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. Melissa

    It does tick me off when people think that those who make $200K and above DESERVE to be taxed. What did those people do to get to that level? Sure some of them maybe fell into a great situation without much effort. And others, I say most of them, worked hard. Saved money. Made reasonable purchases. Made difficult choices to move ahead. Invested money instead of buying things they couldn't afford. Made frugal choices to plan for the future. And for this they DESERVE to be taxed more? Interesting...

    June 27, 2008 10:58 am at 10:58 am |
  2. ms.sims

    As a supporter I hope the closer we get to November the better shaped up this plan will be once he actually gets to sit down with people who are proficent in the tax area. Right now as a single individual with no dependents I"m getting slammed with taxes under the so-called-Bush tax cuts...I just wish someone would find a better solution

    June 27, 2008 11:00 am at 11:00 am |
  3. PAY ATTENTION

    You need to start paying now or your children's children's children's children's children, I think you get it. Not to mention 100 years in Iraq

    June 27, 2008 11:00 am at 11:00 am |
  4. white people for Obama

    Gary- sorry you are wrong. How would you be poorer most of tax money is going to the Iraq war and depressing the economy. OB is not going to let the economy worsen. By the way you much be really rich if you make over 250,000 combined income, so you don't have to worry about higher taxes because you have enough money to pay in taxes.

    June 27, 2008 11:02 am at 11:02 am |
  5. Loretta from California

    I make less than $200K but If it will help put my country back on the right path....he can raise my taxes too! We can begin by paying down the national dept. and repairing our infrastructure.

    June 27, 2008 11:02 am at 11:02 am |
  6. Rob

    Once again a liberal commits to the marriage tax. Why marry and go into a higher tax bracket at 250K when you can cohabitate and stay in the lower bracket until 400K? It's the same McGovern/Carter strategy all over again!

    June 27, 2008 11:03 am at 11:03 am |
  7. IAMWMD

    Seems like the only ones screaming on this blog are the 200,000 and over Republicans. Just shut up and pay your fair amount of taxes

    June 27, 2008 11:04 am at 11:04 am |
  8. JeffRob

    Hmm...let's see. Continue a useless war at millions of dollars a minute while the richest get richer and the poor are left to fend for themselves with gas and food prices skyrocketing...

    Or end the useless war, ask more of all Americans, and make life better for our veterans, our low-income working families, single moms, and the undereducated poor.

    Pretty easy choice, it seems.
    Yes we can!

    June 27, 2008 11:04 am at 11:04 am |
  9. CMF

    My wife and I are likely to pay more taxes under a Democratic White House.

    And you know what? We should. The US has among the lowest taxation rate of any developed country, and yet we still have all these idiots saying we're paying way too much. But if the roads start getting crappy or the flood control projects aren't funded, guess who's first in line to complain? You can't get these services for nothing, people.

    Granted, the government could be run better and more efficiently so that our tax money could go further. And frankly, I believe the Democrats are better at that than the Republicans, who want to build Bridges to Nowhere and give no-bid contracts to their pals in industry.

    June 27, 2008 11:05 am at 11:05 am |
  10. Danny in Chicago

    All these people complaining here must make over $200,000 a year, right? Did you even read the article? And if you don't make that much money in a year – you do know that you're taxes are actually going to go DOWN, right?? Don't believe the rich bastards who are complaining because they might actually have a tax rise and have to actually HELP people for a change instead of just taking from them.

    Obama is a good man and understands that some people weren't born into families with social connections.

    Shut up rich people, just because you have more money, doesn't make you better people. Get a conscience!

    June 27, 2008 11:06 am at 11:06 am |
  11. Wake up folks

    chipster hit it right on the head. We demand services from the goverment and how do you think the government is going to pay for those services. Has everyone forgotten about our failing social security system, under paid teachers, police, firedepatment, etc,. We as a country have been falling behind the rest of the world as far as taking care of our citizens. We pay outrageous amounts for medical. Wake up and smell the roses people. Quit complaining about a paying a little more tax and think about what can be done with that money. At least Obama will not be throwing it away like the Bush administration has or like McCain will.

    Obama 08

    June 27, 2008 11:08 am at 11:08 am |
  12. Cynthia

    It simple to me if you make under $200,000 you will see more money in your pocket, especially the lower income. If you make over $200,00 you will pay more taxes. Plus this will help to save social security.

    June 27, 2008 11:08 am at 11:08 am |
  13. Peter E

    I don't mind taxes. This country is plenty rich enough to handle taxes. (so you don't get to use your SUV to drive ONE block down the street, and your spoiled kid doesn't get a new video console every month)

    It is wasteful, unnecessery SPENDING that needs to be stopped! And exactly what can you expect from the spendocrats about that? Clue: Obama has himself voted FOR continued funding of the Iraq War. So much for change...

    Vote Ron Paul! Change you can TRUST in!

    June 27, 2008 11:09 am at 11:09 am |
  14. No Hussein

    Thank god I have a good accountant to show me how to avoid paying that much in taxes......I do make over 250K a year and paying 5k to my a ccountant to find loop holes is the best money I could ever spend.

    Sorry lib's if I had to work for it you need to work for it..... I pay a little more under Obama but I should actually should thank him for understanding how many more tax loop holes are out there.

    When all is said and done you will still be broke and I will still have plenty of money for food and gas for my big Cadi SUV.

    Heck, I may even hire one of you $6.00 an hour some day

    June 27, 2008 11:09 am at 11:09 am |
  15. Corey

    Will people please get the facts. Everyone thinks that they will pay more taxes, because it is just easier than finding out the facts. This very website, a couple a weeks ago listed each basic tax bracket and what they stood to save. Every income tax bracket below $250,000 saved more money with Obama. However I should point out that the 'other tax plan' did save everyone money. Like those that earn less than 19,000, they stood to save $12-$19 under McCain, and $2,000+ with Obama. In some case the differences were negligable, though it did favor Obama on everyone making less than $250,000. So Gary and Willy only need to check their facts, but why expect that from anyone when it is so much easier to believe the hype.

    June 27, 2008 11:10 am at 11:10 am |
  16. Jamaal Kansas

    People that make over 200,000 dollars a year can pay more and taxes and they should why tax people that make 25,000 a year and not make people that make alot more than that pay more it is just Common sense that people with more money shoud have to pay more so the people with less can lighten there burden

    June 27, 2008 11:10 am at 11:10 am |
  17. No Hussein

    No more fighting,

    No Obama wont help them, I will help them. I find it crazy that people like you think that since high gas prices or food dont affect me that it should. It does affect me as well...... His tax plan is awful, so when I get my raise next year its gone to help individuals who cant pay there mortage, are lazy etc.....

    Explain to me why I went above and beyond to provide a better life for MY FAMILY, when soon Hussein is going to take I am not kidding half my check. This is socialism I dont care what anyone says.... Not to mention 300K a year living in Boston is by no means rich.

    June 27, 2008 11:11 am at 11:11 am |
  18. Peter E

    You know we wouldn't need to raise taxes at all, rich or poor, if we only cut down on wasteful spending! But you really can't expect that from Obama, a great critic of the war in Iraq who despite all his rhetoric voted FOR continued funding of this biggest taxpayer money sinkhole of them all!

    June 27, 2008 11:11 am at 11:11 am |
  19. B Jiggy

    I"m tired of people talkin about experience. Where has Bush's experience taken us; foreclosures, wars, high gas prices, etc. What did Hillary's experience take her; 22 MILLION dollars in debt during the PRIMARY season. If that's the kind of experience you all are talking about i'll put my chips with the Junior Senator from illinois.

    Go democrats :)

    June 27, 2008 11:12 am at 11:12 am |
  20. Dr Williams MD. Florida

    Listen less that one percent of the american public makes over 250 000 per year. Keep that in perspeictive.

    June 27, 2008 11:14 am at 11:14 am |
  21. Perplexed

    Well, let's see now. Under the republicans, people making over $250,000 a year have lower taxes, but at what cost to the rest of us? Can we please stop focusing on our own personal pocketbooks and look at the bigger picture here.

    I tell you that we truly get what we deserve when we vote for a president based on one issue! Let's look at the whole picture here and at what is best for our country. You people who profess to love this country so much would sell us down the river if it means you can get lower gas prices or a bigger tax break! Get Real America! Stop the INSANITY! We have an economy in shambles, a war that continues to claim the lives of our brave young men and women, and all some of you can think about is electing a president who will lower your tax burden if you make over $250,000 year?

    It is not surprising to see where we are today when we have Americans who just don't understand what is at stake in this election! WAKE UP!

    June 27, 2008 11:15 am at 11:15 am |
  22. Dr Williams MD. Florida

    Listen, Less than one percent of the American public makeshe over 250 000, per year. Keep that in perspective. To solve the money issues, they need to get the money, why not from the well off?

    June 27, 2008 11:15 am at 11:15 am |
  23. No

    I cant wait for the poor to get poorer and us rich to get richer.......We have allways found ways around taxes and this time will be no exception. Good luck paying for food and gas when they keep going up and your taxes do as well.

    Also, as a business owner I will let people go who are non essential to save money. The days of hiring to help people out will be finished, especially the young generation who vote for people like Obama with out knowing the consequense

    June 27, 2008 11:16 am at 11:16 am |
  24. No

    No more fighting

    No Obama wont help them, I will help them. I find it crazy that people like you think that since high gas prices or food dont affect me that it should. It does affect me as well...... His tax plan is awful, so when I get my raise next year its gone to help individuals who cant pay there mortage, are lazy etc.....

    Explain to me why I went above and beyond to provide a better life for MY FAMILY, when soon Hussein is going to take I am not kidding half my check. This is socialism I dont care what anyone says.... Not to mention 300K a year living in Boston is by no means rich.

    June 27, 2008 11:17 am at 11:17 am |
  25. No

    To No more

    No Obama wont help them, I will help them. I find it crazy that people like you think that since high gas prices or food dont affect me that it should. It does affect me as well...... His tax plan is awful, so when I get my raise next year its gone to help individuals who cant pay there mortage, are lazy etc.....

    Explain to me why I went above and beyond to provide a better life for MY FAMILY, when soon Hussein is going to take I am not kidding half my check. This is socialism I dont care what anyone says.... Not to mention 300K a year living in Boston is by no means rich.

    CNN Sorry I am not for Obama can you please post this

    June 27, 2008 11:18 am at 11:18 am |
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