Both Candidates Tax proposals
acoustic guy
Posts: 3,770
How do ya like your Rock Star Obama now?
A few points to remember and consider: You can verify the tax information at http://money.cnn.com/news/specials/election/2008/index..html, if you'd like. (INTERESTING DATA JUST RECEIVED ON TAXES & PROPOSED CHANGES IN TAXES AFTER 2008 GENERAL ELECTION.) Time to consider your pocketbook:
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 TAXMCCAIN : 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 (find your bracket)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 (reverse all 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MCCAIN 0% (No change, Bush repealed this tax)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!!!
THE FOREGOING IS SOMETHING YOU SHOULD BE AWARE OF. . . IT SHOULD MAKE YOU THINK BEFORE YOU CAST YOUR VOTE IN NOVEMBER. Please spread the word. This will catch a lot of families off guard.
A few points to remember and consider: You can verify the tax information at http://money.cnn.com/news/specials/election/2008/index..html, if you'd like. (INTERESTING DATA JUST RECEIVED ON TAXES & PROPOSED CHANGES IN TAXES AFTER 2008 GENERAL ELECTION.) Time to consider your pocketbook:
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 TAXMCCAIN : 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 (find your bracket)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 (reverse all 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!!!
THE FOREGOING IS SOMETHING YOU SHOULD BE AWARE OF. . . IT SHOULD MAKE YOU THINK BEFORE YOU CAST YOUR VOTE IN NOVEMBER. Please spread the word. This will catch a lot of families off guard.
Get em a Body Bag Yeeeeeaaaaa!
Sweep the Leg Johnny.
Sweep the Leg Johnny.
Post edited by Unknown User on
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Comments
I posted this a few weeks ago, not to blast Obama, but to ask Obama folks if it was true.
It turns out, according to snopes.com, this email is pretty much complete bullshit.
http://www.snopes.com/politics/obama/taxes.asp
for the least they could possibly do
Yea but how do you know Snopes is not run by the far left fuckers?
LOL
It looked good anyway
Sweep the Leg Johnny.
Doh!
Obama will most certainly raise taxes on anyone who has an investment in the stock market. No matter how small or large. I don't really care one way or the other if you raise Bill Gates' taxes, but the average Joe who's saving for retirement will get fucked by Obama.
-Enoch Powell
Most certainly?
The average Joe and their household making less than $250,000 will not see their taxes increase under an Obama administration. So says, factcheck.org
http://www.factcheck.org/askfactcheck/would_obama_tax_my_profits_if_i.html
But, I think someone making $250,000 really can't be called "Average Joe".
well if factcheck says so lol corp was talking about capital gains. the average joe owns stock and lots of it. everyone will see higher capital gains taxes under Obama.
You and corporatewhore are talking about two different things.
Yes, it's true that people making less than $250,000 will not see their INCOME tax increased.
But Obama is talking about doubling the capital gains tax -- ie, taxing money made off stocks -- which would affect everyone with money invested in the stock market. With this tax, it doesn't matter if you make $250,000 a year or are an elderly retiree with no income ... if you take money out of the stock market, you get hit.
It doesn't matter to someone like me, a 30-something with a 401K. I won't be taking money out of there until I retire, by which point Obama might be dead of old age.
Who it really affects are people like my grandparents, who are retired and basically had almost their entire retirement in a 401K. Every time they withdraw money, they get hit with a tax. If Obama doubles the capital gains tax, they basically just took a 50 percent pay cut.
for the least they could possibly do
My point is that the factcheck.org article also mentions news articles and statements the candidate has made. If I had access to youtube, I'd post a recent statement Obama said himself to that effect.
He has said if you are in a household making less than $250,000 you will not see an increase in taxes.
We might be, but he has said (ok from factcheck.org, but I've heard him say it as well):
Capital Gains Rate: It's untrue that Obama is proposing a 28 percent capital gains tax rate. He said in an interview on CNBC that he favors raising the top rate on capital gains from its present 15 percent to 20 percent or more, but no higher than 28 percent. And as for a 28 percent rate, he added, "my guess would be it would be significantly lower than that." Furthermore, he has said only couples making $250,000 or more (or, his policy advisers tell us, singles making more than $200,000) would pay the higher capital gains rate. That means the large majority of persons who pay capital gains taxes would see no increase at all.
Again, he means your INCOME taxes will not go up.
But that's not what we're talking about here.
for the least they could possibly do
We were posting at the same time, read up the page a bit.
You need to be a tad more precise. The average Joe and their household making less than $250,000 will not see their income taxes increase under an Obama administration. Even that I would argue is not the case, but I will agree for now.
A household that makes $250,000 a year undoubtedly has investments in the stock market. The capital gains and dividends taxes on those investments would increase in an Obama administration.
Just watch and wait and see for yourself. Obama's going to raise taxes on a host of things, besides income. No point in denying it. That is what liberals have been wanting to do ever since the Bush tax cuts.
-Enoch Powell
We were posting at the same time, I think...
I am talking about capital gains.
Well, shit...I'm leaving work for the day...so never mind.
http://hotair.com/archives/2008/04/27/obama-stumbles-on-capital-gains-tax-again/
If Obama really wanted to get the capital gains tax to produce more revenue, he would decrease it, not increase it. He tries to laugh this off by saying that rich people didn’t mind the 28% rate under Bill Clinton, but in fact they did. When Clinton finally lowered it from 28%, under pressure from the Republican Congress in 1997, investment capital tripled. The resultant economic expansion from 1998-2000 outperformed the three-year period after the 1993 tax increase by a full percentage point in average GDP. This lesson instructed the Bush administration in how to generate economic growth, leading to the further reduction in CGT rate in 2001, and the five-plus years of expansion that resulted from it after absorbing the economic damage of 9/11.
Furthermore, in this interview as in his debate answer, Obama never gives a really good reason to increase the CGT rate –except his nebulous issue of “fairness”. Once again, Obama doesn’t explain how an increased rate will generate increased revenues. It won’t; instead of selling off moderately-performing assets and taking the tax hit to invest in higher-risk, higher-potential investments, people will instead hold assets until the tax situation improves. That not only means less revenue as capital gains go unrealized, it means a lot less capital for new economic growth, which will help stall the economy.
Obama still displays no real comprehension of the dynamics of investment and tax policy, a shortcoming with real consequences in a President. He favors jacking up tax rates to redistribute capital from those who earn it to those who do not, and like others before him, he will find those gains elusive. If Democrats are to be believed that the economy has headed seriously south, what’s needed is massive incentive for investors, not another disincentive for capital to go into hiding.
That isn’t a gaffe in the normal sense, but it is a revelation about the kind of economic illiteracy we will see in an Obama administration.
for the least they could possibly do
If we are talking about capital gains taxes and investment in the stock market, I assume this is a reference to our 401k accounts and drawing from them upon retirement.
If we draw from our 401K accounts at retirement, I don't think we get taxed as a capital gain at that point. I think we are taxed as income.
So, then if that is the case, does the capital gain tax argument, as it may or may not relate to the "average Joe's" retirement account even apply?
Or am I completely off the mark with that thought?
401k contributions are pre-tax. They are not taxed at the time the contribution is made. If you transfer the proceeds of a 401k to a traditional IRA (not a Roth IRA), you still pay no tax. When you withdraw funds from a 401k (or a traditional IRA), it's taxed at the same rate that your regular income is taxed at.
Obama's plan will benefit most people because it reduces ordinary income tax rates.
No, you are not.
Did you read my post from before. I don't want you to get the wrong idea with your grandparents. They will be fine!
Saves you looking kinda silly when you post stuff that's already been posted and debunked.