Now That's Rich

From Page Six of today’s New York Post:

June 10, 2008

WE'RE in for taxing times if Barack Obama wins the White House, says CNBC's Maria Bartiromo. "He's going to take the capital gains tax at 15 percent right now all the way up to 25 to 28 percent," the "Money Honey" tells Avenue. "Sell anything, like a home or stocks, and make a profit . . . [almost] 30 percent of the profit will go to the government instead of 15." The income tax is also in for a bump. Bartiromo says, "Right now [it] is 35 percent, Obama wants to take that to 39 percent . . . We're talking about people who make over $200,000. That's not rich. So it's actually going to impact more people than you may think."




Keep in mind that Maria Bartiromo’s annual salary exceeds $1,000,000.00, so it would be a big mistake to think she is biased in any way.

Bartiromo's suggestion that $200K per annum income is "not rich," and that an increased tax on those who earn that much represents some sort of widespread impact on mainstream earners is blatantly false.

The fact is that in 2005, the national median income was a mere $44,389. Furthermore, according to the 2006 U.S. Census data on household income, households earning $200K or more represent only 3.5% of all households.

This would mean that over 95% of all American households would directly benefit from Obama’s plan.

I think if Barack Obama would add a tax cut plan on pant suits, Maria would immediately calm down.