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

[DeLuxe]

The biggest problem is the social security cap. You get rid of that (as my man Obama wants to) and the upper middle class / moderately well off are hosed, especially if you let the Bush tax cuts expire. I live in a high tax state, and I'm paying almost half of what I make in total taxes (state and federal) --- Not at the margins; I mean I pay half of what I make total in taxes. Many other non-business owners w/ high salaries are in the same boat. If you have a business or you are super wealthy, you can shelter income. Not so, if you are making a couple of hundred grand as an employee. With AMT, you are phased out of almost all deductions, excluding the mortgage interest deduction. I don't know if it is fair or not. But, it sure does make you wonder why you spent so much time and effort trying to be successful, why you work 60-80 hr weeks, weekends, etc.

[dadw5boys]

Ron Paul says that because of AMERICANS INACTIONS they live in a self imposed state of Marshal Law.

So get out organize and change those laws and high taxes!

[Msohio]

Maria---I wanted to get plastic surgery like yours, but I will save the money to help pay this massive debt that your friends made. I don't want my great great grandkids to have to pay for these tax breaks for you privileged few. You should be ashamed of yourself. As should the other wealthy people like yourself. However, a few have said that tax breaks for you wealthy were not fair. Get a clue. CNBC--I am personally holding you accountable for your employee.

[sf94127]

My point is the same one Maria B. was trying to make: 200K before taxes is not rich anymore. The Obama's annual income is in the neighborhood of $1M/year.

The tax rate for a couple humping to make 200K/year should be a lot lower then a DC power couple making $1M/year through cushy jobs (Michelle Obama) and cushy book deals (Barack).

Should a nurse and her husband who manages a restaurant, who collectively make $200K by >50 hours OT/week pay the same tax rate or similar tax rate to the Obama's? The Obama's would say "yes". Such a couple should be paying a rate far more similar to a couple making $50K then a couple making 500K or 1 million dollars.

Obama will tell you paeons what wealthy is. He will dictate what health care you will have. Is he even asking you? You are sheep and you will sing your Obama tune on the way to the slaughter house. You will be stunned when you see your paychecks under an Obama regime.

[dadw5boys]

How about a married guy with 3 kids working 90 hours a week to make $35,000 a year. He work 2 job just to try and get a college fund for 1 kid if he is lucky.

[sf94127]

Its all relative; the point I have been trying to make is the upper middle class are not the true rich. They still work for the money as opposed to the elite group that have the money doing the work.

All I'm saying is the couples humping to bring in 200K should not be lumped with the people making 500K or above.

[clearthinker2008]

$200k is plenty if we live within our means. Let's not kid ourselves into thinking $200k is cake. So pay a little more for our fellow Americans. We could drive a Ford instead of a Benz. Americans, and I'm sometimes guilty of this, are just too damn greedy.

[Msohio]

Bartiromo should be over on Fox "Unthinking" News. Maria---please tell us how we can eliminate this massive debt that your Bush White House friends created. You don't get paid to have logic, anyway.

[smokeystover39]

If Maria wasn't sucking up (check the lips) to the corporate fat cats she'd be a second string towel girl at some bordello or maybe a moper. Talent and knowledge are sorely lacking in this L...ass.

[kalala]

So, Page Six calls Ms. Bartiromo the "money honey"? bleeech. Do they call the male analysts the "cash studs"? Page six...enou­gh said.

[jfor]

Hello? is Neil Cavuto a stud? How about Cramer? No? it must be Larry Kudlow then? Now you were saying something about "cash studs". lol

[kalala]

I'm still thinking..­...

[WorkingClass]

Its all a matter of opinion. I happen to think that 200k is rich. If Obama raises taxes on the rich it will make me very happy. TAX THE RICH! Say it out loud. TAX THE RICH! Feels good doesn't it?

[chicago25624]

Let us not forget, the top 50% of tax payers already pay all but 4% of the taxes, and they think it's not enough. This is just the start of taxes to come if he is elected.

[jahzilla]

Could you be any more incorrect in your knowledge of the facts?
Who really states such bs around a crowd so much better informed?
Yikes, must be hell to never originate (a) thought.

[DeLuxe]

Do you have contrary facts? This sounds right to me. Many people making under $50k do not pay ANY income tax. I think you all are confusing payroll taxes with income taxes.

[chicago25624]

http://www.ustreas.gov/press/releases/js1287.htm

http://usgovinfo.about.com/od/incometaxandtheirs/a/whopaysmost.htm?terms=individual+income+tax

http://www.taxfoundation.org/files/sr151.pdf

I guess the IRS is lying too?

[mcfried]

Unless your sons in the military you better make a stronger case for the rich - also you may want to research the % of tax payers making over 250k before you spout this BS.

[AliHajiSheik]

$200k isn't rich if you have $200k in student loans. You're not living on ramen noodles, but its not champagne wishes and caviar dreams either. It depends a lot on where you live and whether you were born into money. Wealth shouldn't be measured solely by annual income.

I understand Obama's tax policy but a lot of self-starters go way in the hole to finance their education and the education credits are phased out at some absurdly low income.

[DeLuxe]

Agree with all this. Pay off those loans as soon as you can. The only debt you can afford to have is a mortgage -- and with real estate prices these days, you have to be careful there too.

[Moxo]

We did ALL read Maria Bartiromo's in-depth, deeply thoughtful 24 page expose on who would be paying the 2+ Trillion dollar GW Bush Iraq War Debt?

She did write about that, correct?

[sheaftosser]

Good to see another Bush dead ender thirty percenter show her true colors. Hope you enjoy the rest of your life with a bunch of loser rethuglicans, little miss money honey!

[Oldbuck]

The Republicans have spent this country into the shape it in no they did not raise taxes but they put the 160 billion ever six month on the cuff we have to pay interest on this money even though it is borrowed we have to float the interest with China. Its like putting it on credit card and Democratic pay as you go next thing they will say is the Democrat are going to take your guns, well how many guns have they taken in the last twenty years this is the biggest dam lie ever. The next lie the Democratics are going to make you gay another dam lie.

[TrevorAlan]

$200K isn't SUPER rich, but its not middle class either.

Its not what most people I meet are making. I suppose if you are a network anchor in NYC, you know a different crowd.

But most moderate Dem proposals I've seen suggest the taxes go up a LITTLE on the over $200K but don't raise appreciably until you are talking about Millionaires.

Once again, the super rich try to hide behind the lower classes to get out of their fair share.

[rowzeer]

Tell that to someone making minimum wage. $200,000 IS alot of money. It may not be "super" rich like the CEO's making 600 times the wage of their lowest paid worker, but it's still plenty.

[DeniseD]

She is correct about where you live. $200,000 is not rich when you are living in San Francisco or New York City. You can't even buy a descent home with a salary like that.

[mim132]

Sorry folks, I understand that to some $200k/year is rich, but I can assure you, it is not. When you get to that earning level, the overall cost of living rises, exponentially if you have children. Many who make that much are in serious debt. One also realizes what little money they actually have compared to CEOs who make $200k a month, week, or even day. If you think $200k/year is rich, you have no idea what rich is.

[LiberalBuzz]

IF you are making 200 grand that is NO excuse to say your expenses go up exponentially. WHY?

Does that mean you HAVE to buy more expensive things? That you HAVE to move into a giant house?

So why are they in serious debt?

AND no I don't think they are rich but they have no reason not to be living comfortably and within their means. AND raising the taxes on them won't amount to much anyway.

It's the rich, real rich that need to be hit a little harder.

[AliHajiSheik]

Huge debt = student loans. At least in some cases. It costs a lot to earn that much these days.

[DeLuxe]

Houses on the coasts are very expensive. You don't HAVE to live in a house, I guess. You can rent an apt. That isn't an acceptable choice for many upper middle class people.

[TrevorAlan]

What, you HAVE to drive a Mercedes E class?

I agree, its not the apogee, the biggest tax hikes shoudl be for + $1mil, but come on, $200K is barely making it?

[Moxo]

When you get to that earning level, the overall cost of living rises, exponentially if you have children. Many who make that much are in serious debt.
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Ohhhh.... so those in foreclosure because their incomes since 2001 have not risen enough to cover their costs of living are not the only one's who are at fault??

Where does it say you have to spend more just because you earn more??

[SamanthaJaneSalem]

Ironically, George Bush-- who was supposed to be the President that rich people wanted-- has made $200,000 per year *not* rich due to his legacy of soaring gas prices, health-care costs and college tuition, as well as homes that won't sell, and it's less safe to travel.

[mcfried]

What drivel - I agree it's not rich but these people aren't getting by because the spend too much not because they earn to much. Just because you earn 200k doesn't mean you need to live like you earn 250K. Sell the SUV buy a Prias.

[cdub1991]

It's a sad statement that people who are rich don't think 200K is rich.

Most of your leaders share this worldv iew, which is why the anti-taxation argument is often so fundamentally flawed in its logic. It's also why, when politicians talk about cutting taxes, they are not talking about cutting them for most of us, but rather for people who are just like them.

[SamanthaJaneSalem]

I guess Maria Bartiromo will have to live on Spam during the Obama years.

Even $50,000 per year sounds good to me-- though if you have kids and that's a combined income, maybe not. But the exit polls for all those poor people making under $50,000 per year who supported Clinton-- that was more of the flawed worldview of our leaders which you write about.