This is something you should really be aware of. Don't get blindsided. This is really going to catch a lot of families off guard.
CAPITAL GAINS TAX
MCCAIN
15% (no change)
OBAMA
28%
CLINTON
24%
How does this affect you? If you sell your home, stocks, bonds, or mutual funds and make a profit, you may have to pay 28% of your gain in taxes. As far as your home sale is concerned it depends on whether Obama and Clinton also do away with the home sale exemption amount. 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 may go to taxes. This proposal will adversely affect everyone but especially the elderly who are counting on the income on the equity they have built up in their homes as part of their retirement income.
Note also there are no proposals for indexing capital gains. This means that you will get taxed on nominal rather than real gains. In other words if you had an investment for ten years that produced a nominal gain of $10,000 you will be taxed on that full amount. However, assuming inflation at 3.12% per year, your real gain is $10,000 divided by 1.0312^10 or $7355. Thus the Obama 28% turns out to be more like ($10,000 x .28)/7355 or 38.1%.
DIVIDEND TAX
MCCAIN
15% (no change)
OBAMA
39.6%
CLINTON
39.6%
How will this affect you? If you have any money invested in the stock
market, an IRA, 401k, 403b, mutual funds, college funds, life insurance, other retirement accounts, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned in taxes if Obama or Clinton 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." Moreover, Obama and Clinton are oblivious to the fact that the money paid out in dividends has already been taxed once at the paying companies. Of course, Democrats have never been bothered by double taxation.
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
Return to pre-Bush tax rates
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
CLINTON
Return to pre-Bush tax rates
(Same as Obama)
DEATH TAX
MCCAIN
0%
Death tax will be completely repealed in 2010 but will return to the 2002 level if no action is taken.
OBAMA
Return the death tax to the 2002 level.
CLINTON
Return the death tax to the 2002 level.
How does this affect you? Many families have lost and, under Obama Clinton, will lose businesses, farms and ranches, and homes that have been in their families for generations because they could or can not afford the death tax. Those willing their assets to loved ones will instead lose them to these taxes.
NEW TAXES BEING PROPOSED BY BOTH CLINTON AND 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!!!
Can you afford Clinton or Obama? I can't!!!!! Think twice before you vote! We can cut and run in Iraq and leave that oil-rich region in the hands of our enemies or we can stay the course but shift the financial burden of reconstruction to the Iraqis. If you don’t like $4 a gallon gas, how well will you like $8 a gallon like they pay in Iceland. Your vote will ultimately determine whether our petroleum dependent society can continue to function or whether it will collapse. Think!
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