Obama's and McCain's Proposed Changes in Taxes

The following was sent to me via email, and can be verified at CNN's site.


CAPITAL GAINS TAX

MCCAIN
0% on home sales up to $500,000 per home for couples. No increase to home sales income tax.

OBAMA
28% on profit from ALL home sales

If you sell your home and make a profit, you will pay 28% of your gain on taxes under Obama. If you are planning your retirement and are considering down-sizing your home, that means under Obama 28% of the money you make from your home will go to taxes.

DIVIDEND TAX

MCCAIN 15% (no change)

OBAMA 39.6%

If you have money invested in the stock market, an IRA, mutual funds, retirement accounts, etc., you will pay nearly 40% of the money earned on taxes if Obama becomes president.

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 (revert 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


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MCCAIN 0% (No change, Bush repealed this tax)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 taxes on natural resources consumption (heating gas, water, electricity)

New taxes on retirement accounts

New taxes to pay for socialized medicine

Hear today's show on the Economy online now (See 9/22/08)

4Comment