The tax argument has been discussed non-stop during this campaign. Let's just cut to the chase and show how taxes would effect you and your family, based on both Obama and McCain's proposals. See for yourself and make your decision.
THIS WILL CHANGE YOUR RETIREMENT
For those among you who have more money than you will ever need, save your time and do not bother to read this post. 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.
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 proposeany change in existing home sales income tax.
OBAMA 28% on profit from ALL home salesHow does this affect you? If you sell your home and make a profit, you willpay 28% of your gain on taxes. If you are heading toward retirement andwould 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 willadversely affect the elderly who are counting on the income from their homesas part of their retirement income.
MCCAIN 15% (no change)
OBAMA 39.6 %How will this affect you? If you have any money invested in stock market,mutual funds, college funds, life insurance, retirement accounts, oranything that pays or reinvests dividends, you will now be paying nearly 40%of the money earned on taxes if Obama become president. The experts predictthat higher tax rates on dividends and capital gains would crash the stockmarket yet do absolutely nothing to cut the deficit.
MCCAIN (no changes)Single making 30K - tax $4,500Single making 50K - tax $12,500Single making 75K - tax $18,750Married making 60K- tax $9,000Married making 75K - tax $18,750Married making 125K - tax $31,250
OBAMA(Reversion to pre-Bush tax cuts)Single making 30K - tax $8,400Single making 50K - tax $14,000Single making 75K - tax $23,250Married making 60K - tax $16,800Married making 75K - tax $21,000Married making 125K - tax $38,750Under Obama your taxes will more than double! How does this affect you?
No explanation needed. This is pretty straight forward.
MCCAIN 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance taxHow does this affect you? Many families have lost businesses, farms andranches, and homes that have been in their families for generations becausethey could not afford the inheritance tax. Those willing their assets toloved 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 levelof medical care as other third-world countries!!!
Thank You to Robert D. Jenkins, Vice President - Investments for this information
As a final note, ask yourself this question: When was the last time you got a good paying job from a poor person?