As reported by CNN, AARP, and Washington Post
Read below of how the two tax plans will affect your pocketbook if you:
- Sell a home (hoping to escape foreclosure or want to downsize to survive in current economy)
- Inherit a family business or anything
- Receive an income from any source
- Buy a home or own a home larger than 2400 square feet
- Are lucky enough to receive a stock dividend
NEW TAXES PROPOSED BY OBAMA
• New federal ‘luxury’ tax proposed on homes that are more than 2400 square feet.
• Additional federal gasoline tax.
• New federal tax on natural gas, water and electricity.
• New tax on retirement accounts. New, across the board general taxes to pay for socialized medical benefits, including to illegals.
HOME SALES TAX
0% on home sales up to $500,000 per home (couples) and no tax increase for all other existing home sales.
28% on profit from all home sales, a MAJOR ‘hit’ affecting retirees downsizing for equity transfer to retirement.
STOCK DIVIDEND TAX
15% (no change)
24.6% increase to 39.6%
GENERAL 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 back 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, taxes almost double!
0% (No change to previous Bush repeal of Inheritance Tax
Wants to restore the inheritance tax, a HUGE hit to long-term family held business and properties lost due to inability to pay exorbitant inheritance taxes. Multiple properties going into receivership, often sell for 50 cents on the dollar.