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Obama, Clinton, McCain Proposed Taxes

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  • Obama, Clinton, McCain Proposed Taxes

    Sorry to pass on an e-mail, but I don't have time to verify it's validity at the moment. Feel free to point out anything that's wrong if there is any. If this information is true, then I am scared of Clinton and Obama. I'm finally getting on my feet financially, and the last thing I need is to be punished for it. I'm about to start heavily investing in my retirement funds, but I'm going to be really annoyed if my dividends are going to be taxed even higher than they already are! I know democrats seem to abhor and punish the "rich", but these tax hikes and new taxes affect much of the middle class as well.

    __________________________________________________ __________________________________________________ _____________

    Proposed changes in taxes after 2008 General election:

    This is something you should really be aware of, don't get blindsided.
    This is really going to catch a lot of families off guard.

    Proposed changes in taxes after 2008 General election:

    CAPITAL GAINS TAX
    MCCAIN - 15% (no change)
    OBAMA - 28%
    CLINTON - 24%

    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%
    CLINTON - 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 or Clinton 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

    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

    CLINTON - (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

    How does this affect you? No explanation needed. This is pretty straight forward.

    INHERITANCE TAX
    MCCAIN - 0% (No change, Bush repealed this tax)
    OBAMA - keep the inheritance tax
    CLINTON - keep 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 not only lose them to these taxes.

    NEW TAXES BEING PROPOSED BY BOTH CLINTON AND 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

    Can you afford Clinton or Obama?
    "Common sense is not so common." -Voltaire

  • #2
    Re: Obama, Clinton, McCain Proposed Taxes

    heh...yeah, the types of emails can't really be trusted. They're definitely not unbiased. The numbers are likely not accurate.
    | | |

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    • #3
      Re: Obama, Clinton, McCain Proposed Taxes

      email forwards... nice.....
      ~~ Veritas simplex oratio est ~~
      No matter how far a wizard goes, he will always come back for his hat. --T. Pratchett

      <---- You know you're getting old when you rely on your forum meta-data to remind you how old you are.

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      • #4
        Re: Obama, Clinton, McCain Proposed Taxes

        I've seen this data before. It was on a site that certainly doesn't like taxes but it seemed to be at least making an effort to put good data together.

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        • #5
          Re: Obama, Clinton, McCain Proposed Taxes

          MCCAIN ISNT A REAL CONSERVATIVE; He isnt cutting all taxes by 150%

          we're %#$*ed
          Skud


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          • #6
            Re: Obama, Clinton, McCain Proposed Taxes

            Well, I did some searching and I can't find anything supporting these claims either way. Maybe this info is bogus. I can't find anything on the house tax. Guess I could be worried for nothing. I suppose that's what congress if for anyhow, right? To keep the executive branch in check? I guess we'll ok, no matter who gets in. I really would like to keep our taxes low, though, or go the Ron Paul "abolish the IRS" route all together.
            "Common sense is not so common." -Voltaire

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            • #7
              Re: Obama, Clinton, McCain Proposed Taxes

              Misleading at the minimum.

              The capital gains tax does not apply to the first $250,000-$500,000 profit of the sale of your primary residance.
              Iím not racists, I have republican friends. Radio show host.
              - "The essence of tyranny is the denial of complexity". -Jacob Burkhardt
              - "A foolish consistency is the hobgoblin of little minds" - Emerson
              - "People should not be afraid of it's government, government should be afraid of it's People." - Line from V for Vendetta
              - If software were as unreliable as economic theory, there wouldn't be a plane made of anything other than paper that could get off the ground. Jim Fawcette
              - "Let me now state what seems to me the decisive objection to any conservatism which deserves to be called such. It is that by its very nature it cannot offer an alternative to the direction in which we are moving." -Friedrich Hayek
              - "Don't waist your time on me your already the voice inside my head." Blink 182 to my wife

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              • #8
                Re: Obama, Clinton, McCain Proposed Taxes

                I'm primarily concerned with Dividend Taxes and Income Taxes. I really hope that whoever's in charge next doesn't hike these. I'd hate to work really hard for retirement if those funds are going to be heavily taxed, thus really reducing my net profit, which forces me to keep working. Are there any investment gurus around who can help ease my worries? Do I have nothing to worry about?
                "Common sense is not so common." -Voltaire

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                • #9
                  Re: Obama, Clinton, McCain Proposed Taxes

                  This email isn't totally off base, but it's got some mis-representations. My own tax knowledge isn't perfect, but I have taken some tax accounting classes, so I'm somewhat up to date on tax law --

                  First of all, I'm almost certain that Bush did not, in fact, repeal the Inheritance tax. It was however adjusted to only impact inheritances of more than $2 Million, and before long this adjustment will expire returning the inheritance tax to impact anything over (I think) 1/4 million.

                  Secondly, I am reasonably certain that both Obama and Clinton have promised not to renew any of the Bush tax cuts that expire during their terms, and since most of the Bush tax cuts were temporary, this means basically all of them -- including the cut in the Capital Gains Tax rate that you are worried about, Warmonger.

                  However, McCain is not entirely innocent either. He has previously stated that he was against the Bush tax cuts and would let them expire, and then later changed his mind and said he would renew them. More distressingly, he wants to impose a heavy federal tax on gasoline in order to fight Global Warming. I forget exactly how much this was supposed to be, but I think it's close to $1 / gallon extra.

                  Edit: I found an article estimating the costs of McCain's new energy tax. The tax will be phased in over a number of years, so it won't all hit at the same time. They estimate about a 25% increase in your energy bills plus increased gas prices ramping up from 26 to 68 cents per gallon extra (not counting inflation). The impact of increased energy bills on business will probably be even more noticeable than the impact on private households, although at least that will be partly offset by McCain's proposed reduction to the corporate tax rate.
                  Last edited by Kerostasis; 04-10-2008, 03:11 PM.

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