Proposed Tax Changes

[Racerbvd]

This will make you think

Proposed Tax Changes

Since most speeches seldom include the announced intentions of the candidates, here is a comparison for several items that affect us all. Feel free to add up those that apply to you.

- there are links at the end to validate the following.

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 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%

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(No change, Bush repealed this tax)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 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!

In case you want more information on Obama's tax and spend agenda:

If Sen. Barack Obama (D-IL) Could Enact All Of His Campaign Proposals, Taxpayers Would Be Faced With Financing $874.35 Billion In New Spending Over One White House Term:

Updated February 14, 2008: Obama's National Infrastructure Reinvestment Bank Will Cost $60 Billion Over Ten Years; Equal To $6 Billion A Year And $24 Billion Over Four Years. Obama: 'I'm proposing a National Infrastructure Reinvestment Bank that will invest $60 billion over ten years.' (Sen. Barack Obama, Remarks On Economic Policy, Janesville, WI, 2/13/08)

Obama's Health Care Plan Will Cost Up To $65 Billion A Year; Equal To $260 Billion Over Four Years. '[Obama] campaign officials estimated that the net cost of the plan to the federal government would be $50 billion to $65 billion a year, when fully phased in, and said the revenues from rolling back the tax cuts were enough to cover it.' (Robin Toner and Patrick Healy, 'Obama Calls For Wider And Less Costly Health Care Coverage,' The New York Times, 5/30/07)

Obama's Energy Plan Will Cost $150 Billion Over 10 Years, Equal To $15 Billion Annually And $60 Billion Over Four Years. 'Obama will invest $150 billion over 10 years to advance the next generation of biofuels and fuel infrastructure, accelerate the commercialization of plug-in hybrids, promote development of commercial-scale renewable energy, invest in low-emissions coal plants, and begin the transition to a new digital electricity grid.' (Obama For America, 'The Blueprint For Change,' www.barackobama.com, Accessed
1/14/08, p. 25)

Obama's Tax Plan Will Cost Approximately $85 Billion A Year; Equal To $340 Billion Over Four Years. '[Obama's] proposed tax cuts and credits, aimed at workers earning $50,000 or less per year, would cost the Treasury an estimated $85 billion annually.' (Margaret Talev, 'Obama Proposes Tax Code Overhaul To Help The Poor,' McClatchy Newspapers, 9/19/07)

Obama's Plan Would Raise Taxes On Capital Gains And Dividends, And On Carried Interest. Obama's tax plan includes: '[i]ncreasing the highest bracket for capital gains and dividends and closing the carried interest loophole.' (Obama For America, 'Barack Obama: Tax Fairness For The Middle Class,' Fact Sheet, www.barackobama.com, Accessed 1/8/08)

Obama's Economic Stimulus Package Will Cost $75 Billion. 'Barack Obama's economic plan will inject $75 billion of stimulus into the economy by getting money in the form of tax cuts and direct spending directly to the people who need it most.' (Obama For America, 'Barack Obama's Plan To Stimulate The Economy,' Fact Sheet, www.barackobama.com, 1/13/08)

Obama's Early Education And K-12 Package Will Cost $18 Billion A Year; Equal To $72 Billion Over Four Years. 'Barack Obama's early education and K-12 plan package costs about $18 billion per year.' (Obama For America, 'Barack Obama's Plan For Lifetime Success Through Education,' Fact Sheet, www.barackobama.com,
11/20/07, p. 15)

Obama's National Service Plan Will Cost $3.5 Billion A Year; Equal To $14 Billion Over Four Years. 'Barack Obama's national service plan will cost about $3.5 billion per year when it is fully implemented.' (Obama For America, 'Helping All Americans Serve Their Country: Barack Obama's Plan For Universal Voluntary Citizen Service,' Fact Sheet, www.barackobama.com, 12/5/07)

Obama Will Increase Our Foreign Assistance Funding By $25 Billion. 'Obama will embrace the Millennium Development Goal of cutting extreme poverty around the world in half by 2015, and he will double our foreign assistance to $50 billion to achieve that goal.' (Obama For America, 'The Blueprint For Change,' www.barackobama.com, Accessed 1/14/08, p. 53)

Obama Will Provide $2 Billion To Aid Iraqi Refugees. 'He will provide at least $2 billion to expand services to Iraqi refugees in neighboring countries, and ensure that Iraqis inside their own country can find a safe-haven.' (Obama For America, 'The Blueprint For Change,' www.barackobama.com, Accessed 1/14/08, p. 51)

Obama Will Provide $1.5 Billion To Help States Adopt Paid-Leave Systems. 'As president, Obama will initiate a strategy to encourage all 50 states to adopt paid-leave systems. Obama will provide a $1.5 billion fund to assist states with start-up costs and to help states offset the costs for employees and employers.' (Obama For America, 'The Blueprint For Change,' www.barackobama.com, Accessed
1/14/08, p. 15)

Obama Will Provide $1 Billion Over 5 Years For Transitional Jobs And Career Pathway Programs, Equal To $200 Million A Year And $800 Million Over Four Years. 'Obama will invest $1 billion over five years in transitional jobs and career pathway programs that implement proven methods of helping low-income Americans succeed in the workforce.' (Obama For America, 'The Blueprint For Change,'www.barackobama.com, Accessed 1/14/08, p. 42)

Obama Will Provide $50 Million To Jump-Start The Creation Of An IAEA-Controlled Nuclear Fuel Bank. Obama: 'We must also stop the spread of nuclear weapons technology and ensure that countries cannot build -- or come to the brink of building -- a weapons program under the auspices of developing peaceful nuclear power. That is why my administration will immediately provide $50 million to jump-start the creation of an International Atomic Energy Agency- controlled nuclear fuel bank and work to update the Nuclear Nonproliferation Treaty.' (Sen. Barack Obama, 'Renewing American Leadership,' Foreign Affairs, 7-8/07)

[ckissick]

You forgot the most costly one of all. Obama sponsored a Senate bill that would take over $800 billion from the US over 10 years and it wouldn't even be re-distributed in our own country. It would be sent via the UN to 3rd world countries. The bill has not been passed yet, but if and when it does, Obama would not veto it, since he sponsors it.

[Racerbvd]

Like I said, he wants to punish high achievers. He would turn the USA into South Africa

[lendaddy]

Stand by for an Iraq War bill quote.

[stevepaa]

I just want to know how we are going to pay for the war?

Anyone?

[lendaddy]

Originally Posted by stevepaa

I just want to know how we are going to pay for the war?

Anyone?

I give myself partial credit for this one

[Racerbvd]

Originally Posted by stevepaa

I just want to know how we are going to pay for the war?

Anyone?

cut AIDs funding & liberal arts funding

[stevepaa]

Originally Posted by Racerbvd

cut AIDs funding & liberal arts funding

did not know we had 3 trillion in liberal arts funding. I am in the wrong business.

[stevepaa]

Originally Posted by lendaddy

I give myself partial credit for this one

duly noted.

[Porsche-O-Phile]

America is obviously bent on destroying the educated, the motivated, the entrepreneurial, the disciplined and the hard-working.

I think we might have finally reached that tipping point I've been so worried about. . .

[Burnin' oil]

Originally Posted by Porsche-O-Phile

America is obviously bent on destroying the educated, the motivated, the entrepreneurial, the disciplined and the hard-working.

I'm safe.

[stevepaa]

Originally Posted by Porsche-O-Phile

America is obviously bent on destroying the educated, the motivated, the entrepreneurial, the disciplined and the hard-working.

I think we might have finally reached that tipping point I've been so worried about. . .

yes, the tax burden of this war will fall on my children for years to come.

[Racerbvd]

Originally Posted by stevepaa

yes, the tax burden of this war will fall on my children for years to come.

But at least they will be safe in the future

[lendaddy]

Originally Posted by stevepaa

yes, the tax burden of this war will fall on my children for years to come.

Perhaps not, they might be lazy, poor or stupid. Hold onto hope

[Hugh R]

In Hillary and Obama's minds dividends and capital gain must be evil. Or they think they only apply to the "rich" and the average person won't care. It probably will fly if either is elected, cause the national savings rate is a disgrace. Less than zero certainly for the average joe. Pretty soon, people will be talking about a national crisis on credit card debt and pushing congress to forgive credit card debt, and once again I'll be the chump and not get in on the gravy train cause I don't carry ANY revolving debt.

[pwd72s]

Originally Posted by Porsche-O-Phile

America is obviously bent on destroying the educated, the motivated, the entrepreneurial, the disciplined and the hard-working.

I think we might have finally reached that tipping point I've been so worried about. . .

You forgot to include the financially aware. People today are financially ignorant. Why do people think socialism will work since it has failed everywhere it has been tried? Probably because democracies fail once everybody realizes they can suck from the great teat of Government. Of couse, then...it's all over. "Those who can produce" quit producing because there is no incentive to do so. "Those who take according to need" find their needs getting larger.

Folks, that's why our founding fathers set up a "representative republic"... we are NOT a democracy, no matter how much the mainstream media and your High School teacher tried to tell you we are.

Ahhh..never mind. What's happening now makes me glad to be an old fart, with 20 years left at best. The way the USA is sliding down the steep slope into socialism makes me hope I won't live long enough to see it topple...