The NBC family sure loves lying about Obama. Maria Bartiromo is not God.

I have to look at MM with a critical stance here for

Politico's Mike Allen uncritically reprinted the Post report of Bartiromo's comments in its entirety.

isn't that called accurate reporting ? And Bartirome herself should be held accountable for her basic error ?

Cool, I too can be an accurate reporter.  Watch:

On Tuesday June 10, 2008 5:03:56 PM EDT, Wolf Kotenberg said,

"I have to look at MM with a critical stance here for

Politico's Mike Allen uncritically reprinted the Post report of Bartiromo's comments in its entirety.

isn't that called accurate reporting ? And Bartirome herself should be held accountable for her basic error ?"

I'm so good at journalism, I even caught the space before the question mark at the end.

very good ?

"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'

Actually she is spot on - I own two rental homes in the Houston area and when I sell them any profits will be subject to the capital gains tax - no exemption. 

Use test, bright boy--you don't live in the houses, so yes, you pay the full amount.  Anyone who both owns and lives in their home gets to claim an exemption from the first 250K.  Funny how Maria "I am so intelligent about finance that I can't get basic facts straight" Bartiromo missed that part,,,

I am well aware of how my occupied home sale would be effected however when it comes to selling thoes houses she is exactly right.  Media Matters found a very small omission in her analysis and is trying to use that to nullify the overall point that Obama's proposed tax increase will heavily burden investors.  Those of us who know - know better.

Waaahhhh... when I sell two of my homes, I'll have to pay taxes on the profits. Whatta burden.

You should go whine to some of your tenants about your burden. Maybe they can kick in a little extra with their rent to ease your pain.

Typical pin head liberal remark.

pinhead is one word, idiot.

But thank you anyway. I guess it is pretty a "typical" liberal remark  to point out the whiny victim mentality of somebody who (I'll assume) owns at least three homes, and is crying that he's a victim.

Typically dead-on accurate, that is !!!

To "Pin Head"

 He never "cried" he was a victim, just pointed out the facts. It is the leftist dolts like you that require there be victim to justify tax increases for fairness.

Yeah, well you're a poopy-face!

(two can play at this game) 

Stop it, Jawill! Don't add to their heavy burden. I know if I sell my rental property someday, I'm going to be depressed for months over trying to figure out what to do with the money.

Whiny baby victims.

Bill O'Reilly, is that you?

Sure, and watch them move out. Why should his tenants have to subsidize his selfish ways?

I wouldn't call it a "small omission."  Many people are selling their houses, but few people own rental property.  Therefore the vast majority of people who read what she wrote will take the wrong impression from it.  Conveniently, that wrong impression makes people think that a democratic proposal will negatively affect them when it won't.  

BTY, it's great that you own rental property.  Why do you think you should pay less taxes on your profit than I do on my earned income?  

I forgot to mention that the other side of her argument is just as disingenuous.  She mentions stocks but doesn't clarify that the overwhelming majority of stock owners have them as part of a retirement plan, for which capital gains taxes do not apply.  Again, conveniently her misinformation makes the average reader think that a dem plan will cost them more money when it won't.

It is unclear if Obama will eliminate the capital gains exemption on the sale of homes for people making more than $200,000 per year.

Also, in his zest to raise capital gains tax he neglects the fact that Clinton lowered it and it helped the economy and capital gains income increased greatly under W. 

Maria was dead on right.  

 

 

"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"

according to U.S. Census Bureau data for 2006 -- the most recent year available -- only 3.4 percent of U.S. households have an income of $200,000 or more.

LOL. Is she insane? Doesn't "greater than $200,000" also include people who make millions or billions? What the hell is the middle class to conservatives?

More than 80 percent of all capital gains income went to those making more than $200,000 a year in 2006. Very few making under $50,000 would be affected by any increase in the top capital gains rate.

Most middle-income Americans own much or all of their stock through 401(k)s, IRAs, or other tax-preferred saving accounts.  They do not pay taxes when their stocks within those accounts go up, so a change in the tax rate doesn’t affect them. 

Also, her reference to the 35% tax rate going to 39% is incorrect.  The 35% bracket begins at $349K, after exemptions and deductions.  And, of course, those are marginal rates.  Currently $349K has an average rate of 27%.

What also stuck out as a whopper of an exaggeration is Ms.Bartiromo's implication that the current top tax bracket of 35 percent kicks in if you make just over $200,000. In fact, for both singles and married couples filing jointly, that rate doesn't kick in until you make $350,000 after deductions, which means you have to earn close to $400,000 to pay that top rate. And that's rich in anyone's book, except perhaps if you're married to a multimillionaire as Ms.Bartiromo is.  You would think that CNBC's "Money Honey" should get such easily documented facts about taxes straight, and that responsible media outlets would not just blindly help spread misinformation, but  I guess that's asking too much.

PL 

I would also like to mention that Obama as well as Clinton voted for a sensible estate tax plan this March that would  have  made the  first  5  million in inheritance tax free. Unfortunately the GOP killed it in an all or nothing attempt to appease their uber wealthy Wall Street buddies.