June 27th, 2008
07:45 AM ET
6 years ago

CNNMoney: What Obama means by tax the wealthy

Sen. Barack Obama says he wants to raise taxes on high-income taxpayers.
Sen. Barack Obama says he wants to raise taxes on high-income taxpayers.

NEW YORK (CNNMoney.com) – Most voters are aware that Barack Obama wants to raise taxes on high-income taxpayers if he's elected president in November.

But what does the Democratic candidate mean by high-income? Who'd be affected and how? While the Obama campaign must still settle on more details about their plans, outlines are starting to emerge.

To start, Obama frequently cites $250,000 as the line between those who would be subject to higher taxes and those who wouldn't.

Indeed, under Obama's tax plan, married couples with at least $250,000 in gross income are likely to see their taxes go up if Obama is elected president.

But what about single filers? The line for them would likely be about $200,000, according to an Obama adviser.

Those groups could end up paying anywhere from several thousand dollars to tens of thousands of dollars more to Uncle Sam than they do now, according to estimates from the Tax Policy Center.

Full story


Filed under: Candidate Barack Obama
soundoff (186 Responses)
  1. Willy

    Any legal tax paying American will be screwed by Mr. Change so he can give away your money the illegals here now.

    June 27, 2008 09:11 am at 9:11 am |
  2. Hamp Carver

    I can tell you that under the tax rates of the 90's, I paid more taxes than I do now, and my income has gone up since the 90's. If you people don't think you will all pay higher taxes under Obama, you better get real. Not only will your check to the IRS every year be higher, you will pay more in the grocery stores and everywhere else you spend your money. The American way is to keep government out of private lives and let us keep the money we earn and pay only a small tax to support government operations.

    June 27, 2008 09:11 am at 9:11 am |
  3. HULK

    its ok , i can afford it. Can you?

    June 27, 2008 09:12 am at 9:12 am |
  4. Ginger

    Why penalize someone who has worked hard, gotten their education and is working to support themselves and their family and not ask for government handouts? I don't agree at all. Everyone should pay their fair share – including low income workers. What's the incentive for low income people to try to further their education and try to get the credentials to make more money? Looks like the beginning of Communism to me.

    June 27, 2008 09:13 am at 9:13 am |
  5. Chipster

    Let's get practical. The American people want, no demand, services. They will not vote for anyone who cuts spending so we have 2 choices. We can pay taxes now to pay for those services or we can borrow the money from China and start learning to speak Chinese.

    Karl Rove recently had the nerve to call Obama arrogant – arrogant! Holy cow! In the dictionary, there should be a picture of Rove, Cheney, and Bush under arrogant to define the term. McCain says it really isn't important when our troops come home from Iraq. Maybe his picture should be there too.

    You have to decide if you want to pay for services or borrow more and more and more and more ... however, the interest is growing so more of our taxes of being used to just pay the interest. It time to get real and vote responsibly.

    June 27, 2008 09:13 am at 9:13 am |
  6. Mike Kaplan

    Gasp! Oh my! Socialism!

    Psst! I'm kidding. Note to my right-wing opponents: a slightly progressive tax system, like we used to have in the quite prosperous Clinton years, is NOT socialism.

    June 27, 2008 09:14 am at 9:14 am |
  7. No more fighting.

    I find it interesting that people I talk to who make in the $30-$75k per year range think they'd be paying more taxes if Obama is President. They don't understand that Obama will HELP them. Obama needs to get out and spread the word every single day exactly what his policies would do for true "average" Americans. I only know a few people who make more than $200k per year, and they are making enough to not have to worry about gas and food prices.

    June 27, 2008 09:14 am at 9:14 am |
  8. Sue

    Go ahead, Americans, and vote to pay more taxes. If you stupidly think you will not pay more taxes under Obama, you really need to get your head out of the sand.

    June 27, 2008 09:15 am at 9:15 am |
  9. gary

    IF O.B. GETS ELECTED WE ALL WILL BE POOR AND IN WORST SHAPE.

    June 27, 2008 09:15 am at 9:15 am |
  10. Cemuni

    First? They deserve to be taxed.

    June 27, 2008 09:16 am at 9:16 am |
  11. Amber Godden

    so far so good

    June 27, 2008 09:17 am at 9:17 am |
  12. Mike

    I only wish I had that kind of money. I haven't made that much in 24 years combined.

    June 27, 2008 09:18 am at 9:18 am |
  13. CB

    Anyone making $200,000 can afford to pay their fair share. I agree with his plan to eliminate taxes for Seniors making $50,000 or less. Democracies and governments are there to make sure its citizens are protected – and that means they should not become prey to large corporations or corporate interests.

    June 27, 2008 09:19 am at 9:19 am |
  14. Brooke

    The government has enough taxes. They should spend the money more wisely. Where are these new taxes going to go? Who will benefit? Taxes don't exist for the government to take at a whim, there has to be a justified, compelling reason to ask people for their hard earned money.

    June 27, 2008 09:19 am at 9:19 am |
  15. JanetB

    Obama: All tax all the time. He will ruin Social Security when he eliminates the tie between contributions and benefits.

    June 27, 2008 09:20 am at 9:20 am |
  16. Aaron in Houston

    It's time to pay the bills we've run up in Iraq. We can't just ignore it the way GWB has. Freedom is never free, and Operation Iraqi Freedom is one of the most expensive in history.

    June 27, 2008 09:21 am at 9:21 am |
  17. Matt, Manchester, CT

    So a new found genius, Mike Kaplan, seems fit to point out that "a slightly progressive tax system" is "NOT" socialism. Explain to me why someone making $200k or more (which definitely is NOT me) should have to pay more in taxes. Why don't you just quote "From each according to his ability, to each according to his need." Just simply saying they should pay more because they can afford it is not good enough to use as a response. So is Obama's quest to increase captial gains taxes also part of your "slightly progressive tax system?" Let's take a roll call of all who are affected by the capital gains tax. If Mr. Kaplan would kindly take his eyes away from Das Kapital, he'll see that it touches many more wallets than just those of the rich. HA HA HA.

    June 27, 2008 09:26 am at 9:26 am |
  18. Chris K

    In Response to Hamp Carver who said "The American way is to keep government out of private lives and let us keep the money we earn and pay only a small tax to support government operations."

    This foolish attitude is why the American infrastructure is in ruins. Why tens of millions of children go to school hungry. Why America has the worst health care in the modern world.

    What you are saying is simply republican silliness, motivated solely by the desire to save the wealthy from again paying their share in taxes.

    June 27, 2008 09:26 am at 9:26 am |
  19. Brave New World

    Relax, President Obama is only here to help you.

    June 27, 2008 09:26 am at 9:26 am |
  20. Britt

    You people who think this sort of wealth redistribution is a good idea are absolutely insane. Period. Anyone who votes for ideas such as this votes for the ultimate death of America.

    June 27, 2008 09:27 am at 9:27 am |
  21. Watermann

    Do you think the President or his administration eats your "well deserved money" for lunch or dinner? Asking for more and more federal services and support and after all claiming that communism comes closer. That is why the US are in this mess.

    June 27, 2008 09:28 am at 9:28 am |
  22. LaShanda

    These are the same tax cuts under Bill Clinton. I'm all for it! GO OBAMA! GO DEMOCRATS!

    June 27, 2008 09:28 am at 9:28 am |
  23. Go Obama

    Doesn’t bother me any, my check is far from $200,000. Why did these folks get a tax break in the first place?

    June 27, 2008 09:28 am at 9:28 am |
  24. Greg, NY

    Do the research please, Obama cuts taxes for people making less than 200,000 a year. People that make less than that will actually pay less taxes than under McCains plan.

    June 27, 2008 09:28 am at 9:28 am |
  25. Annette, Washington, DC

    There is a saying that "the wealth of the rich is laid up for the poor". If we ever want to move our economy, technology and innovation ahead for the 21st century, somebody will have to pay the cost. North Korea economy has suffered for many reasons including the fact that most of its currency was utilize on weapons and military, living theirselves vulnerable to what is happening today. I am all for a strong defense but not at the expense of a poor economy.

    June 27, 2008 09:29 am at 9:29 am |
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