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This is a disaster waiting to happen!!!
You can verify a lot of this here:
http://money.cnn.com/news/specials/election/2008/index.html
INTERESTING DATA JUST RECEIVED ON TAXES
Please 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 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
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repealed this tax)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, 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 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!!!
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