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. Rob indetroit

    If you want your taxes down in eight years keep voting dem.quit voting for republican they always mess up the economy.

    June 27, 2008 09:48 am at 9:48 am |
  2. Chris from NY

    No. That's not true. Even if it is, a friend of mine made up to 175,000 dollars last year and only had a little over 1,000 tax return this yaer. She's married and still claimed single in her tax deduction column. I don't see what the difference is between what is obtainable now and when Obama higher tax kicks in. CNN should stop the fear mongering.

    It's the same thing Gloria Borger did yesterday in her commentry. Obama had emphasized the need to be cautious about North Korea's destruction of it's nuclear program even before McCain said anything. But she quickly pointed out that Obama went straight to acclaim how diplomacy worked than expressing caution on North Korea's sincerity. If I didn't listen to both commentries I would have been inclined to believe what she said. What was so disappointing about this was Wolf Blitzer who had heard both candidates express their thoughts on the issue couldn't call her to order. Wolf had played the interview Bloomgerg television conducted with Obama which was he made the comments.

    CNN should be objective in their reporting. It hasn't looked that way recently.

    June 27, 2008 09:49 am at 9:49 am |
  3. TEXAN

    Sounds fair to me !! As the saying goes " The rich get richer..and the poor get poorer ". It is time for a more fairer system. With Obama as President ,we are on our way to a fair system for ALL Americans. GO OBAMA !!!

    June 27, 2008 09:49 am at 9:49 am |
  4. Lilberal-Extremist

    How many of you bloggers who post here make this amount of money ($250,000) annually .... Not one I'm sure ........

    Democrats 08!!!!!!!!!!

    Down with the haters ...

    June 27, 2008 09:50 am at 9:50 am |
  5. Bruce, Chicago

    Higher taxes for those who keep the economy humming, great idea, especially now! YES WE CAN! (Become the next 3rd world country) YES WE CAN! (Become the next 3rd world country)

    June 27, 2008 09:50 am at 9:50 am |
  6. Obama-Junkie, IL

    All these Obama-haters just lack knowledge and spine. Raising taxes on the wealthy is a good way to start recovering the money that Bush let slip away under his tax cuts for wealthy.

    That Bush tax cut combined with a war on terror has got to be the dumbest policy moves in the last 50 years! You don't throw the gauntlet down at Syria, North Korea, Iraq and now Iran without a military and economic plan to back it up.

    When Bush took office in Feb. 2001, the price of oil was $27 per barrel and the national debt was ~$5 trillion. Now the price of oil is hovering around $140 per barrel and our national debt is ~$9 trillion and going up!

    June 27, 2008 09:50 am at 9:50 am |
  7. saga for Obama

    we all complain about the economy, not having health care, the condition of our schools, social security, and on and on and on...well after the mess the repubs have gotten us in how do you think we are going to fix it? i hate the idea of higher taxes just like any hard working American, but i hate more the reality of the educational system in this country, the crime here, i hate more the idea that the money from SS will be gone. we have to pay for the rrepubs screw up....McCain is no different from Bush.
    the tax codes as McCain describes them are suited fro the wealthy.
    its not going to be easy getting out of the MESS Bush/Chaney have gotten us in...it will take a while for President Obama to correct the crimes of the current administration.

    June 27, 2008 09:50 am at 9:50 am |
  8. Marilyn

    Do not be fooled! Obama will raise taxes on EVERYONE to pay for his social programs.

    June 27, 2008 09:51 am at 9:51 am |
  9. Mattk

    Obama knows what it's like to be poor, none of the other candidates do. He truly has our best interest in mind and the experience of the true American Dream to guide him!

    June 27, 2008 09:51 am at 9:51 am |
  10. James, SC

    IF I made more than a quarter of a million dollars each year, I wouldn't mind paying more taxes.

    I find it interesting that the folks complaining the most are the folks who make less than 100,000 dollars each year. These are the same folks that want a President to continue sticking it to them.

    Well, I rather be a tax and spend democrat than a borrow and stiff our children with the bill republican.

    We need to stop thinking just about ourselves and start thinking 3 & 4 generation ahead.

    June 27, 2008 09:51 am at 9:51 am |
  11. larry buchas

    Yes we can.....

    Stop these tax cuts to the wealthy. Most of them don't earn more than $200,000 a year.

    We have been out of balance far too long. Do some of these bloggers grasp the meaning of deficit spending? Most of them won't even be affected except when receiving a TAX CREDIT helping the real workers.

    June 27, 2008 09:51 am at 9:51 am |
  12. @everyamericans

    we are paying less in taxes, yet we can't find jobs
    we are losing our mortgages
    we are paying more in gas prices
    foods prices are skyrocketing
    jobs are being shipped overseas

    all under the economic watch of GDubya!

    If you dont have a job, how can you pay less in taxes???

    that John McBush for you!!!!!!!

    June 27, 2008 09:52 am at 9:52 am |
  13. Rob indetroit

    i do not feel sorry for rich people quit crying . how many steak's can you eat in one week.

    June 27, 2008 09:52 am at 9:52 am |
  14. pam Eugene OR

    That seems fair to me!

    June 27, 2008 09:53 am at 9:53 am |
  15. Patrick

    "POOR AND IN WORST SHAPE."

    First of all it's worse... and turn off your caps lock. We are all $ 4 trillion poorer thanks to GWB and his cronies. Take a look at the national debt.

    That you get taxed more to pay for it all... TOO BAD... stop spending it on unnecessary war.

    June 27, 2008 09:53 am at 9:53 am |
  16. Larry

    Mike June 27th, 2008 9:18 am ET

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

    -----------
    And who's fault is that Mike? That means you make less than 10K per year. Maybe you should better yourself and get out of job that pays less than $5 per hour. I have no pitty on you.

    Taxing those who strive to acheive the American dream is...UN-AMERICAN!

    June 27, 2008 09:55 am at 9:55 am |
  17. Ellie

    It's about TIME the wealthy start paying MORE and stop getting ALL the tax breaks when most Americans are "following the rules and working hard" and getting taxed the MOST!!! What kinda of KA-KA is this?

    I'm ALL for taxing the WEALTHY...they have been given the MOST FREE RIDES compared to the average Joe Smith, and it's NOT fair.

    TAX THE WEALTHY, SOUNDS GOOD TO ME.

    June 27, 2008 09:55 am at 9:55 am |
  18. Umm

    Mike,
    you'd make $250,000 at minimum wage after 24 years. Are you employed?

    June 27, 2008 09:55 am at 9:55 am |
  19. Erika, KS

    Why does the government think they own us? I believe we all pay enough taxes. The problem is where are these taxes going? (Haliburton?) How are our taxes being utilized (paying $1,000 for a hammer?) and why can no one in Washington DC seem to be able to manager our money? Enough already! Use what you have. Live within a budget (that's what we ordinary citizens must do) and stop taxing us to death! It's not your money, it's the people's.

    June 27, 2008 09:56 am at 9:56 am |
  20. Herman in LA

    It's time they step up and help out and give back after the Bush tax cuts that they got, trust me they won't go broke nor will they be eating from the bottom of the barrel nor will they be in the food stamp line or asking for general relief from welfare.

    June 27, 2008 09:56 am at 9:56 am |
  21. Michael Lorton, Virginia

    Tax the wealthy and spare the poor......a modern day Robin Hood.

    June 27, 2008 09:58 am at 9:58 am |
  22. Jonathan, Hartford, CT

    It is safe for Obama to state his position on raising taxes on couples earning more than $250,000. He knows that such a proposal would never survive congress.

    June 27, 2008 09:58 am at 9:58 am |
  23. JOYCE

    CHIPSTER
    YOU ARE RIGHT ON

    June 27, 2008 09:59 am at 9:59 am |
  24. Foreign observer

    This is the only way America can stop its industrial and infrastructure decay. Going on with McCain there is only a "money infrastructure" for the rich. The strong shoulders should carry the weaker guys !

    June 27, 2008 10:00 am at 10:00 am |
  25. Mike

    NOBAMA reminds me of the cartoon "Little Bill," someone trying to learn lifes lessons as they go along.

    "Little Bill" appears to have a higher I.Q. however.

    Barry is fakin it while tryin to make it.

    More garbage on Barry and Hillary will take her rightful place.

    Remember, she simply "suspended" her campaign.

    June 27, 2008 10:00 am at 10:00 am |
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