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Obama and taxes

jodywy

Well-known member
You can verify a lot of this here:
http://money.cnn.com/news/specials/e...008/index.html
INTERESTING DATA JUST RECEIVED ON TAXES

Please 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.

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 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.'
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 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MCCAIN 0% (No change, Bush repealed this tax)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, 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 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!!!
 
A

Anonymous

Guest
jodywy said:
You can verify a lot of this here:
http://money.cnn.com/news/specials/e...008/index.html
INTERESTING DATA JUST RECEIVED ON TAXES
!!!

Interestingly- that site just comes up as: 404 Page Not Found

And none of that matches any of the stuff I posted earlier from the independent studies that said until you make $600,000 taxable income you actually would get a bigger tax break from Obama's plan... :roll: :???:
 

jodywy

Well-known member
Oldtimer said:
jodywy said:
You can verify a lot of this here:
http://money.cnn.com/news/specials/e...008/index.html
INTERESTING DATA JUST RECEIVED ON TAXES
!!!

Interestingly- that site just comes up as: 404 Page Not Found

And none of that matches any of the stuff I posted earlier from the indpendent studies that said until you make $600,000 taxable income you actually would get a bigger tax break from Obama's plan... :roll: :???:
you right it comes up a 404 but thers two work
http://bulletin.aarp.org/yourworld/...C-360I-GOOGLE-BULL&HBX_OU=50&HBX_PK=obama_tax

http://www.investors.com/editorial/IBDArticles.asp?artsec=16&issue=20080822

Under the Obama plan, a family of four with an income of $31,000 to $45,000 could end up with a marginal tax rate 34% to 39%, 13 percentage points higher than under the current tax code.
wow $45,000 is rich... 13% increase
 
A

Anonymous

Guest
That differs from this one put out by the Tax Policy Center...This one says Obama will give tax cuts until 226,000 taxable income- and no tax raises up to $600,000- but raises over that...And brings in more income....

But that said- neither one- Obama or McSame- will probably have too much to say in what the taxes will be anyway...Barnie Frank will probably have more to say- as its apparent both houses of Congress will be heavily controlled by Dems- and as I understand it he has a whole new tax rate already set up to be put in place....And McCains promises to keep the Bush cuts on the wealthy- ain't going to fly...

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Obama and McCain Tax Proposals
According to a new analysis by the Tax Policy Center, a joint project of the Urban Institute and the Brookings Institution, Democrat Barack Obama and Republican John McCain are both proposing tax plans that would result in cuts for most American families. Obama's plan gives the biggest cuts to those who make the least, while McCain would give the largest cuts to the very wealthy. For the approximately 147,000 families that make up the top 0.1 percent of the income scale, the difference between the two plans is stark. While McCain offers a $269,364 tax cut, Obama would raise their taxes, on average, by $701,885 -

http://www.washingtonpost.com/wp-dyn/content/story/2008/06/09/ST2008060900950.html

http://www.latimes.com/news/printedition/asection/la-na-taxes24-2008jul24,0,217480.story
 
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