Obama vs. McCain Proposed Tax Changes
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Obama vs. McCain Proposed Tax Changes
| Fri, 10-31-2008 - 12:14pm |
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, under the McCain plan, you
would not pay any additional taxes. Under the Obama plan, 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, under the Obama plan, 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, under the McGain plan you will still pay
15% on the money you earned as taxes. Under the Obama plan, you will
pay almost 40% of the money earned as taxes.
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 (87% increase)
Single making 50K - tax $14,000 (12% increase)
Single making 75K - tax $23,250 (24% increase)
Married making 60K - tax $16,800 (75.5% increase)
Married making 75K - tax $21,000 (12% increase)
Married making 125K - tax $38,750 (24% increase)
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MCCAIN 0% (No change, Bush repealed this tax)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!!!
You can verify the above at the following web sites:
http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_
different_visions_on_taxes.html
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, under the McCain plan, you
would not pay any additional taxes. Under the Obama plan, 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, under the Obama plan, 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, under the McGain plan you will still pay
15% on the money you earned as taxes. Under the Obama plan, you will
pay almost 40% of the money earned as taxes.
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 (87% increase)
Single making 50K - tax $14,000 (12% increase)
Single making 75K - tax $23,250 (24% increase)
Married making 60K - tax $16,800 (75.5% increase)
Married making 75K - tax $21,000 (12% increase)
Married making 125K - tax $38,750 (24% increase)
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!!!
You can verify the above at the following web sites:
http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_
different_visions_on_taxes.html

This has been posted and debunked already.
There's nothing to see here folks. Move along...
I have not seen it before.
Is there anything that is stated that is not true?