Skip to comments.TAXES: McCain vs. Obama
Posted on 07/14/2008 11:52:37 AM PDT by ChocChipCookie
INTERESTING DATA JUST RECEIVED ON TAXES
Spread the word.....
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.
MCCAIN 15% (no change)
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 becomes 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.
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.
MCCAIN 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
How does this affect you? Many families have lost businesses, farms, 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 could 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!!!
..but, but, I thought there was no difference between the two candidates.
It is funny how the left wants everyone to think that socialism is popular, and yet they won't run on it. All of the democrat candidates (other than very liberal states) run in the center, even if they are leftists. Obama has done the same thing. He talked leftist before his nomination, but he is now lying and trying to act as a centralist and he basically adopts most of McCain's positions so that McCain cannot show a contrast.
Hey, I keep hearing them say “there ain’t a dime’s worth of difference”...I am so confused!
They both suck, but in different ways.
bad news if you have a job or a house you're "rich"
Re: the inheritance tax. We just got back from a homeschooling convention, and one of the speakers brought up this particular tax. He said that he’s giving his kids their inheritance early, tax free, by “gifting” them as much each year as he possibly can afford. I believe the limit is 10K a year (?) that you can give to someone without having to pay any tax. I’m not sure if he’s putting it into 529 plans or how he’s investing it, but it sounds like a good idea.
Basically, if you’re crazy enough to want to pay (MUCH) higher taxes, pull the handle for Hussein in November.
Regarding the Gift Tax, there are two levels of exemption from the gift tax. First, transfers of up to (as of 2006) $12,000 per person per year are not subject to the tax. An individual can make gifts up to this amount to as many people as they wish each year. A married couple can pool their individual gift exemptions to make gifts worth up to $24,000 per recipient per year without incurring any gift tax. Second, there is a credit that essentially negates the tax on gifts until a total of $1,000,000 has been given by one person to another.
Ahhh! Now I understand!
Well, Fred was my choice in the New Hampshire primary. The difference between you and me is that I will vote for my party’s choice, while I guess you are stuck in the past.
As long as you’ve been freeping, I would have thought you would know better than to post something you received via email before chasing it down to its source to find out if it has any credibility. If the originator of the email didn’t bother to cite references or sources, then it should be viewed as unfounded rumor at best until corroborating sources can be established.
You would be amazed what a small monthly or weekly contribution into a diversified investment portfolio could add up to over a lifetime.
Never have, never will.
Despite not liking McCain as the Republican nominee, I will certainly vote for him over Obama. This comparison of tax policies alone should give any conservatives thinking about staying home on election day a reason to vote for McCain.
Where is your documented proof that this “email” is factual and true in nature?
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