a guy supporting McCain sent me this, is any of it true?
If you do not have a house, mutual funds, 401K, a job, or if you are not planning to inherit anything in the near future, this will not affect you.
For those among you who have more money than you will ever need, save your time and delete this email. For the rest of us who are still working with mortgages, children and grandchildren, or retired living on a pension and or Social Security, perhaps you will take a couple of minutes to read the proposed changes in the American tax system. Sharing this email with others can make a difference on November 4, 2008; for our citizens and our country.
Check it out, it's interesting and factual.
INTERESTING DATA JUST RECEIVED ON TAXES
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)
OBAM A 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 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
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 fa milies
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 probably 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 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!!!
