Sunday, July 20, 2008

Obama vs. McCain on Your Tax Burden

INTERESTING DATA ON TAXES

Proposed changes in taxes after the 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 40% of the money earned on taxes if Obama becomes 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 (87% increase)
Single making 50K - tax $14,000 (12% increase)
Single making 75K - tax $23,250 (24% increase)
Married making 60K - tax $16,800 (87% increase)
Married making 75K - tax $21,000 (12% increase)
Married making 125K - tax $38,750 (24% increase)

Under OBAMA, the folks in the lower listed income level are hit the hardest, followed by those in the higher income level! Those in the middle will have to pay only 12% more under Obama's plan. Any increase in income taxes is a travesty, but taxing single people of modest means at almost double what they're paying now, that's a crime. There goes there gas money and much more.

INHERITANCE TAX

McCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore the inheritance tax

Many have lost businesses, farms, 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 only lose them to these taxes.

NEW TAXES PROPOSED BY OBAMA

New government taxes proposed on homes that are more than 2,400 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!!!

You can verify a lot of the above information at the following web sites:

What they'll do to your tax bill


CNNPolitics.com-Election Center 2008-Issues-Taxes

Candidates Turn to Traditional Philosophies to Determine Tax Cuts

AARPBulletinToday - McCain, Obama Offer Different Visions on Taxes

The Washington Post Fact Checker Archive: Barack Obama


The Washington Post Fact Checker Archive: John McCain

(and there are many more to choose from, just use your favorite search engine)

Acknowledgment

Thank you, Michael Gallops for sending me the lion's share of the information above.

2 comments:

C. Conrad said...

I haven't yet debunked all these claims, but two of these "facts" are wrong:

> > INHERITANCE TAX
> > MCCAIN 0% (No change, Bush repealed this tax)
> > OBAMA Restore the inheritance tax

This is not what the candidates propose.

The inheritance tax reduction put in place by Bush is self-repealing. In 2011, it will go back to its 2001 rates. Neither Obama nor McCain propose to let this happen.

From: http://money.cnn.com/2008/08/06/smallbusiness/estate_tax.fsb/

"Obama proposes freezing the estate tax at 2009 levels: a 45% tax rate on estates valued at more than $3.5 million. Married couples can combine their exemptions for a total of $7 million."

"McCain's plan would be a more dramatic departure from current policy. The Arizona Senator favors a 15% tax rate, equal to the capital-gains tax rate, and an individual exemption of $5 million ($10 million for married couples)."

> CAPITAL GAINS TAX
> MCCAIN: 0% on home sales up to $500,000 per home (couples).
> OBAMA: 28% on profit from ALL home sales

Obama proposes increasing the capital gains tax from 15% to 28%. There are no differences between the two candidates positions otherwise.

The statement "0% on home sales up to $500,000 per home (couples)" applies to both candidates.
The statement "28% on profit from ALL home sales" is a lie. It should be replaced by the statements:
MCCAIN: 15% on home sales profit above $500,000 per home (couples)
OABAMA: 28% on home sales profit above $500,000 per home (couples)

By the way, 28% is the same rate that prevailed in the 1990s, when home sales did quite well.

Anonymous said...

You quote this website. Did you even read it? I'm sure if your readers link to it, they'll never be your reader again.

http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/index.htm