Hey Obama people ... refute this for me (tax plan)
slightofjeff
Posts: 7,762
Got this email today. Not trying to start shit with you guys. Just hoping someone with more info on Obama could help me confirm or refute this stuff:
INTERESTING DATA ON TAXES
Proposed changes in taxes after the 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 could almost double!
INHERITANCE TAX
MCCAIN 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
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 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!!!
INTERESTING DATA ON TAXES
Proposed changes in taxes after the 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 could almost double!
INHERITANCE TAX
MCCAIN 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
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 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!!!
everybody wants the most they can possibly get
for the least they could possibly do
for the least they could possibly do
Post edited by Unknown User on
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Comments
I'm not an economics expert by any means so I will let some others confirm or refute the email.
The fact that its being spread around so fast makes me think its propaganda but we will see.
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I don't know about this tax thing,
Obama '08, (bitches)
"Taxes and Budget issues: Obama supports repeal of tax cuts for upper income earners to pay for health care. Opposes repeal of the estate tax." He supports health care for unisured, not a natinoal health care system.
I'm a budget officer for a federal gov't agency so I know a bit about taxes and spending. I can't however, give a reasoned response to "information" that certainly has an agenda (yes, I do support Obama). I will tell you that under this current regime, we have gone from a budget surplus in the last few Clinton years to a budget deficit of over $200 billion per year. As a % of GDP it is still low, however, the national debt is approaching $10 trillion, that is $31k plus for every person in this country, and growing. So, we have a choice, we either cut back on govt services (most likely pork barrel) or we raise more money (have rich pay more). I suspect a combo of both is the way to go...and since in this country the tax burden is heavily weighted toward the lower and middle middle class, I'd rather the upper middle and upper classes pay more of the freight as they BY FAR reap the rewards of govt policy.
Washington, D.C. - 2008
Philadelphia, PA I - 2009
Bristow, VA - 2010
Baltimore, MD - 2013
Milwaukee, WI - 2014
Hampton, VA - 2016
I don't totally agree with the new proposal, but we do need to help fund the mop-up operations for the mess that has been made for the past 8 years.
The abolishment of the inheritance tax HEAVILY favored the rich. The gift/estate tax in not levied on dollar one of the monies involved, so the boo-hoo story of people losing farms/businesses is a bit extreme.
As a matter of full disclosure, I got this from my 80-year-old grandpa, who forwards everything he can get his hands on about everything. He was the one sending me the "Obama is a Muslim" and "Obama won't sing the national anthem" emails that were obviously bs.
So I'm disinclined to believe this one, too. I'd just like to know if there are any facts to refute it.
for the least they could possibly do
Here are the "sources" provided with the email I got, if anyone is interested:
http://money.cnn.com/news/specials/election/2008/index.html <http://money.cnn.com/news/specials/election/2008/indexhtml>
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes <http://elections.foxnews.com/?s=proposed+taxes>
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html <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/barack_obama/>
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/ <http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/>
for the least they could possibly do
If this is true, it scares me. Because I got a shitload of tax breaks in the past eight years, and I don't consider myself "higher income." I'm certainly not higher income enough to be able to absorb a tax hit.
for the least they could possibly do
You may have gotten what you consider a shitload, but the higher networth people got much more by comparison.
That could be true.
That said, I'm holding onto my economic stimulus check. Just in case I have to give it back in January.
for the least they could possibly do
smart man!
Its as if we all took a huge cash advance on the national credit card!
Instead of talking taxes, they should be talking about reforming government spending.
...are those who've helped us.
Right 'round the corner could be bigger than ourselves.
http://www.politifact.com/truth-o-meter/subjects/taxes/
Based on the source cited, (http://money.cnn.com/2008/06/27/news/economy/obama_wealthy_taxes/index.htm)
for income tax, "under Obama's tax plan, married couples with at least $250,000 in gross income are likely to see their taxes go up if Obama is elected president." All of those numbers listed are for people well below that number.
The inheritance tax part is sorta bullshit, and only adds that part about loved ones because they can't really back up the claim. Again, fro the CNN source:
"When it comes to family wealth, for instance, Obama favors maintaining the estate tax, which is scheduled to be repealed in 2010 for one year. But he would limit its reach.
Obama would freeze the estate tax exemption amount at $3.5 million - up from its current $2 million level and the $1 million level it's set to revert to in 2011. He would also keep the current top rate of 45%, which is below the 55% it is set to revert to in 2011."
So, if your estate is worth over $3.5 million (higher than it is now), you would be taxed (at the rate you would be now for over $2 million)
And the "claims" at the end are a joke... The gas tax claim is based on a comment that Obama made while an Illinois senator about possibly supporting a state gas tax increase, I can't find anything about the 2400+ sq/ft thing anywhere except in the comment parts of articles where people claim this, and same with the energy and retirement new taxes. And the socialized medicine line is so biased and loaded that you can't even take it seriously.
edit: thanks inmytreeRaindog, politifact (http://www.politifact.com/truth-o-meter/statements/403/) already addressed most of this chain e-mail when it had Clinton included in it.
was like a picture
of a sunny day
“We can complain because rose bushes have thorns, or rejoice because thorn bushes have roses.”
― Abraham Lincoln
Why should they operate a fiscally responsible government?
Everyone complains about the "wealthy" getting a bigger tax break...duh, it's called math people, if you pay more already, and your taxes are reduced by the same %...a wealthy person would get more back. Seriously, I think a lot of our problems coudl be solved if people in the US actually learned how to add, subtract, multiply, divide and use %.
Oh well, that's enough sensible talk...it's always easier to take and spend someone else's money.
http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/index.htm?cnn=yes
I'm a big fan of charts and graphs.
That is actually very interesting. So I'm better off under McCain, but not by that much.
I feel sorry for the people in the upper brackets when Obama is elected though. Holy fuck!
I know it's popular to castigate the rich for being rich, but damn ... some of them already pay close to 40% of their income in income tax. And now we want them to pay more?
It kind of isn't fair. I guess I'm glad I'm not rich
for the least they could possibly do
http://www.snopes.com/politics/obama/taxes.asp
(Shawn Smith's official website, but not Thee Shawn Smith)
Well, there you have it.
I feel sorry for all these old people who think Obama is some Muslim, flag-burning tax-raiser ... because you know old people take any email sent to them as fact.
for the least they could possibly do
I would like to see how successful those people would be in another country. Our roads, infrastructure and military allow them to build businesses that expand and occur wealth. I have no issue with them paying more. This country thrived under Clinton's tax structure. We have done nothing under Bush's economic scheme.
I don't have an issue with them paying more. But they're ALREADY paying more. How much more is more? Should they give half their income to the government? 60 percent? 70?
Also, you realize we were on the brink of recession when Clinton left office, right? "Tax structure" had very little to do with anything. The economy is cyclical.
for the least they could possibly do
Gibson Amphitheatre (Los Angeles): 10/7/09
Real estate aside, the capital gains rate should be raised. Obama plans to raise it to the same level Reagan did in 1986. Personally I have a problem with hedge fund managers getting taxed less then what I pay on my income. Stocks are income to these people and this is only one cause of whats creating the great divide between the classes. Call it class warfare but the middle class is losing. We need a more progressive tax system that empowers everyone not just a small section of society. Trickle down economics has never worked.
Now you're just being silly. No one is saying that they should pay 60 or 70%.
I think you're wrong, top rates were 70 to almost 100 % for a very long time before Reagan. A lot of people would love to see taxes go that high again.
What's 100 percent of zero?
yeah. not yet. Give it a few years.
They are already paying 40 percent.
Where does it go now?
And the next time?
And the time after that?
Where is the cap on what's fair?
It just irks me (but only a little, since I'm not rich) that every time the government needs more money, they take it from the people who are already paying more than their fair share.
for the least they could possibly do
It's easy for them though...most people already like to hate the rich and this is the only way to get back at them...
Damn you and all your $!!!!!!!!!!!!!!
As I've said before, it's very easy to give away someone else's earned income.
i'm in that top bracket. i see a lot of money go to federal taxes, but you know what? it doesn't bother me. why? because even after those taxes, im taking home more per check than anyone else i know gets before their taxes. it's not like i'm unable to buy groceries, it just means i maybe shouldn't splurge on the digital flat panel 600 inch tv this year. but you're right, our lives are so hard, aren't they? if i've got to pass on the tv this year so that some kid somewhere can get government health care he couldn't afford elsewhere, i'm not going to bitch about biting that bullet.
as to tax plans, here's the rundown on obama v mccain. even the corporate folks think obama's plan is smarter, and they stand to lose the most:
http://www.businessweek.com/bwdaily/dnflash/content/jun2008/db20080611_220050.htm
Denny Crane!