Just what we need to ruin [the remaining] economy.
This info came from a Tax Expert, who is following the campaigns.
> Proposed changes in taxes after 2008 General election:
> CAPITAL GAINS TAX
> MCCAIN 0% on home sa les 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?
> Â· If you sell your home and make a profit, you will pay 28% of
> your gain on taxes.
> Â· 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.
> Â· 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?
> Â· 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.
> Â· 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 $38,7 50
> Under Obama, your taxes will more than double!
> How does this affect you? No explanation needed. This is pretty
> 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 MCCAIN 0% (No change, Bush repealed this tax)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 tax es.
> NEW TAXES BEING PROPOSED BY OBAMA
> Â· New government taxes proposed on homes that are more than
> 2400 square feet
> Â· New gasoline taxes (as if gas weren't high enough already)
> Â· New taxes on natural resources consumption (heating gas,
> water, electricity)
> Â· New taxes on retirement accounts
> Â· New taxes to pay for socialized medicine so we can receive
> the same level of medical care as other third-world countries!
> - - - - -
> Of course, Obama's position appears to be changing, so you will have to
> pay attention to see what his latest approach is at buying votes. 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.
> Information from: CNNMoney article June 11, 2008.
> http://money.cnn.com/2008/06/11/news/ec ... 2008061115