS. Put your retirment funds in annuities and 401K - no capital gains tax. Problem solved!

[DeLuxe]

This discussion confuses income and wealth. If you spend $200K going to college and medical school / law / b school, it takes quite a while to dig yourself out. This is especially true for doctors, who are subject to absurdly low wages for a number of years. You may have an income, but it will be 15-20 years before you have wealth comparable to the guy who takes over his dad's construction company or inherits a few hundred grand. You aren't poor and you are doing OK. But, you probably don't have any more to spend than someone making half as much.

[zengreent]

If Americans want a country that can compete in education, health and welfare of its citizens. Higher taxes are part of that. We want everything, but do not want to pay for it. Quite frankly, I don't mind paying my fair share, what I do mind, is not being able to "direct" where my tax dollars are going. My prefences, infrastructure, education, health, arts and culture...­...hundred­s of thousands of my hard earned dollars have gone to a war I oppose. This is what frustrates me.

Those who are smart enough and lucky enough to make enough money for many lifetimes, should give back in whatever way possible. But when tax reform happens on the backs of the hard working classes, that is irresponsible.

I am looking forward to a more accountable and responsible Washington to help level the playing field.

[clearthinker2008]

You hit the nail on the head.

[grayforester]

$3,835 a week isn't rich? In a good week I make ten per cent of that! How many multiples of my income make a person rich? Anyone who makes as much per year as a dozen of me can pay some taxes.

Money can't be that important if you can make a million dollars in five years and feel sorry for yourself.

[DeLuxe]

You have to look at post tax amount. The person is probably making about 5 times more than you after taxes. Also, don't you think some people might actually deserve to be paid more than others? You don't get something for nothing and usually jobs that pay a lot require a lot of education, a lot of hours, etc. Many professional jobs require 60 hours or more a week, work on weekends, no vacations, etc.

[eternalkerri]

And some jobs require you to show up, have an office, and a fancy buisness card. Requires golfing, sailing, dinners, tuxedos, and look pretty for a couple of hundred grand a year or more.

many blue collar jobs require 60 hours a week or more, working on weekend, no vacations, student loans for the kids, no insurance. you dont get in debt for just existing for nothing!

So we should pay these guys more who are getting rid of our jobs, lying to Congress and the SEC, performing creative accounting, lending money like a vaudeville con job.....su­re we need to pay those guys A LOT more.

[clearthinker2008]

Yeah, Teachers, Police, Doctors, Firefighters, child care workers, EMS workers, Social Workers, and people who freaking break their backs building, cleaning and maintaining this Country. That's who should get paid more, you know, the ones that actually do some work.

[gonavy]

$200,000 really is not alot if you live in NYC, but is enormous if you live in Terrell, TX or Fresno, CA. Her comments did come off as insensitive, but they are clearly not in context. I think the point is that increasing the tax on profits hurts everyone, especially now that we all must prepare for our retirements. Social security will not be there for generation X and beyond. We must be creative in our investments. It will be even more difficult to retire with increased taxes on profits.

[dadw5boys]

Actually without the Republicans messing with Social Security it will be here many centuries after we are gone.

The key to stop the Republicans from spending Social Security into bankruptize.

[dadw5boys]

People say when you can't place a figure on your net worth off the top of your head your are then rich.

[foxflood]

Sadly, she's right about how it isn't rich. But her disinformation about Obama's tax plan is concerning.

[sf94127]

The Obama's are wealthy attorneys and they get tons of money from wealthy attorneys that make 500K to millions per year. The last thing they will do is upset these people. So, they will go after the working couples who hump like hell to make 200K.

The hypocrisy is palpable, so what else is new with Obama who is the consummate hypocrite. His VP vetter gets sweetheart loans. Yeah, "the little people" are barred from these loans.

Couples will be doing the math on their paychecks under Obama vs. under McCain.

[DeLuxe]

Oh please. Obama was a pro bono atty. Trust me, he could be making millions a year right now on Wall Street and he turned it down. You know how many people at the top of Harvard Law School's class do that. Not many. Don't throw around words like "hyporcrit­e." And, if you think tax policy will be better under McCain than Obama for working people, you are insane. And I say that as someone who makes far more than a working class person.

[mcfried]

You clearly don't understand the tax code or prehaps anything - he is proposing tax cuts for people making under 250k - the rest of your post makes absolutely no sense.

[JonStewart4President]

The Obama's are only "wealthy" because of Obama's book sales. In fact they were both under mountains of debt after law school on both their sides. And Obama worked for a civil rights firm. Michelle earned more than he did working at University of Chicago Hospitals. And both DID earn 6 figure incomes, it's true. But both of them could have been corporate lawyers earning big bucks, especially Obama as the President of the Harvard Law Review, which tradtionally has top firms offering to them, as well as a clerkship to the Supreme Court. But he turned that down to work at a civil rights firm and later to be a professor (small "p" just so you aren't confused, and he is one of those) and later state Senator and of course, Senator of IL. Which is a 6 figure job which is rich, but it's not the money he could make in the corporate world.

Oh and about that vetter? First off the man doesn't serve on Obama's campaign, and he is not being said to be a part of his govt. What's more, that insterest rate thing is a non-story if you actually look into this.

What's more? Obama does say he's rich and so should pay more money. So they hypocrisy is where with that again?

[sf94127]

The truly rich (those at the current Obama levels and beyond) are still going to have their tax shelters; so when Obama clobbers the upper middle class, his rich friends will not be impacted. For that matter neither will McCain's rich friends.

People who make ~ 200K/year are going to pay much higher taxes vs. McCain. Thats a fact.

The upper middle class does not have a champion but this group is better off financially under McCain. Again, Obama will flat out rape the upper middle class taxwise.

[dadw5boys]

YOUR SPREADING LIE FOR WHAT REASON????

HOW MUCH DOES THE RNC PAY YOU TO SPREAD YOUT LIES?

[foxflood]

I'm so tired of running into crap like this from people like you who don't even believe yourselves.

[YA]

The problem with putting a number, like $200K, is that $200K does not mean the same for all people. $200K in Fargo is not $200K in NYC. $200K when you're working 3 jobs in not $200K of dividends or interests while you're golfing all day. But in any case, $200K is in the top 5% of income household in the US, so even if it's not "rich", it's pretty much up there.

[vassyuta]

look, living in manhattan on 200 grand is more expensive than most places, but it's not like we're talking jail here. it's one of the most exciting and coveted places to be and the same jobs often pay less outside the city.
whatever she meant by 'it's not rich', what this 'financial expert' is missing is this: the tax cuts on the wealthy created a simultaneous accumulation of excess funds in a large number of people and not all of it went into investments - crap loads of it went into luxury items, redefining upscale consumption, making 400 dollar shoes subject of casual conversation in the tv shows and movies, and effecting a devaluation of quality on the lower priced items because that is the only way the lower markets can compete when a large number of their segment consumers start buying up. it is the same principle that drove the housing market ... so tax cuts for the wealthy are a bad thing for everybody - hypothetically if everyone was so super responsible and invested, maybe, but in reality, effected at one time they radically destabilize all markets. yes, some made great money in the first few years of tax cuts but everyone has lost in the end, including those who make 200 grand because in order to remain at the same level of consumption they need to be making more now and there is a chance they will be making less.

[kittybitty]

Here we go again with this fake concern about capital gains tax. Capital Gains Tax does NOT affect the average American worker. It's mostly affects Bartiromo's fat cat corporate buddies, some of who have managed to AVOID the CPT altogether.