MSNBC may totally have it in the bag for Barack Obama, but over on the network's fiscally concerned sister network CNBC, Maria Bartiromo has a less rosy outlook on what the Democratic presidential hopeful is about to bestow on the country: "He's going to take the capital gains tax at 15 percent right now all the way up to 25 to 28 percent. 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." And also, for you "not rich" people earning over $200,000, prepare for an income tax hike of 35 percent 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." [P6]
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She should stick to what she does best and we all know what that is.
Maria's criticism is really about Capital Gains Tax and suggests that this tax raise will affect more Americans than Sen Obama predicts. Maria was right in June 2008, but by Oct 2008 far fewer Americans have any Capital Gains to tax. Profits on stock sales? no, Profit from real estate sales? no. Sorry to say that most tax chatter is also less important now. Wait until 2009, people making over $250K/year will be what we used to call 'Millionaires'.