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Proposed changes in taxes after the 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 could almost double!
INHERITANCE TAX
MCCAIN 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
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 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 a lot of the above at the following web sites:
Another false email smear from the scared right wing...
It's not from "the right wing" per se, it's just that they've got a lot of idiots who create these emails in their party. Of course, they've got a lot of people who get crap emails and think it's pertinent to post them on message boards and forward them to whomever they know as well. Just another example of lack of critical thinking skills and general curiosity from the electorate.
Edit: I think what confuses me most is that people who seem so concerned about their money and finances would swallow this crap without researching it's validity. Is this how you make financial decisions in your life?
98% of all taxes collected into politicians pockets.
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Actually the tax increase would be automatic if the current tax laws are allowed to expire. So apparently McCain wants the current law to either become permanent or at least extended and Obama wants them to expire.
There is always a move in the House for additional taxes on a variety of items.
Actually the tax increase would be automatic if the current tax laws are allowed to expire. So apparently McCain wants the current law to either become permanent or at least extended and Obama wants them to expire.
There is always a move in the House for additional taxes on a variety of items.
A closer look
In addition to making the 2001 and 2003 tax cuts permanent, McCain says he would double the exemption for dependents, lower the corporate tax rate, make expensing rules more generous for small businesses and lessen the bite of the estate tax and Alternative Minimum tax.
The net result: compared with their tax bill today, taxpayers on average would see their tax bill cut by nearly $1,200. That means their after-tax income would rise by 2%.
But those in the lowest income groups would only see their after-tax income rise by less than 1% (or between $19 and $319). By contrast, the highest-income households - those with incomes of at least $603,000 - would see a boost in after-tax income of 3.4%, or more than $40,000.
Obama's plan would keep the 2001 and 2003 tax cuts in place for everyone except those making more than roughly $250,000, and he would increase the capital gains tax.
Obama would also introduce new tax breaks for lower and middle-income groups. Such breaks include expanding the earned income tax credit, giving those making less than $150,000 a $500 tax credit per person on the first $8,100 in income, giving those making under $75,000 a 50% federal match on the first $1,000 of savings, and exempting seniors making less than $50,000 from having to pay income tax.
Like McCain, Obama would lessen the bite of the estate tax and the Alternative Minimum Tax, but to a lesser degree.
The net result: compared with their tax bill today, taxpayers on average would see their tax bill cut by nearly $160 under Obama's plan. That means their after-tax income would rise by 0.3%.
But those in the lowest-income groups would enjoy the biggest after-tax income rise as a percentage of income - between 2.4% and 5.5% (worth between $567 and $1,042). By contrast, the highest-income households - those with at least $603,000 in income - would see a dramatic decline in their after-tax income - a drop of 8.7%, or $116,000.
But this is the most overlooked, and most important, part
Quote:
Under both plans, all American taxpayers could pay a price for their tax cuts: a bigger deficit. The Tax Policy Center estimates that over 10 years, McCain's tax proposals could increase the national debt by as much as $4.5 trillion with interest, while Obama's could add as much as $3.3 trillion.
The reason: neither plan would raise the amount of revenue expected under current tax policy - which assumes all the 2001 and 2003 tax cuts expire by 2011. And neither plan would raise enough to cover expected government costs during those 10 years.
__________________
I'm the anti-TNT. I don't do drama.
But this is the most overlooked, and most important, part
Quote:
Under both plans, all American taxpayers could pay a price for their tax cuts: a bigger deficit. The Tax Policy Center estimates that over 10 years, McCain's tax proposals could increase the national debt by as much as $4.5 trillion with interest, while Obama's could add as much as $3.3 trillion.
Did they give an explanation as to how they arrived at these amounts. They are saying Obama's tax cuts would put more money into people's pockets, but then they say McCain's tax cuts would cost more. Something isn't making sense.
Obama's plan would keep the 2001 and 2003 tax cuts in place for everyone except those making more than roughly $250,000,
As I remember, the Demos wanted to eliminate Bush's tax cuts period. There were no exceptions and I know Obama was one of the people pushing that concept.
As I remember, the Demos wanted to eliminate Bush's tax cuts period. There were no exceptions and I know Obama was one of the people pushing that concept.
No this has been his stance for some time.
Please do not put any "My friend sent me this e-mail" without doing your due diligence and researching it first. 99% of those are fake and make the posters who put them up look very foolish.
Please do not put any "My friend sent me this e-mail" without doing your due diligence and researching it first. 99% of those are fake and make the posters who put them up look very foolish.
Chris, this isn't any more dumb then some of these McCain articles that have been posted lately. At one time, the salary differences shown on this email were correct because the Demos were not offering anything other than completly eliminating the Bush tax cuts.
There is so much mis-information right now about how these tax reforms would affect our economy, it's almost comical. And both sides offer expert opinions that contradict each other. So it comes down to whom you believe. Unless you are an accountant, you are at the mercy of political hacks who can make the numbers say anything they want.
Regarding why the trillion less deficit result under Obama's proposal, it doesn't say...however one would assume that his differences would create more revenue due to raising taxes on +600K income group and tremendously on the $2.9M income group, and movement of cap gains.
Code:
MCCAIN OBAMA
Income Avg. tax bill Avg. tax bill
Over $2.9M -$269,364 +$701,885
$603K and up -$45,361 +$115,974
$227K-$603K -$7,871 +$12
$161K-$227K -$4,380 -$2,789
$112K-$161K -$2,614 -$2,204
$66K-$112K -$1,009 -$1,290
$38K-$66K -$319 -$1,042
$19K-$38K -$113 -$892
Under $19K -$19 -$567
__________________
I'm the anti-TNT. I don't do drama.
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