Friday, September 5, 2008

Politics are taxing...

A friend of mine, Natalie had this information on her blog and I thought it was too important not to share. Please spread the word. This is something we should all be aware of so we don't get blind-sided or caught off guard. You can verify a lot of this here:
http://money.cnn.com/news/specials/election/2008/index.html

INTERESTING DATA JUST RECEIVED ON TAXES
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 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MCCAIN- 0% (No change, Bush repealed this tax)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!!!
Read and think carefully about this. It worries me. What about you?

3 comments:

rachel said...

I don't have time to go into all the details now (I know that some of the numbers you listed were misleading), but here's this from the source you cited:

McCain: The average taxpayer in every income group would see a lower tax bill, but high-income taxpayers would benefit more than everyone else.

Obama: High-income taxpayers would pay more in taxes, while everyone else's tax bill would be reduced. Those who benefit the most - in terms of reducing their taxes as a percentage of after-tax income - are in the lowest income groups.

So, am I worried? Yes. By McCain's plan. I think that the right is really good at drumming up fear of higher taxes among the middle classes while quietly handing out huge tax breaks to the rich (we're talking those who make over 600,000 a year).

To me, it makes sense that those who make the least amount of money would pay the least in taxes. Seems like a real no brainer.

Dave and Julie Neal said...

Hello! This message is for Jeff. Dave wants your email address and number. Jared his brother is thinking of moving to Phoenix and going to school out there. They would like to get some info from you. Email Dave at d.neal81@gmail.com

Thanks!!!

Bodell said...

I haven't talked to you in a while and just wanted to say hello! I love reading your politics and opinions... I don't know if I'd be brave enough to post my own! ;) You guys are great and your family is so cute! We are going to be down around New Years. Will you be in town? If so let's plan to get together... we have to introduce our new little ones! How is is going with two now? Has is been a big change?