There you have it... on the one hand, Obama asserts an intent to return to a capital gains tax return to 39 %, but on the other hand, he'll assess what's up in January, and
And if it turns out--if somebody can make a persuasive argument to me that, you know what, what we need at this juncture, at this particular point in time is a different set of policies than some of the ones that I've proposed, I'm always going to listen to people.
By CNBC.com | 27 Mar 2008 | 04:15 PM ET Font size: The following is the unofficial transcript of an interview with Senator Barack Obama on CNBC's "Closing Bell" on March 27, 2008:
BARTIROMO: So what about the top marginal rate for ordinary income? Who ought to pay more and who should pay less?
Sen. OBAMA: Well, you know, what I've said is that we should go back to probably a top marginal rate of 39 percent what it was before the Bush tax cuts. So I would roll back those Bush tax cuts, I would not increase taxes for middle class Americans and in fact I want to provide a tax cut for people who are making $75,000 a year or less. For those folks, I want an offset on the payroll tax that would be 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. And as part of my overall approach to housing, I actually want to provide an additional 10 percent mortgage deduction, a credit, mortgage interest credit, for those who currently don't itemize. Because if you live in a house that's pretty expensive, like I do, and I itemize, I get a pretty big break from Uncle Sam. If you own a $100,000 house and you're making 65, $75,000 a year, you're not getting that same deduction. I think that they deserve a break as well. That will actually help relieve some of the pressure on homeowners.
BARTIROMO: But can you really look at this sort of like an umbrella standpoint? I mean, we are in very, very unique times right now.
Sen. OBAMA: Yes.
BARTIROMO: Why raise taxes at all in an economic slowdown? Isn't that going to put a further strain on people?
Sen. OBAMA: 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. I'm going to be sworn in in January, we don't know what the economy's going to look like at that point. And, you know, the thing you can--you can be assured of is that 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...
BARTIROMO: You're not a liberal?
Sen. OBAMA: The--but 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. But what I want to make sure of is it works for all America and not just a small sliver of America. And if it turns out--if somebody can make a persuasive argument to me that, you know what, what we need at this juncture, at this particular point in time is a different set of policies than some of the ones that I've proposed, I'm always going to listen to people. Because I think one of the problems, in fact, with the Bush administration has been its rigidness when it comes to economic policy. I mean, you ask them any question, they'll say tax cuts. It doesn't matter what the problem is, if it's, you know, our trade deficit: tax cuts. If it's, you know, slowdown in manufacturing: tax cuts. You know, at a certain point, you know, if you've only got one arrow in the quiver, then you're going to have problems.
http://www.cnbc.com/id/23832520
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