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0% (No change, Bush repealed this tax)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.