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OT Tax policies

Subject: Tax policies         Here is some info that every voter needs to see before WE vote in Nov.

2008 ~~~~~~~~~~~~~~~~~~~~~~~~~~~ Proposed changes in taxes after 2008 General election: CAPITAL GAINS TAX MCCAIN 15% (no change)

OBAMA

28%

CLINTON

24%

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 downsize your home or move into  a retirement community, 28% of the money you make from your home will go to taxes. It did not state if the $500,000 exclusion if married and lived in the house for 2 of the last five years would be exempt as it is now. 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%

CLINTON

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 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.'

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

CLINTON (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

How does this affect you? No explanation needed. This is pretty straight forward.

INHERITANCE TAX

MCCAIN

0% (No change, Bush repealed this tax)

OBAMA Keep the inheritance tax

CLINTON Keep 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 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 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!

Reply to
dbu
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It doesn't matter what you post, the liberals will never admit these things will affect them. They think it will only affect those who work for Exxon or Microsoft. Class envy blinds them to the realities of losing a third of their income if not more.

Reply to
badgolferman

"Bingo", as waffle would say.

Reply to
dbu

(snip)

I was just curious about the inheritance tax that all the communists support. What are the details on that? If I inherit $5000, would I have to pay tax on such a small amount?

Reply to
Reasoned Insanity

I'm no expert in this area, but seems there was a higher limit that you wouldn't have to pay for only a $5K amount. Gosh is that all you're going to get?

Reply to
dbu

Why should capital gains be taxed at a lower rate than other income?

Dividends in a traditional IRA are taxed as ordinary income when the funds are withdrawn. Dividends in a Roth IRA are taxed at a rate of 0% when the funds are withdrawn. Who are these "experts" making the prediction.

How many families lost businesses, farms, ranches, etc.?

Good.

Great. That will help reduce the use of gasoline and improve fuel economy.

Good.

More specifics on this, please.

The US is not a third-world country, as implied above. However, we are, the only industrialized country to not have socialized insurance. Considering that we have the highest per capita health care costs in the world, and tens of millions of people who don't have medical insurance, please explain why we would want to keep the present system.

Jefff

Reply to
Jeff

Jeff, ask the democrats, Clinton and Obama what their plan is for taxes. Ask them to be somewhat specific. I really sick and tired of hearing only "change" from them.

Reply to
dbu

It's amazing how people way too poor to worry about the inheritance tax worry about it.

Reply to
beerspill

Back in 2000, was Bush specific about how he planned to let 7,000 Americans die, 3,000 by his neglect, another 4,000 by his incompetence? No, because he knew how to play the political game.

Reply to
beerspill

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