TAXES WILL RAIS CRAZY IF OBAMA Is Elected?

Question

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.

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, lif e 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 become 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)

S ingle 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MCCAIN 0% (No change, Bush repealed this tax)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 and 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 not 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!!!

Answer 1

Dude that sux!!!

Answer 2

The email is wrong and your spelling and grammar are terrible.  Typical nut job.

Answer 3

He can raise taxes and he will. The checks and balances are not what they use to be. Remember Bush changed the tax codes almost immediately after taking office. The problem is the legislation (house and senate) are both controlled by the same party that Obama is a part of. The Democrats are already trying to get a "filibuster proof" control of both the house and senate. If Obama gets elected, the Democrats that are in control of the legislative branch will follow suit to his tax plans. We will go back to the pre-depression era policies that could spin this country into another depression. This is my biggest fear. I don't make $100,000 a year and I will not vote for Obama. Talk to any Economist about what increased taxation does to an economy, and they will tell you, it stifles it because of the burden on those that are productive.

Answer 4

I own my home, and make better than 100k annually, and I will be voting for Obama.

Answer 5

Please stop posting this right-wing nut-job spam as if it was factual information.  The vast majority of what you have posted here is patently FALSE and the remaining is extremely misleading.

A few points:

There is nothing in Senator Obama's economic and tax plan that would rescind the current exclusion from tax of the gain on the sale of a principal residence.  Therefore the claim that it would be taxed at 28% is an outright lie.

Dividends are currently taxed at TWO separate rates.  Ordinary Dividends are taxed at your marginal rate while Qualified Dividends are taxed a the lower long-term capital gains rate.  Therefore the claim that they would be taxed at 15% across the board by McCain is an outright lie since he has made no proposal to cut the dividend rate on Ordinary Dividends

The claim that capital gains would be taxed at 39.6% under Obama is only partially true.  The truth is that the Bush tax cuts will AUTOMATICALLY expire in 2011 unless CONGRESS acts to extend them.  And if Congress does not act, whomever is in the White House will be totally IRRELEVANT as the President has NO authority to extend them on his own.  So even if McCain wins, if Congress doesn't act, the tax cuts will expire.  The false parts are the inclusion of such items as IRA proceeds, retirement accounts, etc (taxed as ordinary income according to your marginal tax rate) and ignoring the lower tax rates on long-term capital gains (either 5% or 15% depending upon marginal rate) and assuming that ALL taxpayers paying the higher short-term CG rate AND would be in the highest tax bracket.  The truth is that only the wealthiest of taxpayers pay tax at the highest rate.  MOST are in the 25% or 15% bracket.

The inheritance tax claim is an outright lie.  First off, there is NO Federal Inheritance tax, nor has there ever been one in my lifetime.  While it is true that in 2010 there will be no Estate Tax, it will return automatically at pre-2001 rates in 2011.  Bush did NOT repeal the Estate Tax!  If Congress does not act, the return is AUTOMATIC regardless of who is in the White House.

Please stop drinking the Neo-Con Sweet Tea.  It will rot your brain!

Answer 6

The person who submitted this foolishness most likely does believe it, but it should really be pointed out that this is all nonsense.  It assumes, for instance, that Obama will cancel all the Bush tax cuts, not just those for high income taxpayers.  Obama has repeatedly said he won't do this, and, even if he wanted to, it's highly unlikely that Congress would go along.  There are several other inaccuracies in the question, too many to list them all.

The link below shows an accurate assessment of the impact of the two tax plans, and it is about what you'd expect: Obama lowers taxes for the vast majority of taxpayers, but the top 1% will see a sizable increase.  McCain, whose plan is wildly irresponsible and would send the deficit to record levels, lowers taxes for everybody, but for most people Obama will lower taxes more.  The really dramatic difference is in the top 0.1% of taxpayers, (roughly $1.5 million annual income and up) whose after-tax income will rise about 11.5% under McCain, but decline by 5% under Obama.

Answer 7

We have a three sided balance of power in our government.  - Administrative - Legislative - Judicial

The president is the administrative branch of the government. He can't create taxes.  He can only have ideas for how taxes should be collected.  His only power is administering  the collection of the taxes through the Department of Treasury and the IRS.  The only influence he has will be to push his agenda through the senate and the house of representatives by talking them into it.

The Senate and the House are the legislative branch of the government.  They are the ones who create the tax laws.  If they don't agree with Obama's tax ideas, then they will not create tax laws to create these tax changes.

The courts are the Judicial branch of the government.  They ultimately enforce the tax laws - or determine if they are unconstitutional...