Okay I've been writing this for quite a while. I can't write anything well unless I have at least 2 or 3 days. This post proves that obama is going to taxe the middle class very hard when he is elected. I have decided to vote for McCain after that Saddleback Forum, but this post about both canidates economic plans is also convincing. I know we have a rising debt to take care of with the war and all the socialist programs that Obama wants to enact, but the taxes we will see under Obama will be heavy enough to hurt alot of small businesses that are already struggling.
Obama plans on doubling the taxes of all those "rich" folks making $30k per year...
The following data, taken from the public record, reveals each Presidential Candidate's proposed TAX Plan, if elected. Each taxpayer should become more informed before the November-08 General Election......or be willing to pay the tariff of ignorance, once taxes are enacted.
INTERESTING DATA ON TAXES
Spread the word.....
This is something you should be aware of so you don't get blind-sided. This is really going to catch a lot of families off guard. It should make you worry.
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 4 0% of the money earned on taxes if Obama 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
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 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 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!!!
Overall I think McCain's plan to do nothing is better than Obama's plan to tax the shit out of all of us. I think we need to take away more government programs and keep taxes the way they are. Obama plans on raising taxes, add new socialist programs such as Healthcare, Global Poverty Act, and subsidies to schools.
You can verify the above at the following web sites:
http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/



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