August 27th, 2010
08:57 AM ET
4 years ago

Obama's $250,000 mistake

New York (CNNMoney.com) - President Obama's tax reform task force will deliver its long-overdue report on Friday offering a list of ways to improve the federal tax code.

Obama had asked the group to examine ways to simplify the code, reduce tax evasion, and close corporate loopholes - and to do so with an eye to raising more revenue.

The president, however, also tied the group's hands by not allowing it to consider any options that would raise taxes on the vast majority of Americans.

That directive, of course, was in keeping with Obama's campaign promise not to increase taxes on any married couple making less than $250,000 or any single individual making less than $200,000.

In other words, the panel wasn't allowed to consider anything that would tap 98% of the country.

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Filed under: Economy • President Obama
soundoff (33 Responses)
  1. Bill

    Here it comes America ... the hard choices ... the loss of even your mortgage deduction. You will be taxed for everything and there will be no advantages for planning your future. Pretty soon you will work for the government and you will recieve housing and food stamps in return.

    August 27, 2010 10:28 am at 10:28 am |
  2. Lili, FL

    Thanks President... lets make sure no one has ambitions to grow their careers, make more money and better themselves... kill the ambitions of people that work hard to make money and become independent!

    August 27, 2010 10:28 am at 10:28 am |
  3. Henry Miller, Libertarian

    "In other words, the panel wasn't allowed to consider anything that would tap 98% of the country."

    98% of the country is already grossly over-taxed–at least, that's true of the 53% that pays any federal tax at all.

    By far, the simplest way to "reform the tax code" would be for government to STOP WASTING TRILLIONS OF DOLLARS, thereby reducing the requirement for taxation to reasonable levels.

    August 27, 2010 10:35 am at 10:35 am |
  4. Duane St.Petersburg Florida

    why just tax the rich....tax everyone if you tax anyone. Most people get all thier taxes back at the end of the year.....a flat 15% tax on EVERYONE would do just fine.....

    August 27, 2010 10:37 am at 10:37 am |
  5. katiec

    And why is this a mistake?
    CNN, am getting so sick of your bias for the right. You constantly headline negativity for our president and the Democrats. Constantly headline Palin and anyone touting their propaganda, lies, hypocrasy.
    Never fact check never question.
    No wonder you are going down the tubes as intelligent Americans are disturbed, disgusted with your becoming another Fox.

    August 27, 2010 10:39 am at 10:39 am |
  6. Marie MD

    A mistake? Really?
    It's about time that the rich pay more taxes instead of the middle class carrying their load and getting less for it.
    The mistake was the shrub's administration giving their rich friends full tax power to keep piling on the money.
    It's about time that the little guy gets something back!

    August 27, 2010 10:51 am at 10:51 am |
  7. Bob of Lompoc

    That's the way it should be. Those who "earn" over $250,000 (family) or $200,000 (individual) per year are the ones who have reaped the most from this Nation. They should contribute the most. Don't speak to me about "they earned it, they should keep it". All citizens contribute to the arena where the highest paid can "earn" those amounts – police personnel keep the peace, mass transit workers of all types take them to and from their work sites, nurses keep them healthy, military personnel keep them safe, Government, yes Government employees keep their water, food, air, medicines, work sites clean and safe, and on and on. No person in this Nation is an island. Each relies on others to go about their business day to day. Not one person "earns' it all by themselves. Not one.

    August 27, 2010 10:51 am at 10:51 am |
  8. Hugo

    Ergo 2% getting hit yet again...
    FAIR TAX Everyone pays their fair share based on consumption, I'm sure the Fed could find a way to expand on the basic concept to make it an exemplary program, or then completely bastardize it as they tend to do.

    August 27, 2010 10:54 am at 10:54 am |
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