Writing in Avenue, “a glossy, lifestyle magazine that chronicles the lives of Manhattan’s affluent and socially powerful,” CNBC’s Maria Bartiromo warns readers that under Sen. Barack Obama (D-IL), “the income tax is…in for a bump”:
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.
The McCain campaign’s perception of American incomes is woefully out of touch. An income of $200,000 places an American family firmly in the “rich” category:
— The 2006 census showed that an income of $174,012 put an American household within the top 5 percent of income earners.
— A report by the Citizens for Tax Justice estimates that in 2008, “only 3.2 percent of taxpayers will have adjusted gross income (AGI) greater than $200,000 and only 2.1 percent will have AGI over $250,000.”
— A 2007 Wall Street Journal article placed earners who make $277,000 in the top 1 percent of all income earners.
McCain’s fundamental misunderstanding of American incomes leads to his disastrous policies. His so-called “middle class tax relief” plan gives only 9 percent of its benefits to the bottom 80 percent of taxpayers, doling out 58 percent of the benefits to the top 1 percent.
McCain, of course, ranks as the eighth wealthiest U.S. senator, with an average net worth of $36.4 million.
We mistakenly reported that Goldfarb posted Bartiromo’s comments. In fact, they were posted by Joseph Pounder.