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Obama & Taxes
March 28, 2008 10:48 AM
On CNBC's "Closing Bell" yesterday, Sen. Barack Obama, D-Illinois, said he wanted to raise the capital gains tax rate.
How much would he raise them?
He didn't say.
More than 15%, less than 28%.
"I haven't given a firm number," he said. "Here's my belief, that we can't go back to some of the, you know, confiscatory rates that existed in the past that distorted sound economics. And I certainly would not go above what existed under Bill Clinton, which was the 28 percent…. My guess would be it would be significantly lower than that. I think that we can have a capital gains rate that is higher than 15 percent."
Obama said "when I talk to people like Warren Buffet or others and I ask them, you know, what's -- how much of a difference is it going to be if it's 20 or 25 percent, they say, look, if it's within that range then it's not going to distort, I think, economic decision making."
When it was pointed out that 100 million Americans own stocks today, and they are hardly all Warren Buffets, Obama suggested "you could structure something in which people with certain incomes were exempted from this increase and it would stay at 15. The broader principle that I'm interested in is just making sure that we've got a tax code that is fair for all Americans."
What other taxes would Obama raise?
* The Top Marginal Tax Rate
Obama said he wants to repeal the Bush tax cuts and return to a top marginal rate of 39 percent.
CNBC's Maria Bartiromo asked Obama why he would raise taxes at all during a period of economic trouble.
"Well, look, there's no doubt that anything I do is going to be premised on what the economic situation is when I take office," he said. "I'm not going to making these decisions based on ideology. I'm not a dogmatist. I know that some, you know, my opponents to the right would like to paint me as this wooly-eyed, you know, liberal or wild-eyed -- "
"You're not a liberal?" Bartiromo asked.
Obama didn't answer. "My attitude is that I believe in the market, I believe in entrepreneurship, I believe in opportunity, I believe in capitalism and I want to do what works," he said. "But what I want to make sure of is it works for all America and not just a small sliver of America."
* Social Security Taxes. “If we kept the payroll tax rate exactly the same but applied it to all earnings and not just the first $97,500, we could virtually eliminate the entire Social Security shortfall," Obama wrote in the Quad City Times last September. (Obama has also discussed the possibility of a donut hole, so that the increase would only hit those "making over $200,000 to $250,000" who "can afford to pay a little more in payroll tax.")
* A "Dirty Energy" Tax. “What we ought to tax is dirty energy, like coal and, to a lesser extent, natural gas," he told the San Antonio Express-News last month.
He also has discussed taxes on dividends, carried interests, closing corporate loopholes, and returning to the original inheritance tax rate.
And he endorsed New York Mayor Mike Bloomberg’s proposal to charge drivers a fee to commute through the busiest parts of Manhattan.
What taxes would he cut?
* He said he wants to cut taxes for those making $75,000 a year or less, through an offset on the payroll tax worth as much as $1,000 for a family.
* "Senior citizens who are bringing in less than $50,000 a year in income, I don't want them to have to pay income tax on their Social Security," he told CNBC
* He wants an additional 10 percent mortgage interest credit, for those who currently don't itemize.
* He has proposed a "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family.
Sen. Clinton also some has tax proposals which I'll look at in a later post.
- jpt
March 28, 2008 | Permalink | Share | User Comments (46)
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Well, I think it should all be fair and Obamas on the right track. We should all be taxed equally. It doesn't make sense for the lower income people who practically live paycheck by paycheck to be paying a higher percent of taxes. The higher income people sip on martini's watching money build up in the banks. We all work and it's hard earned so we should all pay the same percentage of taxes across the board.
Posted by: Ladyee | Apr 22, 2009 1:33:53 AM
If my wife and I who are seniors have a fixed income of $51000 will we net less than seniors with income of $49999? This is assuming that Obama can pull off the change to no income tax for those seniors with income less than $50000.
Posted by: Arthur Dale | Oct 27, 2008 9:50:03 AM
Most any woman in the USA who handles the household finances and pays the bills has more decision making experience than Obama.
Posted by: Paul Baldwin | Sep 5, 2008 10:28:48 PM
I find it funny that Obama and Clinton both voted for the "economic stimulus" payments, saying keeping money with consumers, and in the economy is the best way to deal with the current problems. Then both go on the stump to increase taxes and take money out of the economy.
Posted by: Crazy Politico | Mar 31, 2008 7:25:50 AM
Give me a break! Ask Obama for all the money transaction between him and his church. People got excited about him 'cause he is the new kid on the block. As time goes by ... they will regret that they have voted for him. Time can tell.
Tax! Tax! You cannot be like him who charge money for people to come to hear him "talk".
Posted by: Agnes | Mar 30, 2008 1:12:33 AM
Okay, proof that Obama has an inside deal going on. I had a Poll company whose name I won't advertise, ask me several questions regarding capital gains about 1 week ago, suddenly Obama is making statements on it. Weird.....
Posted by: irma | Mar 29, 2008 5:59:48 PM
just noticed the item re seniors making less than 50,000. i've seen bloggers saying he wants people in this category to not pay income tax. read it again, folks, he just wants you not to pay tax on your social security.
already, only part of social security is taxed for people making more than 25,000 in other income. and none of it is taxed for people with less than 25,000 in other income. so he's really just talking about a fairly modest reduction, not a total elimination.
i'm sure he knows that people will think there's more there than there is. and i'm sure that's what he wants.
Posted by: so saddened | Mar 28, 2008 11:09:01 PM
How about an "equal" or "fair" tax. I see no candidates discussing this. If you make a little, you contribute a little. If you make a lot, you contribute a lot. This is the only fair system I can envision. It's called a "flat tax". The accountants will go nuts!! 15% on all earnings. Period. That way, we all contribute to our country. No discrimination.
Posted by: SadStateOfAffairs | Mar 28, 2008 10:12:32 PM
Obama has told too many lies and the idiots back him??? Why don't they listen to the voters?
I still don't understand why Kennedy, Kerry, and Richardson get to choose Obama even though Clinton won their states, yet everyone is screaming that the superdelegates should follow the state voters.
Don't these hypocrites realize it's just another Obama tactic to steal the election. The superdelegates know that Clinton won the big blue states yet they are being intimidated to vote for Obama. I have not renewed my DNC membership and will switch to Independent by November.
The Democrat "leadership" of Pelosi, Reid, Kennedy and Kerry make me sick!
Posted by: proudamerican2008 | Mar 28, 2008 8:34:05 PM
Hey Teri,
I've sent back all the e-mails and solicitations from Dean and Co back and said they won't get one red cent from me until they include FL and MI in a fair representative way. Do the same and maybe we can make a difference.
Posted by: An opinion | Mar 28, 2008 4:48:33 PM
tiredofthelackofknowledgeofvoters, ending the war in Iraq will not bring in one penny. We aren't paying for this war as we go; it's all going on a credit card to our children and grandchildren. This was my first clue that Obama was clueless; he said he would pay for expanded programs by "ending the war in Iraq which would give us $12 billion a month to spend". Wrong. Very wrong.
Posted by: HoosierSue | Mar 28, 2008 3:41:18 PM
There is no way the US can continue with out some sort of Tax increase, period.
Posted by: Thinking | Mar 28, 2008 3:16:11 PM
toby, what else can we expect to hear from marginal at best-losers one and all
kerry, bradley, kennedy, dashle, dean, richardson and co.
I believe they are all fine men and have been good public servants to the best of their ability. a blind spot is Hillary Clinton-they will do anything to keep the smart girl in the room from doing well. They cannot beat her on the smarts about how to solve the problems of the country. But they can slander her.
hillary-putting the country back on the right track
Posted by: jgaw | Mar 28, 2008 2:54:40 PM
Hey Spock
According to obama supporter sen. kerry he says obama will save us from the terrorists because he is black.
Posted by: toby | Mar 28, 2008 2:40:12 PM
He supports Bloombergs tax on the working people, because that is what the congestion fee is, the increase in tolls who do they think this all affects the worse the poor.
I love how libs make tolls or fees so they do not have to say they rose taxes!! but anyone with a brain knows it is the same.
oh and the raise in minimum wage is the problem with todays economy, and now they get less money because they came into the taxable line!
Posted by: spock | Mar 28, 2008 2:12:37 PM
Lets vote for Obama, so the terrorists can attack us!! Maybe we will be lucky and not many will get killed!
Our grandchildren will be broke unless they are part of the liberal elite! they will not have cars, or jobs, That is what Obama promises!!
The only choice is McCain for the future of our families!!
Posted by: spock | Mar 28, 2008 2:08:38 PM
Lol, Susan, I gust got another email from Dean not 5 min. ago asking for money.
Posted by: Teri B. | Mar 28, 2008 2:07:33 PM
Obama has been running on change, and bringing something new-but the more he talks the more he seems like the old.
He does not know what he is talking about with these taxes. he is the mouth of bill bradley, dean, axelrod, kerry,kennedy-but obama has no clue.
and now he is saying if wright had stayed he would have left the church. will the new pastor moss the third is no better. talks the same as wright except with a little hiphop flair.
I am sorry they put him up to this.
he said he was not ready to be president he should have stuck with that. His judgement is all off-and I see a pattern here with him-he belongs to anybody. He will say whatever he has to say except something original from him on the issues. say anything to get the nomination.
I have been a lifelong democrat-but I think I will need to study real hard on voting for him in november-
the only reason I will vote for him is I fear mccain and the 50-100yr war. and I have grandchildren coming soon.
Obama/mccain 08-not the smartest choices for president.
Dean and co. hate Hillary so much they will do anything to get her out.
I think dean should not be chairman of the dnc-and if hillary loses we really should start an independent party.
Posted by: jgaw | Mar 28, 2008 2:01:52 PM
Obama is a lying Liberal worse then any Senator there is. That is FACT.
If he raises the Capital Gains even just for the wealthies (which libs think is anyone working) they will pull there money out of the stock market and invest foriegn. That is fact, that is what happened under Clinton, Since the Capital Gains has been lowered our stock market has jump to record highs and still is. higher then anytime under Clinton.
Obama cant even spend his own money but he wants to raise our taxes. See you can word it anyway you want to get rid of Pres. Bush's tax cuts that helped everyone that paid taxes, and also highered the bar so people making twenty thousand do not pay. Under Obama those making 20000 will have to start payin. So He wants to raise taxes, Now if the raise only went to those who vote for him fine.
Anyone defending Obama and his Pastor on the comments is Worse then a Racist!! Because they are defending it!!
Posted by: NoToLibs | Mar 28, 2008 1:43:36 PM
First it was "I was not aware of these statements" and now it is "I would have left the church if he did not retire". Talk about saying anything in order to get elected!
---------
he knows the first excuse doesn't fly.
Posted by: Victor | Mar 28, 2008 1:39:57 PM
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