Presidential Candidates Tax Plans

Lets start this off right, and set the mood for what we have in mind!

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%  on20home 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 4 0% 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 $18,7 50
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MCCAIN 0% (No change, Bush  repealed this tax)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 tax es 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://money.cnn.com/news/specials/election/2008/index.html

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

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/%3E

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