INTERESTING DATA JUST RECEIVED ON TAXESSpread 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.
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.
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?
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 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.
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)
MCCAIN 0% (No change, Bush repealed this tax)
OBAMA Restore 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.
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 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!!!
* 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!!!
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