Post-Election Taxes

The following was received via e-mail. Thought I would pass it on.

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

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MCCAIN 0% (No change, Bush repealed this tax)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!!!

You can verify the above at the following web sites:

http://money.cnn.com/news/specials/election/2008/index.html

http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html

http://elections.foxnews.com/?s=proposed+taxes

http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html

http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/

http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/