Will Obama's crazy tax plan destroy the economy? ?

Question

INTERESTING DATA ON TAXES

Spread the word.....

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, 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 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)

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MCCAIN 0% (No change, Bush repealed this tax)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 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!!!

You can verify the above at the following web sites:

http://money.cnn.com/news/specials/election/2008/index.html

http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html

http://elections.foxnews.com/?s=proposed+taxes

http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html

http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/

http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/

If you think we are in bad shape now, just wait..

Answer 1

Your links show something other than what you are claiming. For example, Obama would not raise taxes on the income groups you mention. Absolutely not.

And for estate taxes, Obama would exempt the first $3.5  million dollars of an estate.

Answer 2

a quick snap shot of other parts of the tax plan that effects ALL INCOME LEVELS.... but gets drowned out with the rehtoic of Taxing the top 1 %

Tax rates will rise substantially in each tax bracket, some by 450 basis points;

Low-income taxpayers will see the 10-percent tax bracket disappear, and they will have to pay taxes at the 15-percent rate;

Married taxpayers will see the marriage penalty return;

Taxpayers with children will lose 50 percent of their child tax credits;

Taxes on dividends will increase beginning on January 1, 2009;

Taxes on capital gains will increase, also beginning on January 1, 2009; and

Federal death taxes will come back to life in 2011, after fading down to nothing in 2010.

Answer 3

The problem is that Obama's voter base doesn't care about any of that because none of those numbers affect them. They're all on the receiving end of those taxes, not on the paying end. All the rest work in the social services industry so they're simply trying to line their own pockets.

Gonna suck to have to cut the contributions to MY 401K for MY retirement to pay for someone else's greed ridden forclosure.

Answer 4

He is a communist, his plan proves it.

Answer 5

Apparently you didn't bother to even read the links you provided.  The links you have linked don't even back up the stuff you're saying.  

Answer 6

social medicine is the finest care in the world, you can look it up, France and Germany, Denmark as well. the rich can and will always by what they perceive to be the best care and that care would be denied now if a working class family submitted a claim, Obama will balance the budget faster than Clinton did

Answer 7

No. Bush and the GOP have already accomplished that.

Answer 8

The Obama tax plans can be compared to Herbert "Hoover's tax policy. Today every fool, right or left, knows that imposing a tax increase in an economic downturn is like kicking a wounded man in the stomach.

Yet in the dark days of 1932, with unemployment at 20 percent, Hoover perversely signed an increase that reversed the multiple cuts by his predecessor, Calvin Coolidge.

Hoover more than doubled rates at the bottom of the tax schedule. He also increased the top marginal tax rate to 63 percent from 25 percent. The effect was predictable. That tax error has haunted economists ever since.

Yet today it is not Republicans but Democrats who are preparing to replicate it. Obama has suggested a payroll tax increase and an income tax increase; together they would just about offset all the breaks created by Bush."

Answer 9

Here are just some of the falsehoods from the list above:

(1)  "28% on profit from ALL home sales."  This is wrong in two ways.  First, Obama wants to raise the capital gains rate from 15% to 20%, not 28%.  Second, SALES OF A PRINCIPAL RESIDENCE ARE NOT SUBJECT TO CAPITAL GAINS TAX under section 121 of the Internal Revenue Code.  Neither candidate is proposing a change to section 121.

(2)  Dividend Tax:  The only people who would pay this higher rate would be those in the top marginal income tax bracket.  By comparison, during the Eisenhower adminsitration, the top dividend tax rate was 91%.  

(3)  Inheritance tax:  Only applies to those with a gross estate valued at $2 million or more.  Moreover, Bush did not repeal this tax.  

(4)  New Taxes:  Not one of those are in Obama's tax plan.  You just made those up.

Answer 10

The recent "bubbles" (Dot com; housing; oil) were instigated, in part, because of the lack of regulation and low capital gains taxes.  In the present global economy, literally 100s of trillions of investment dollars exist and folks are looking for means to  put this into the high profit segments.  Thus, folks have been seduced into trying to make quick bucks, "flipping houses" or investing in hedge funds, all the while, behind the scenes manipulation drives the investments/commodities higher.

If capital gains were taxed at the same rate as earned income, then, there would be less incentivie to invest so intensely into these sectors, and even less incentitive to manipulate the market for quick-profit gains...

Folks need to re-learn the philosophy of long-term and stable investments in order to bring stability back to the financial markets.

Answer 11

No.Your numbers a flawed.

Answer 12

It sure won't help it.  How can taking money out of the economy help grow the economy?..

Answer 13

not it will rebuild it bush wrecked it

Answer 14

http://www.snopes.com/politics/obama/tax...

...guh

Answer 15

Most or all of the information you have given is incorrect..

http://www.factcheck.org/elections-2008/...

http://www.washingtonpost.com/wp-dyn/con...

http://www.snopes.com/politics/obama/tax...

http://www.latimes.com/news/printedition...

http://www.cnn.com/2007/POLITICS/09/18/o...

Answer 16

its called propaganda.  go ahead, keep believing.

Answer 17

The Obama followers will tell you that your information is wrong, but under Obama our economy will collapse. Higher taxes is not the answer. More jobs & CUTTING government spending is the answer. Surely Obama took a economics 101 course during that college education we payed for.

Answer 18

I just went through 1/2 of your links and NONE support the c**p you've written I guess you're just hoping people are too effin lazy to look and trust the B.S. you put out there, so s***w it here's a simple link so you can see EXACTLY where you would be in BOTH of their plans

quick hint if you make less than 250K a year you're going to do a lot better with Obama