Posted by: Lipstick Piggy | October 28, 2008

Tax plans |Obama | McCain

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
MCCAIN
0% on home sales up to $500,000 per home (couples) and no tax increase for all other existing home sales.
OBAMA
28% on profit from all home sales, a MAJOR ‘hit’ affecting retirees downsizing for equity transfer to retirement.

STOCK DIVIDEND TAX
MCCAIN
15% (no change)
OBAMA
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!

INHERITANCE TAX
MCCAIN
0% (No change to previous Bush repeal of Inheritance Tax
OBAMA
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.

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Responses

  1. That doesn’t make sense, that isn’t what Obama’s plan looks like at all…

  2. OH you are taking the taxes that they save and saying that is what they pay…

    🙂

  3. Massive Voter Fraud – Attack On Our Democracy.

    http://www.newsmax.com/timmerman/obama_voter_fraud/2008/10/27/144303.html?promo_code=2A89-1

    Wow!!!

  4. This is not ture!!! I see you are posting False E-mails that you are getting. Obama will double your taxes? Man you would think FOX News would be all over this.

    http://www.factcheck.org: looked into this fake e-mail:
    “The e-mail continues with a string of made-up taxes that it falsely claims Obama has proposed. He has not proposed a tax on new homes with more than 2,400 square feet, or a new gasoline tax or a tax on retirement accounts. The most laughably false claim is that Obama would tax “water.”

    You once asked me where I got my sources, Let’s see a link to this claim you just made. Or you can just send me the e-mail…

  5. What happened to the claim of Socialism?

    This is an almost 30% tax on those who make $30,000? Are you kidding me!!!

    So is he going to give “Welfare” to those who don’t pay taxes or is he going to double their taxes?

  6. Why did it take “Joe the Plumber” to expose Barrack Obama’s tax “fairness” plan? Obama exposed himself long ago and I cannot figure out why no one has talked about it before “Joe the Plumber.”

    During the Democrat debate in Philadelphia April 16, 2008, Charlie Gibson challenged Obama on his plan to raise capital gains – he said history proves it does not raise revenues from this tax.* Obama’s response? He admitted to Charlie Gibson raising the capital gains tax was not about raising revenue, it was about “fairness.” (This was well detailed and chronicled by Dick Morris in the first chapter of his new book, “Fleeced.”)

    During Obama’s interview with Bill O’Reilly, he said, “People like you and I who can afford it, need to ‘help’ the waitress or others who don’t have as much.”

    And let’s not forget Senator Biden’s comment about paying more being “patriotic.”

    Republicans should have been hammering Obama on his socialist tax policy plans long before “Joe the Plumber” came along. Republicans should have been using the “S” word a long time ago!

    *In the last 27 years capital gains tax rates have been cut three times, 1981, 1997, and 2003. Each time capital gains tax rates have been cut revenues from this tax increased over the subsequent three years, 49, 49 and 88% respectively. On the other side, in 1986 capital gains taxes were increases and revenues from this tax DECREASED over the subsequent three years 44%.

  7. Well???

  8. Alan, I totally agree with you. The sheeple will be surprised as they find their “healthcare plan” does not serve all of the people and small businesses actually pay more than they do today… I’m laughing at the feckless sheeple.


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