Posted by
Marie-Jacqueline on Thursday, October 16, 2008 12:38:32 PM
Folks - What Obama does not tell us when he talks about lowering taxes is that :
1) Obama reverses the across the board Bush tax - Which raises ALL our taxes.
2) Obama then put his tax "cut" in place.. His tax cuts on those of us who are paying taxes will actually be more income taxes than we are paying now
3) Obama does not tell you since between 35% to 40% of people are not paying income tax they will actually be given money back which they NEVER paid in. That is not a tax cut that is income redistribution....also known as wellfare.
The American Enterprize Institute charted this. Don't let Obamas eloquent double speak get you to buy into what is in fact tax hikes and socialist BIG Governement
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 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 will more than double.
How does this affect you?
No explanation needed. This is pretty straight forward.
INHERITANCE TAX:
MCCAIN (No change, President 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.
And now for some ”REAL” ”CHANGE”
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 all this here:
http://money.cnn.com/news/specials/election/2008/index.html