INTERESTING DATA JUST RECEIVED ON TAXES

Carolyn Hileman - The Voice | July 16, 2008 

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 reinve sts 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MCCAIN 0% (No change, Bush repealed this tax)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 hi gh 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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9 Responses to “INTERESTING DATA JUST RECEIVED ON TAXES”

  1. rondo on July 26th, 2008 2:32 pm
  2. ross on July 29th, 2008 2:45 pm

    For further debunking, see also
    http://www.taxfoundation.org/blog/show/23418.html

  3. LibertarianPrince (Moderator) on July 29th, 2008 6:30 pm

    For the record the factcheck.org piece says that the email “is almost entirely false” it does not “fully debunk” it.

    On the capital gains tax Obama does indeed propose raising it: “he favors raising the top rate on capital gains from its present 15 percent to 20 percent or more, but no higher than 28 percent. And as for a 28 percent rate, he added, ‘my guess would be it would be significantly lower than that.’”

    On taxing dividends the factcheck.org article indeed confirms he wants to raise those too stating, “Dividends currently are taxed at a top rate of 15 percent, and Obama would raise that to the same rate as he would tax capital gains, somewhere between 20 percent and 28 percent but likely “significantly” lower than 28 percent.”

    As far as taxing IRAs, etc. factcheck.org also states that, “any capital gains or dividend income from stocks, bonds or mutual funds owned outside of tax-deferred accounts would continue to be taxed at current rates except for couples making over $250,000, or singles making more than $200,000.” Again, a tax increase.

    As for the estate tax, “It was not repealed, but it is set to expire temporarily in 2010, then return in 2011, when it would apply to estates valued at more than $1 million ($2 million for couples), with the maximum rate rising to 55 percent.

    Obama has proposed to apply the tax only to estates valued at more than $3.5 million ($7 million for couples), holding the maximum rate at 45 percent. McCain would apply it to estates worth more than $5 million ($10 million for couples), with a maximum rate of 15 percent.”

    In other words Obama will raise the applicable value (as would McCain) but keep the tax.

    You can read the rest of the factcheck.org article for more information but to claim that it has been “fully debunked” is just as misleading.

  4. More Bogus E-mails About Obama and Taxes | Tax & Accounting Blogs on August 4th, 2008 6:26 pm

    [...] out there, and it is now being included in an e-mail chain attacking Barack Obama about taxes. (View the content of the e-mail here.) The e-mail makes incorrect claims about Obama’s tax proposals, as described in the table [...]

  5. Drummand on August 5th, 2008 5:49 am

    The funny thing about everyone trying to claim that this email is a “lie” is that for the most part the only thing that is a “lie” is the exact amount that Obama will raise the taxes not the fact that he will raise them.

    For example, Ross who commented above, posted a link which admits that Obama has indicated that he would be willing to raise the tax rate on dividends just to only 28% and not 39.6%. The link also admits that under Obama who has talked about repealing the Bush tax cuts would result in a rate increase only not as high as the above info but still an increase. The link admits that Obama wants the inheritances tax so that is another tax increase. The link admits Obama wants to tax big oil (the people who bring us Gasoline) and since all taxes are paid for by the consumer that is another tax increase on us. The link also admits that claims he would raise taxes on individual retirement accounts is not all that bogus even though the site calls it a “le” because an increase in the capital gains tax would certainly effect this (see above).

    This email may get some of the numbers wrong but it gets many of the basic facts right. Probably sent out by a liberal so that they could then turn around and “debunk” it. That is how they operate in that they pull stunts like this where they make outlandish claims about their own policies and then call it lies even though there is much truth to it.

  6. cynthia dennis on August 11th, 2008 2:33 pm

    The link you provide as your “proof” no longer exists and whne it did it simply listed all the articles about the 2008 election that have been published recently. I tried finding the info included above but could not. If you going to lie your going to have to do a better job of it.

  7. LibertarianPrince (Moderator) on August 11th, 2008 8:08 pm

    You should note that we have already discussed how the fact that Obama wants to raise taxes is not a lie even though some of the claims as to actually how high are not true. You REALLY should read the comments before rehashing things already proven to be true.

  8. Cooter on August 16th, 2008 8:29 am

    This email sounds almost like a disinformation campaign sent out so that it could be refuted. It contains both truth – Obama will raise taxes – and lies – the exact rates.

    And the typical defense has been to call it all a lie because the exact rates are wrong when even the links the frist to commenters posted clearly say that it is just the rate information that is wrong and that yes taxes will be going up and up under Obama.

    Just seems fishy!

  9. Ms. Peacock on September 13th, 2008 2:40 pm

    For everyone who wants to believe it is a “lie” to say Obama will raise taxes all you have to do is look at his recent comments about how he would put off increasing taxes if we were in a recession and he were to be elected. A summary of his comments are here

    In those comments he 1 – admits he wants to raise taxes 2 – that raising taxes hurts the economy 3 – he would put off hurting the economy if the economy was not doing well.

    So in summary Obama will raise taxes and will purposefully hurt the economy if it is not hurting enough by some standard that only the messiah knows.

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