I made a pretty big post on another forum, and I thought that some of you guys might actually like to see some relevant information instead of political BS during this election race. Try to keep it civil, and please try to avoid mindless bashing or copying and pasting random crap you got as a chain email. That stuff is usually BS, but this is legitimate as there are reputable sources to back it up.
You want change? Good. If you elect Obama, you’re going to have practice asking for spare change… because you’ll need it. Obama will rob America blind with taxes.
Take the time to read this. You only need to do this once every 4 years, so find the time before November 4th and read up!
There is more to a tax plan than just Federal income tax, and all too often its overlooked. Let’s take a look at the tax plans for both candidates:
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 could almost double!
INHERITANCE TAX
MCCAIN
- 0% (No change, Bush repealed this tax)
OBAMA
Restore the inheritance tax
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 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!!!
sources:
http://money.cnn.com/news/specials/election/2008/index.html
… … … …
Another tax topic, started from this article: http://online.wsj.com/article/SB1223...s_opinion_main <----- Wall Street Journal pointing out the tax plans under both McCain & Obama.
According to the Tax Policy Center, a joint venture between the Urban Institute and Brookings Institution, around 78% of the McCain tax cut would accrue to the top fifth of income earners, with almost 30% going to the highest 1%. This seems inequitable on its face, a point the Obama campaign and the press focus on … As it happens, the top fifth of earners currently pay 67% of all federal taxes – including not just income taxes, but payroll taxes, corporate taxes and death taxes. The top 1% of earners pay 26% of all federal taxes. (When you only count income taxes, the top 1% pay nearly 40%)
If the McCain proposal were passed, the top fifth would actually pay a greater share of total federal taxes and the top 1%'s share would decline by only 0.3%. In other words, high earners carry the vast majority of the federal tax burden …
In case you are wondering, here is how the Barack Obama tax plan would compare:
By contrast, the Obama plan would increase marginal income tax rates on high earners and raise taxes on capital gains and dividends, with the likely effect of contracting labor supply, reducing rewards for saving, and increasing incentives to avoid taxes. All but the very lowest income Americans would face higher marginal tax rates under the Obama plan than the McCain proposal.
http://www.cagw.org/site/PageServer <~~ Citizens Against Government Waste will tell you which candidate has the best record about useless spending. McCain FTW on this issue. [unlike Bush]
Obama did in fact, as Palin pointed out, vote to raise taxes for individuals making $42,000. Biden seemed to call Palin out on that, saying it was not true. http://www.nypost.com/seven/10022008…_up_131755.htm
And I quote; While Obama has suggested no such tax hike, he in fact did vote in favor of a nonbinding budget resolution establishing a framework that would have raised taxes on people making as little as $42,000."
Now, let’s take this even further & study a few more fast facts from Politifact, a non-partisan tax info group;
Other than the extent to which it grants “tax cuts” to non-taxpayers, Obama’s economic plan differs mostly from McCain’s for taxpayers earning more than $250,000.
Taxpayers making up to $161,000 a year would get roughly the same tax cuts under the Obama and McCain plans, according to the nonpartisan Tax Policy Center.
Under McCain, tax cuts would continue into the highest brackets. Under Obama, those taxes would rise.
For those earning $603,000 or more, the government’s annual take would go up an additional $115,974, according to an analysis by the center.
Those earning above $2.9 million would see their federal tax increase by $701,885 each year.
Obama also would raise Social Security taxes, unlike McCain, applying the tax to income $250,000 and above.
Obama also says all his new programs will be paid for and reduce the deficit.
The Tax Policy Center, using researchers from the Brookings Institution and the Urban Institute, found that Obama’s tax plan would actually add to the national debt by some $3.5 trillion by 2018.
Now, lets think OUTSIDE of the “Joe Bubba” & “Sally Simpleton” box & do some simple math.
To Joe & Sally [uneducated] Obama’s plan to increase taxes on people who provide jobs sounds great!
But anyone with a decent education can do this simple math;
You are a businessman, you earn $800,000 a year. You have 10 guys working for you @ which you pay them $40,000 a year to each one.
That leave you with $400,000.
More than likely, you have a pretty nice place to live, but also you probably invest much of your net profit back into your business. Scroll back up to Obama’s plan;
For those earning $603,000 or more, the government’s annual take would go up an additional $115,974, according to an analysis by the center.
So you will be taxed @ least $115,000. [+more since you make 800,000]
You will not have to lay off at least 2-3 workers under his tax plan.
See, Joe Bubba & Sally Simpleton have no idea how business works. They think that a few extra dollars in their pockets from those EVIL rich people is justice! If the layoff wasn’t enough, their landlord just had their taxes raised too - but he’s a business man, so when he is paying more, he’s going to charge more… and this is just the start.
See where taxing the rich goes wrong? It never accounts for the fact that SHIT RUNS DOWN HILL. The rich didn’t get that way because they’re dumb. They pass off those new taxes that Joe & Sally voted for back onto them. So much for justice!
