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. awaitingliberalizationbyCNN

    If this was Obama's only mistake, I believe we could live with it. However, I really can't think of a thing he has done right. You have to remember his closest advisors are union executives and all you have to do is take a look at the sad state of American manufacturing, the American education system and the American bureaucracy to see the effects of union decision making on this country. This incompetent, inept, corrupt fool is working for a very lazy, inefficient minority but we can't get rid of him until 2012. We can start the change in November of this year by getting rid of those in Congress and the state levels who are the union toadys that brought this great country down to this level.

    August 27, 2010 09:03 am at 9:03 am |
  2. glib lib

    "simplify the code, reduce tax evasion, and close corporate loopholes"

    Now explain to me how this is a $250,000 mistake. Honest, hardworking, taxpaying citizens will only benefit from this.

    August 27, 2010 09:12 am at 9:12 am |
  3. tpbco

    This is a joke ,...right?

    The first way to help stop TAX EVASION is throwing his cabinet IN JAIL for tax evasion, starting with his Sec Tres.

    August 27, 2010 09:14 am at 9:14 am |
  4. XWngLady

    Its not a mistake! Its a promise that was long overdue. The middle and lower income citizens of this country have been getting the economic squeeze since the Reagan era and its time for a correction. They'll just need to find other ways to raise revenue. If you just reduce tax evasion by rich people with offshore accounts and such and close the corporate loopholes, that alone would generate more than enough revenue.

    August 27, 2010 09:15 am at 9:15 am |
  5. Paul

    This should be more clearly labeled an opinion piece, which is what it is. The message? "Tax the poor! Who cares about your campaign promises?"

    And that "...wasn't allowed to consider anything that would tap 98% of the country" line is revealingly disingenuous. The other 2% own more than 50% of the financial wealth of the country. So it's not like the President's task force doesn't have a lot of potential income sources to deal with.

    August 27, 2010 09:15 am at 9:15 am |
  6. S.B. Stein E.B. NJ

    I think that it should be changed so that the cut off be lowered to $150,000 for individuals and $175,000 for couples.

    August 27, 2010 09:22 am at 9:22 am |
  7. seebofubar

    If you thing that this clown is going to stick to that campaing promise, you don't have two brain cells to rub togeather.

    August 27, 2010 09:27 am at 9:27 am |
  8. jules sand-perkins

    Well, President Obama, as we know, is always right. We just have to understand what He wants us to learn from this.
    I'm sure that we all agree that only the rich should pay taxes.

    August 27, 2010 09:28 am at 9:28 am |
  9. brian

    All should pay some for the privilege to live in American. Even the poorest could afford something, anything. I also think we should have a simple progressive scale not brackets people try to sneak around. An example would be if you make $1000-$2000 you pay X and then have the scale go all the way up by increments of $1000. Part II however is that the politicians need to spend it wisely, maybe it is not the taxes but the spending that is a problem.

    August 27, 2010 09:29 am at 9:29 am |
  10. Fair is Fair

    $250,000 mistake? Big deal... America made a $4 TRILLION (and counting) mistake in November, 2008. Chump change.

    Your community called, Obama. It needs to be organized.

    August 27, 2010 09:35 am at 9:35 am |
  11. Wil in the VA.

    States and local goverments are taking up that call. Every time you turn around in Virginia another FEE has been raised.

    August 27, 2010 09:49 am at 9:49 am |
  12. Rick McDaniel

    That was always a known stupid mistake.

    Anyone who knows beans about economics, knew that would NOT be possible.

    August 27, 2010 09:49 am at 9:49 am |
  13. Shawn-GA

    That sounds great until you use your head and do not fall for the lies.

    There is plenty of NEW taxes being put on us the working people of this country.

    Example 1: Which is a HUGE one... Do not buy health insurance and you get a tax penalty... Gee thanks Obama for not "raising" taxes yet putting countless NEW taxes on us. The word game is catching up with you.

    August 27, 2010 09:52 am at 9:52 am |
  14. Greg

    Where's the mistake? 98 percent of the people already pay enough. We have Faux news to make stupid statements like this about mistakes that are not. Don't make up news CNN.

    August 27, 2010 09:53 am at 9:53 am |
  15. Chessnutz of Liverpool NY

    Stroke,Stroke, Strokeman! Another fantasy reform package that is nothing more than yet another tax increase on the American taxpayer.

    August 27, 2010 09:57 am at 9:57 am |
  16. jim

    His biggest mistake was letting uncontrolled spending by members of his own party but then again why should he worry,it's only someone else's money.

    August 27, 2010 10:00 am at 10:00 am |
  17. Jim

    Time for the other 2% to start paying their way. Trickle down economics was a complete failure but don't say that to the Republicans. Reagan was the GOP messiah. The great oracle who was lord over the land. To this very day they still worship his highness. I am sure the'll be quoting Reagan around election time. Reagan put the stones to the working class and were still getting the stones put to us. We don't even get the common courtesy of a reach around. Just take, take and take.

    August 27, 2010 10:06 am at 10:06 am |
  18. Michael Armstrong Sr.

    Can America afford any more mistakes even one mistake is too many and this administration is piling up mistakes .

    August 27, 2010 10:08 am at 10:08 am |
  19. Susan

    Give me a break.......he has no problem spending, thereby leaving this massive debt to our kids & grandkids. So where will that money come from? Certainly not from this booming economy. At the rate he's going, this economy will boom....right into oblivion. God will have to truly bless America if this man achieves another 4 years in office because God will be the only one that will able to save us.

    August 27, 2010 10:12 am at 10:12 am |
  20. u2canfail

    Only those who make over $250K can afford a tax hike for now. This is not a mistake, it is just the economy is not good.

    August 27, 2010 10:15 am at 10:15 am |
  21. anthony

    Republicans are making a bigger mistake because they want to extend the Bush tax cuts, which are still in effect and apparently not creating jobs, for everyone. That will prevent the panel from considering anything that will tap 100% of the country.

    August 27, 2010 10:17 am at 10:17 am |
  22. bertina

    This report is under the assumption that the 98 percent of the people would be unhappy with these findings.

    August 27, 2010 10:19 am at 10:19 am |
  23. me

    Not taxing those with less than wealthy incomes is hardly a mistake.

    August 27, 2010 10:23 am at 10:23 am |
  24. norma

    When is keeping a campaign promise NOT to raise taxes on the middle class during a recession a "mistake"?!?!

    August 27, 2010 10:24 am at 10:24 am |
  25. Claudia, Houston, Tx

    98% would be correct if 98% of Americans are employed, so President Obama hasn't made a mistake. I think the mistake is yours not taking that into accountability.

    August 27, 2010 10:25 am at 10:25 am |
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