Better read this and think about it..

[louixo]

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 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 (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

OB A MA
(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MCCAIN 0% (No change, Bush repealed this tax)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 lose them because of these taxes.

Everything above this level is accurate to a point. The BUSH taxes cuts were approved in the form of a 'sunset law', which expires in 2010. What this means is that CONGRESS must extend these cuts or they automatically revert back to the tax law prior to the cuts. CONGRESS doesn't have to do a thing to raise your taxes. They will just let the cuts expire, and don't even have to vote on it. The democrats in congress can actually say they did not vote for a tax increase. If it is allowed to expire, the tax rate for all working class folks will go up by an average of $3000 to $3500 per year?..automatically. Isn't that great? So this is not just about Obama for President. The congress in this election is at least as important as President. Just imagine.....Obama as President and NO congressional opposition. NOTHING could be worse.


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 third-world countries!!!

What all of this amounts to is this. The American working class, receiving regular paychecks from our employers, are now paying 25% to 30% of our income in taxes. If Obama becomes president and puts all of his proposed programs in place, with the help of a Liberal majority in congress, American working people will pay over 50% of our income in taxes to the US government to support all of the Obama/Liberal entitlement programs. Can we afford that?? I can?t!!!!!

 

[LDB]

And yet with irrefutable evidence of the absolute disaster financially the koolaid drinkers will continue to drink and will vote for this absolute loser. How stupid is that?

 

[copdsux]

Once again, sources please! I'm not necessarily disagreeing,
just would like to read it for myself.

 

[SHARP327]

YES! we need to know where the source of all this info came from!

Many times in the past.. things like this couldn't be backed up...so please reveal the source.

I'd never vote for McCain in the 1st place cause he scares the crap out of me but if this is all fact then I'll not vote for Democrat either.

Thanks

 

[Crazynuff]

Neither candidate makes tax laws . Congress does that . Same with health care . I still think the fair tax is the way to go .

 

[slfisher45]

I think this belongs in the, "Soap Box Forum". It certainly isn't current events. LDB, is your response civil?

 

[LDB]

Congress puts the budget up and the president approves it or not. No, the president can't put a budget in place, however he can approve one. If we have Pelosi and Reid putting the budget in with all sorts of tax increases Obama will be a rubber stamp. It doesn't all have to be true to be a train wreck in the making. You can't tax your way to prosperity as this crowd believes.

Here's the capital gains tax. I plan to retire one day and use mutual funds and investments to get there so it's an important topic. That alone is enough reason to be wary.

Obama Pushes for Higher Investment Taxes - Capital Commerce (usnews.com)

 

[greg334]

Neither candidate makes tax laws . Congress does that .

Aren't they senators? So technically they are the law makers.

 

[always confused]

actually i think the executive branch (the pres) submits a budget to congress, this budget covers costs to operate the various departments of the govt : dept of defense, dept of trans, dept of health, etc ... then its up to congress to pass the laws to fund the budget .. and any other things they want to fund or not fund. they also pass the tax code used to provide the funds they then spend.

 

[greg334]

actually i think the executive branch (the pres) submits a budget to congress, this budget covers costs to operate the various departments of the govt : dept of defense, dept of trans, dept of health, etc ... then its up to congress to pass the laws to fund the budget .. and any other things they want to fund or not fund. they also pass the tax code used to provide the funds they then spend.

You are correct to a point.

But the thing it, there is a difference between appropriations and approving.

 

[flattop40]

All I have to say is if Obama gets elected God help us all. Those of us who remember the Carter years it will be just as bad if not worse. Double digit inflation and 15-18% loan rates.

 

[Pilgrim]

For those wanting to do a little light reading, the link below will take you to a matrix at the Tax Policy Center's website which compares the two candidates' tax plans. The Tax Policy Center is part of the Brookings Institute, so this info should be fairly objective. Notice the wordiness of the Obama proposals as opposed to simplicity of the McCain offerings. As in any legislation or contract the more details there are, the more places that exist for the devils to hide.


TPC Tax Topics | 2008 Presidential Candidates' Tax Proposals

 

[pelicn]

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 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 (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

OB A MA
(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 lose them because of these taxes.

Everything above this level is accurate to a point. The BUSH taxes cuts were approved in the form of a 'sunset law', which expires in 2010. What this means is that CONGRESS must extend these cuts or they automatically revert back to the tax law prior to the cuts. CONGRESS doesn't have to do a thing to raise your taxes. They will just let the cuts expire, and don't even have to vote on it. The democrats in congress can actually say they did not vote for a tax increase. If it is allowed to expire, the tax rate for all working class folks will go up by an average of $3000 to $3500 per year?..automatically. Isn't that great? So this is not just about Obama for President. The congress in this election is at least as important as President. Just imagine.....Obama as President and NO congressional opposition. NOTHING could be worse.


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 third-world countries!!!

What all of this amounts to is this. The American working class, receiving regular paychecks from our employers, are now paying 25% to 30% of our income in taxes. If Obama becomes president and puts all of his proposed programs in place, with the help of a Liberal majority in congress, American working people will pay over 50% of our income in taxes to the US government to support all of the Obama/Liberal entitlement programs. Can we afford that?? I can?t!!!!!

Another one bites the dust
Snopes

 

[Pilgrim]

Here's some more food for thought directed at the "soak the rich" crowd, based on 2006 figures from the IRS:

The top 1% of income earners (over $388,808) paid 40% of all US income taxes.

The top 10% of income earners paid 71% of all US income taxes.

The top 50% of income earners paid 97% of all US income taxes.

THAT MEANS THE BOTTOM 50% OF ALL INCOME EARNERS PAID 3% OF ALL INCOME TAXES COLLECTED IN THE US IN 2006. According the the US Census Bureau the median household income in 2006 was $48,201.

Maybe our congress should start thinking about spending less of our money than to continue dreaming up ways to take it from us.

 

[OntarioVanMan]

Leo... I know your political stance would support this e-mail but I am quite surprised you extended any courtesy to this e-mail....looks like you been had and bought it up.....Wanna join Amway?

 

[OntarioVanMan]

Here's some more food for thought directed at the "soak the rich" crowd, based on 2006 figures from the IRS:

The top 1% of income earners (over $388,808) paid 40% of all US income taxes.

The top 10% of income earners paid 71% of all US income taxes.

The top 50% of income earners paid 97% of all US income taxes.

THAT MEANS THE BOTTOM 50% OF ALL INCOME EARNERS PAID 3% OF ALL INCOME TAXES COLLECTED IN THE US IN 2006. According the the US Census Bureau the median household income in 2006 was $48,201.

Maybe our congress should start thinking about spending less of our money than to continue dreaming up ways to take it from us.

Huh? and your complainin? the BOTTOM 50% paid a miserly 3 %????? whats the beef?

 

[greg334]

Sorry Guy/Gals there is some that is missed.

The tax system in this country is the worst at this point in the worlds history. Listening to people who study this mess at U of M, it seems that they are afraid that if Obama gets into office and we remain a democratically controlled congress with the wimpy repubs hanging around capitulating, we will see new taxes, the Cap and Trade program come into existence and increases across the board of all taxes.

I know when I handed them over my tax stuff under Obama and the dems plan, I could not be in business anymore. I would have seen an overall increase in my taxes form 41% to 59%. This includes the income, cap gains, self-employement, and so on.

BUT I think many of you who will be voting for Obama miss something, ARROGANCE OF CONGRESS.

While many of us are struggling with making ends meet, some are chasing gas a few pennies cheaper while others still are skipping buying things to keep the kids going to soccer, Oberstar and DeFazio are talking about the need to raise the gas and fuels taxes by 10 cents. Now while McCain is saying we need a gas tax holiday, and Obama is saying that the oil companies will raise prices to take that savings away (which I will touch on in a second), we have the congress going to raise taxes?

Now the problem with the dems position that the oil companies will raise the amount of gas is down right a lie because if they do, it has to be an concerted effort on their part and that can be considered price fixing or collusion - they want the prices lower anyway.

 

[OntarioVanMan]

Sorry Guy/Gals there is some that is missed.

The tax system in this country is the worst at this point in the worlds history. Listening to people who study this mess at U of M, it seems that they are afraid that if Obama gets into office and we remain a democratically controlled congress with the wimpy repubs hanging around capitulating, we will see new taxes, the Cap and Trade program come into existence and increases across the board of all taxes.

I know when I handed them over my tax stuff under Obama and the dems plan, I could not be in business anymore. I would have seen an overall increase in my taxes form 41% to 59%. This includes the income, cap gains, self-employement, and so on.

BUT I think many of you who will be voting for Obama miss something, ARROGANCE OF CONGRESS.

While many of us are struggling with making ends meet, some are chasing gas a few pennies cheaper while others still are skipping buying things to keep the kids going to soccer, Oberstar and DeFazio are talking about the need to raise the gas and fuels taxes by 10 cents. Now while McCain is saying we need a gas tax holiday, and Obama is saying that the oil companies will raise prices to take that savings away (which I will touch on in a second), we have the congress going to raise taxes?

Now the problem with the dems position that the oil companies will raise the amount of gas is down right a lie because if they do, it has to be an concerted effort on their part and that can be considered price fixing or collusion - they want the prices lower anyway.

Gee Greg...you make that much money?....was that a joint filing? Right off the top ya got the 250g's deduct on gains...I seem to remember you own some acrage as well....
Your in Mi and your property values should be dropping hence your gain will follow....

 

[LDB]

Ken,

At the least the capital gains portion is fairly accurate as the link I posted shows. I'm sure given the opportunity Obama will reinstate a significant inheritance tax as well. Others are sure to follow even if not proposed yet. I realize parts of it are incorrect, at least for the time being. The basic premise that Obama is going to present a budget with huge spending increases and huger (sic) tax increases is sound. The main point is people should be literally and legitimately in fear financially if Obama wins. I'll also say there better be some fear if McCain wins as well. It will just mandate less fear in that case.

 

[greg334]

NO I don't make that kind of money, the point is we all pay about 35 to 45% in all taxes, which includes a wide variety of things. The only one's who don't pay that much in taxes are the poor, in some cases those poor people make more money off the tax system.

And just because you don't pay the feds does not mean you don't pay.

Why do you think I am for the Fair Tax?