Posted on 11/02/2008 7:39:32 PM PST by speedracerx
THIS WILL CHANGE YOUR RETIREMENT
For those among you who have more money than you will ever need, save your time and delete this email.
For the rest of us who are still working with mortgages, children and grandchildren or retired living on a pension and or Social Security perhaps you will take a couple of minutes to read the proposed changes in the American tax system.
Sharing this email with others can make a difference on November 4, 2008; for our citizens and our country.
INTERESTING DATA JUST RECEIVED ON TAXES
This is something you should be aware of so you don't get blind-sided. This is really going to catch a lot of families off guard. It should make you worry.
Proposed changes in taxes after 2008 General election:
CAPITAL GAINS TAX
MCCAIN 0% on home sales up to $500,000 per home (couples) McCain does not propose any change in existing home sales income tax.
OBAMA 28% on profit from ALL home sales
How does this affect you? If you sell your home and make a profit, you will pay 28% of your gain on taxes. If you are heading toward retirement and would like to down-size your home or move into a retirement community, 28% of the money you make from your home will go to taxes. This proposal will adversely affect the elderly who are counting on the income from their homes as part of their retirement income.
DIVIDEND TAX
MCCAIN 15% (no change)
OBAMA 39.6%
How will this affect you? If you have any money invested in stock market, IRA, mutual funds, college funds, life insurance, retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned on taxes if Obama become president. The experts predict that higher tax rates on dividends and capital gains would crash the stock market yet do absolutely nothing to cut the deficit.
INCOME TAX
MCCAIN (no changes)
Single making 30K - tax $4,500 Single making 50K - tax $12,500 Single making 75K - tax $18,750 Married making 60K- tax $9,000 Married making 75K - tax $18,750 Married making 125K - tax $31,250
OBAMA (Reversion to pre-Bush tax cuts) Single making 30K - tax $8,400 Single making 50K - tax $14,000 Single making 75K - tax $23,250 Married making 60K - tax $16,800 Married making 75K - tax $21,000 Married making 125K - tax $38,750
Under Obama your taxes will more than double! How does this affect you? No explanation needed. This is pretty straight forward.
INHERITANCE TAX
MCCAIN 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
How does this affect you? Many families have lost businesses, farms and ranches, and homes that have been in their families for generations because they could not afford the inheritance tax. Those willing their assets to loved ones will not only lose them to these taxes.
NEW TAXES BEING PROPOSED BY OBAMA
* New government taxes proposed on homes that are more than 2400 square feet
* New gasoline taxes (as if gas weren't high enough already)
* New taxes on natural resources consumption (heating gas, water, electricity)
* New taxes on retirement accounts and last but not least....
* New taxes to pay for socialized medicine so we can receive the same level of medical care as other third-world countries!!!
Thank You
Robert D. Jenkins Vice President - Investments Chartered Retirement Planning Counselor Wachovia Securities, LLC 314-991-7812 800-999-4448 toll-free robert.jenkins@wachoviaseccom
Obama’s ideas came from the great Russian theoretical economist Taxyerasov.
And to think we revolted from England over 2% tax. What are we waiting for?
I rely on dividends to supplement my income.
Sorry, I don’t follow you on your reply....
The crooks at Wachovia and their friends in the sub-primes and bogus deviratives have already changed millions of peoples retirements bailout anyone ?????.
I haven’t worried about selling my house because the tax is zero anyway. Now, I have planned my retirement and will have a 28% tax levied when I wasn’t planning on it. This will be a disaster for me.
I wasn’t aware there is a tax on life insuirance. My gain is not taxed, if I take money out, it’s not taxed, and the death benefit is not taxable.
If you’re in a 401k, IRA or other tax deferred plans, you already have a lot of tax exposure during retirement, perhaps 7-11 times more that you defer.
I simply cannot understand why Americans are voting for this crazy marxist.
Well, I’m retired for 7 years now and am living off of my IRA income. I was planning on selling my house in a few years and augmenting my income after some inflation. If he’s going to take 1/3 of the profits, that’s gonna leave a mark. I don’t live on much money. I plan my tax liability ahead of time and remove the proper amount. I’m not the kind of person that figures out how much money I need for my diesel pusher motor home and my trip to Alaska and removes $80k and to hell with the taxes and penalty. I usually take out the maximum I can take and still pay about 10%. If I need more, I get it elsewhere. When I retired I knew my lifestyle would change drastically.
BUMP!
bump
We are moving people out of 401ks etc as fast as we can. We used to approach them, but now the phone is ringing off the hook.
At least you did something and took care of yourself. I did the same thing, because I didn't know any different.
Unfortunately, Snopes says a lot of this is false..
http://www.snopes.com/politics/obama/taxes.asp
Not enough folks have seen this — BUMP!
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.