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Politics & Legal > You'll Have Change All Right, (In Your Pocket!)
 

You'll Have Change All Right, (In Your Pocket!)






A few points to remember and consider: You can verify the tax information at https://money.cnn.com/news/specials/election/2008/index.html, if you'd like.


(INTERESTING DATA JUST RECEIVED ON TAXES & PROPOSED CHANGES IN TAXES AFTER 2008 GENERAL ELECTION.)

Time to consider your pocketbook:

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 (find your bracket)
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 (reverse all 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MCCAIN 0% (No change, Bush repealed this tax)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, 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!!!



THE FOREGOING IS SOMETHING YOU SHOULD BE AWARE OF. . . IT SHOULD MAKE YOU THINK BEFORE YOU CAST YOUR VOTE IN NOVEMBER. IF YOU DON'T OWN ANYTHING NOW, CHANCES ARE YOU NEVER WILL BECAUSE TAXES ARE GOING TO GET IT ALL.

Please spread the word. This will catch a lot of families off guard.




posted on July 30, 2008 2:30 PM ()

Comments:

Hmmmm... Seems to me that I've heard the words, "Read my lips; no new taxes!" in a presidential election campaign before. Now, who was it that said that? OH! It was George Bush, Sr! And guess what Mr. Bush's FIRST ACT was after that election? You guessed it! He raised taxes! Probably because, when confronted with the facts, he couldn't help but do that!
Now, when George W. came into power eight years ago, the nation was on the verge of a balanced budget. No more. Thanks to The Iraqi War, this country is in debt for TRILLIONS of dollars, mostly to CHINA! How does Mr. McCain propose to pay that off if he's not going to raise taxes (AND, if, as he says, the war could go on for another 100 years)? I would like to hear him explain that. Or...are our children going to have to learn to speak Mandarin?
comment by hayduke on Aug 7, 2008 10:50 AM ()
Obama promises to raise taxes on only the richest of Americans - just like Clinton in 1993??? Tax increases on families of four earning under $30K - While the really rich still avoided paying much of anything - oh yea, he felt my pain!!! Just take a look at how big the Bill and Hill bank account grew while he was Pres !!!???
comment by oldfatguy on July 30, 2008 3:28 PM ()
Yea, McCain flip-flopped on almost all of Bush's tax cuts to try and seem more conservative. And do you even know how much money you have to make to be part of the inheritance tax? Lets just say I doubt anyone on mybloggers or blogster will feel that one...

Now for obama's real plan....
https://www.barackobama.com/issues/economy/

Barack Obama's Plan
Jumpstart the Economy

* Provide Additional Tax Rebates to American Workers: The economy has continued to weaken significantly, despite congressional action to provide immediate tax rebates to American consumers. Stimulus: $20 billion.
* Establish a $10 billion Foreclosure Prevention Fund: Given the downturn in the economy, Obama is calling for immediate creation of his Foreclosure Prevention Fund that will dramatically increase emergency pre-foreclosure counseling, and will help families facing foreclosure to responsibly refinance their mortgages or sell their homes. Obama’s plan will not help speculators, people buying vacation homes or people that falsely represented their incomes. It is meant to help responsible homeowners through this difficult period. Stimulus: $10 billion.
* Provide $10 billion in Relief for State and Local Governments Hardest-Hit by the Housing Crisis to Prevent Cuts in Vital Services: Because of the housing crisis and the weakening economy, many state and local governments are facing significant revenue shortfalls. Barack Obama believes that in the areas hardest-hit by the housing crisis we should provide immediate, temporary funding to state and local governments so that the decline in property values does not cause them to slash critical public services and cut vital infrastructure spending. Stimulus: $10 billion.
* Extend and Expand Unemployment Insurance: Barack Obama believes we must extend and strengthen the Unemployment Insurance (UI) program to address the needs of the long-term unemployed, who currently make up nearly one-fifth of the unemployed and are often older workers who have lost their jobs in manufacturing or other industries and have a difficult time finding new employment. Expanding UI is one of the most effective ways to combat economic turmoil; every dollar invested in UI benefits results in $1.73 in economic output. Obama is calling for a temporary expansion of the UI program for those who have exhausted their current eligibility. Stimulus: $10 billion.

Provide Middle Class Americans Tax Relief

Obama will cut income taxes by $1,000 for working families to offset the payroll tax they pay.

* Provide a Tax Cut for Working Families: Obama will restore fairness to the tax code and provide 150 million workers the tax relief they need. Obama will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family. The "Making Work Pay" tax credit will completely eliminate income taxes for 10 million Americans.
* Eliminate Income Taxes for Seniors Making Less than $50,000: Barack Obama will eliminate all income taxation of seniors making less than $50,000 per year. This proposal will eliminate income taxes for 7 million seniors and provide these seniors with an average savings of $1,400 each year. Under the Obama plan, 27 million American seniors will also not need to file an income tax return.
* Simplify Tax Filings for Middle Class Americans: Obama will dramatically simplify tax filings so that millions of Americans will be able to do their taxes in less than five minutes. Obama will ensure that the IRS uses the information it already gets from banks and employers to give taxpayers the option of pre-filled tax forms to verify, sign and return. Experts estimate that the Obama proposal will save Americans up to 200 million total hours of work and aggravation and up to $2 billion in tax preparer fees.
comment by ekyprogressive on July 30, 2008 2:54 PM ()

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