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

CNNMoney: What Obama means by tax the wealthy

[cnn-photo-caption image= http://i2.cdn.turner.com/cnn/2008/POLITICS/06/22/obama.speculators.ap/art.obamageneric.gi.jpg caption="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. Kenneth M

    Most democrates have never even met anyone who makes $200,000 per year. However, because of Operation Chaos I am sure there will be those who falt Obama for this. You got to give it to Rush, there may have been a delayed reaction, but without unity chaos will prevail.

    June 27, 2008 11:18 am at 11:18 am |
  2. silas


    have u heard the term called "The rich gets richer and the poor gets poorer" . This is wat this current regime has brought to the American people. I you trying to say it's my fault that I'm a waiter making 7$ an hour and I shud be taxed higher. Or I guess people like you will be regarded as selfish and ignorant that people in the South, Mid west ,West and East are going thru hard times. The issue of taxing the wealthy is also going to affect the senators, Governors and everyone who call him or herself Americans and stop acting like Obama is some stupid fool like yourself .God help all you Republicans

    June 27, 2008 11:18 am at 11:18 am |
  3. arnoldray

    What McCain proposed is GREAT, and it is working. It was designed to get us motivated, brainstorming ideas and discussing it. I think the old man has much wisdom. Instead of talking about how we are going to tax innovation to death, like barack wants, let’s start innovating. Barack says new ideas, reach for the stars, yes we can. But as soon as we start actually doing it, him and his supporters come right out and say "No, we can't". Sounds pretty two-faced to me. Before one starts shooting down everyone’s dreams, he needs to live up to his own potential. I have not heard ANY new ideas from that fool barack, he just craps on everyone else’s ideas and efforts, and has nothing to offer other than HOPE. McCain is not just hoping it will happen, he is out making it happen and I am a democrat that supports Mac all the way now. I now see who just is going move this country in a positive direction, unite us and get us motivated again. Mac is back, and he has this democrats vote. McCainocrats, let's unite around this guy. He obviously is the one that has what it takes, walk, not talk.

    June 27, 2008 11:19 am at 11:19 am |
  4. matt

    All you people who think that Obama is still going to make the US a socialist country dont understand where our money is going. We're BORROWING money from the Chinese. Under Bush, under McCain, the Chinese will OWN america. So yea, if you care about your kids, you'll understand and support Obama's tax plan because it keeps American's money in America. But hey, if you want your kids and grandkids to pay back China their whole lives, then sure, go for it. Vote McCain. See what happens.

    June 27, 2008 11:19 am at 11:19 am |
  5. Donna

    I am sick and tired of being overtaxed. The goverment is one big canerous tumor that we need to operate on to repair as soon as possible. I am tired of every election season the Dems roll out the tax the rich plan. This is always said by a canidate that is wealthy themselves. Keep in mind that if you are an elected offical of this country you are exempt from many of the laws that the average citizen is held to and the perks allows them to keep their money. People wake up the goverment is not trying to help you at all. Just my 2 cents.

    June 27, 2008 11:20 am at 11:20 am |
  6. Crane

    Obama is planning on taxing the rich. McCain wants to give tax breaks to the rich (a stance he once opposed).

    But I guess he figured he had better get lock-and-step with the trademark greed of the Republican party. Let the rich keep their money and tax the poor for a broken economy and an endless war that THEY created.

    If you make less than $200K, and you vote McShame, you are pathetic.

    Obama '08

    June 27, 2008 11:20 am at 11:20 am |
  7. Mr. Big

    Time for the rich to start paying their own way. You may not think that $250K is rich... but to 2/3 of the US population, it is.

    June 27, 2008 11:21 am at 11:21 am |
  8. NickNas


    As a FORMER High earner (Bushs Policies sent most middle management jobs out of the country) Let me tell you.

    First $200K Plus income earners CAN Afford it.

    Second At that level of income you use an accountant to do your taxes and they will find new deductions to offset it alot. That is what we pay them for.

    Third. When I saw my first tax bill after having a "good year" and was gripeing about it, an older, wiser man said me..." Do you realize you are crying about making too much money??....Stop being a cry baby" Guess what he was right.

    June 27, 2008 11:21 am at 11:21 am |
  9. The Austrian

    Mike Kaplan

    A progressive tax system is a fundamental of Marxian economic ideals. So, yeah, it may not be socialism, per se, but it sure leans that way.

    Obama thinks he's Robin Hood....

    June 27, 2008 11:27 am at 11:27 am |
  10. violet

    If all Obama does is his promise to introduce universal health care, taxes for everybody will increase and continue to increase over the years. Just look at what has happened in countries that provide health care: higher taxes and fewer services,

    June 27, 2008 11:28 am at 11:28 am |
  11. soy

    We either get taxed for the services that government provides to everyone or we can pay for those services out of our own pockets. But the irony is that people feel those services shouldn't be cut so how exactly are we to fund it then? Either way it'll be coming out of our pockets. An example is health care, If you want to consider health care cost a tax we're already paying more than we would pay if we would just have universal health care like most industralized nations. But No thats too much from our officials

    June 27, 2008 11:29 am at 11:29 am |
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