Posted on 08/31/2008 5:14:52 PM PDT by Clint Williams
The following is circulating via e-mail. I have NO IDEA whether it's true though my experience of tax&spend libs says at least it could be true. It's pretty much what I would expect from such.
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 4 0% 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MCCAIN 0% (No change, Bush repealed this tax)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
With both Obama’s and Biden’s liberal ratings being to the left of the senate’s only admitted Socialist, Bernie Sanders, isn’t it time to use the “S” word and call this the Socialist ticket?
A blatant lie since nearly 50% of american families pay no income tax now. Tax hating repuclicans are aware of little fact like this.
How can you cut the taxes on people who are paying no taxes? But hey, it sounds good to people who don't bother to check the facts.
That idea was tossed aside before the Inauguration day ice cream was melted.
Geeez- That 2400 Sq Ft tax would sure hurt the philandering John Edwards and his 14,000 sq ft house, and would also hit Gore.
How about all the big money Liberals in Hollywood and the Malibu Colony?
I can hear Barbra Streisand screaming right now.....
Steven Speilberg....George Lucas.....Michael Eisner...the screams are getting louder and louder.
Obama and McCain are both gonna raise our taxes no small degree. Palin is for lower taxes so our only hope is the slaps McCain around enough to get him to only raise them a little bit.
I don't understand how taxing the heck out of people at the end and redistributing it will not impede efficiency and how doing that will achieve "equity" on the back end.
A good portion of the extra taxes raised will go to congressmen and their pork barrel projects to ensure their re-elections and perks, bureaucrats and jack booted thugs to make sure that people are "paying their fair share or else" and his view of "equity" certainly isn't fair or just.
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