Obama's Proposed Tax Hikes, And you thought you already paid enough? Options

[Billy]

Proposed changes in taxes after 2008 General election:

CAPITAL GAINS TAX

MCCAIN proposes:
0% on home sales up to $500,000 per home (couples)


McCain does not propose any change in existing home sales income tax.

OBAMA proposes:
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 proposes:



15% (no change)

OBAMA proposes:



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 be paying nearly 40% 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 proposes:



No changes, ie:
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 proposes"
Reversion to pre-Bush tax cuts, ie:
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. You can figure that out according to your situation.

INHERITANCE TAX



MCCAIN proposes:



0% (No change, Bush repealed this tax)

OBAMA proposes:



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 bequeathing their assets to loved ones will most likely lose them to these taxes. The sad part about this tax is that it was supposedly aimed at the uber-rich but hit the middle-class person.

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) to overhaul national transportation infrastructure.

* New taxes on natural resource consumption (heating, gas, water, electricity)

* New taxes on retirement accounts and last but not least....

* New taxes to pay for socialized medicine.

[impala454]

How has the Patriot Act or warrantless wiretapping added government control over your life? There's not any choices being taken away. Some privacy perhaps but we've argued the wiretapping crap before so no need to hash that again.

Socializing parts of people's lives and taking away choices they currently have is what I'd call control.

I can understand your social concerns, even if I don't agree with them. I wasn't aware though that the general Republican plan was to criminalize gay marraige. At the very least that would be political suicide in our increasingly pussified (PC) society.

IMHO social concerns are fine, but people's health, money, the economy, and national defense & foreign policy are a much higher priority in selecting our leaders than allowing some gay dudes to get a piece of paper and a tiny tax break, or letting some chick that got knocked up on accident murder her child because she's too irresponsible to take care of it.

[Spectatrix]

How has the Patriot Act or warrantless wiretapping added government control over your life? There's not any choices being taken away. Some privacy perhaps but we've argued the wiretapping crap before so no need to hash that again.

It bypasses the judicial system, giving more direct power to the executive branch.

Socializing parts of people's lives and taking away choices they currently have is what I'd call control.

And I'd agree. I do not support socialized health care, at least for adults.

I can understand your social concerns, even if I don't agree with them. I wasn't aware though that the general Republican plan was to criminalize gay marraige. At the very least that would be political suicide in our increasingly pussified (PC) society.

It was slight hyperbole, but they do want to pass the Federal Marriage Amendment, which would define marriage as the union between a man and a woman. This isn't just a social concern to me, it's also a states rights issue. I think the decision on gay marriage should be left to the individual states.

IMHO social concerns are fine, but people's health, money, the economy, and national defense & foreign policy are a much higher priority in selecting our leaders than allowing some gay dudes to get a piece of paper and a tiny tax break, or letting some chick that got knocked up on accident murder her child because she's too irresponsible to take care of it.

I know I said earlier that I was trying to stay away from speculation, but I highly doubt that a universal health care plan is going to pass anytime soon, unless the democrats gain a significant majority in Congress. It's simply too much of a partisan issue. And, as I've said numerous times, I'm not thrilled with such proposals anyway.

Money: Both candidates are planning on cutting taxes in general. Both are probably lying. As per traditional party lines, Obama emphasizes cuts for the lower & middle class (tax hikes for the top 0.1%), while McCain has tax cuts across the board, but mostly for the wealthy. Nothing new here. http://www.washingtonpost.com/wp-dyn/conte...8060900950.html

The Economy: Such a broad topic... not sure what to talk about here. Well, I do think it was cool that Obama called McCain and Clinton out on their dumbass "gas tax holiday" plan. I dunno what either candidate has said about the subprime mortgage meltdown. Anyone want to englighten me?

Foreign Policy: I'm with Obama on this one. I think abandoning diplomacy is foolish, I think nation-building should not be our purpose, and I think getting into yet another war when our military is already stretched thin and we have such a huge budget deficit is suicide. And yes, I'm aware than many of you will disagree with me. It's my personal opinion, so buzz off.

[impala454]

It bypasses the judicial system, giving more direct power to the executive branch.

I can see that I suppose... I just don't see it as some wide scale thing. Seems like that stuff was a fairly isolated set of cases. Let's put it this way, when I'm on the phone, I don't get the feeling some fed is listening to me.

It was slight hyperbole, but they do want to pass the Federal Marriage Amendment, which would define marriage as the union between a man and a woman. This isn't just a social concern to me, it's also a states rights issue. I think the decision on gay marriage should be left to the individual states.

I personally don't support gay marraige at all, but honestly I don't care what is done at the govt level about it and just don't see it as something important in deciding my vote, that's all. If anything (and I'm all for states rights as well), it would bug me for this to be a states issue, because now there's 50 states worth of politicians wasting money discussing it instead of just the feds.

Money: Both candidates are planning on cutting taxes in general. Both are probably lying. As per traditional party lines, Obama emphasizes cuts for the lower & middle class (tax hikes for the top 0.1%), while McCain has tax cuts across the board, but mostly for the wealthy. Nothing new here. http://www.washingtonpost.com/wp-dyn/conte...8060900950.html

I don't really believe either of them will cut taxes either. I do believe McCain would renew Bush's tax cuts though.

[Spectatrix]

I can see that I suppose... I just don't see it as some wide scale thing. Seems like that stuff was a fairly isolated set of cases. Let's put it this way, when I'm on the phone, I don't get the feeling some fed is listening to me.

Fair enough. I'm not paranoid that the government is listening in on me either, but I do think they bypassed an easy-to-deal-with system (FISA court) and I don't think our government should be ignoring the checks and balances that are built into the system.

I personally don't support gay marraige at all, but honestly I don't care what is done at the govt level about it and just don't see it as something important in deciding my vote, that's all. If anything (and I'm all for states rights as well), it would bug me for this to be a states issue, because now there's 50 states worth of politicians wasting money discussing it instead of just the feds.

Haha, quite true that they're wasting money... but I support it as a state's rights issue mainly because marriage has historically fallen under the domain of the states.

I don't really believe either of them will cut taxes either. I do believe McCain would renew Bush's tax cuts though.

Same, though I also believe that Obama will renew them for the lower tax brackets... though maybe not up to $250k.

Wasn't talking about you.