Skylorde
gave me permission to re-post his piece below---which he originally posted on mikemarrs' thread: "OT-Voting,What Can We Expect Under Obama or Mccain?"
Skylorde said the information was compiled from
http://money.cnn.com/news/specials/election/2008 and other sources. My sole objective in re-posting this is---for the benefit of those who have not read it on the other thread---hoping to get more feedback in the process...
nothing more, nothing less. As it should be---I don't intend to give my personal opinion in this thread of mine. I'm just trying to
compile as many opinions and information
on both sides as possible.
Here it is:
"....
Quote:
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 in 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
from 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. Some experts predict that Higher tax rates on dividends and capital gains
would crash the stock market,yet do absolutely nothing to cut the deficit.
INCOMETAX (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)
Singlemaking 30K - tax $8,400
Singlemaking 50K - tax $14,000
Singlemaking 75K - tax $23,250
Marriedmaking 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MCCAIN 0%(No change, Bush repealed this tax)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
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 ...."
----Many thanks to Skylorde!