I, like my friend Dani, dont like to talk much about politics to people, bc I definetely have my viewpoints, most of which are not shared by the rest of California. BUT for this, I am willing to make an exception. I copy pasted this from her, who stole it from her soon to be mother-in-law, so no credit to me. Take some time to read it and pass it on to friends. you will be amazed at the numbers!!!! If you think you cant already afford things now, bc the way the economy is going, under Obama, you will be paying ALOT more. :(
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.
Personal note: 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.
Personal note: 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
INHERITANCE TAX
MCCAIN - 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
Personal note: 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
MCAIN None
OBAMA New government taxes proposed on homes that are more than 2400 square feet.
New gasoline taxes
New taxes on natural resources consumption (heating gas, water, electricity)
New taxes on retirement accounts
New taxes to pay for socialized medicine
***
I realize that I’ve already lost you. You probably are so tired of hearing about all this mess that you left as soon as you saw the word “politics”. But if you’re still here, bless you, stout-of-heart. Go do some research, and not just online - the Democratic campaign has effectively hi-jacked our generation, and thus the bloggers, facebookers and “digg”ers of this country.
Think about the repercussions of promises made, and who’s paying for, say, free tuition for college kids or free healthcare. Nothing is ever free.
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/latest-news/index.html
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/
http://www.taxpolicycenter.org/taxtopics/presidential_candidates.cfm
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4 comments:
Interesting info; hope others read it before November.
Old saying:
"If you are are not a liberal in your 20's, you have no heart. If you are still a liberal in your 40's, YOU HAVE NO BRAIN!" At what point to people grow up? When they have real life experience, and responsibility to make things work, not just speculate on theoretical solutions they don't have to implement/live with themselves.
"Ignorance is the most expensive commodity we have in America." _Rush Limbaugh
Thanks for sharing my blog with your blog! :)
Way to go on the research. One of my economic professors said it best: it is easy to implement new taxes, but almost impossible to remove them. And not sure if you should vote on an issue? If it costs money, say no.
Hey Becky! Yay, glad to have another friend in McCain... thanks for posting this... it's so hard to find the real research these days :(. ps... do you mind if I post it on facebook?
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