Proposed changes in taxes after 2008 General election:

CAPITAL GAINS TAX

MCCAIN==15% (no change)
OBAMA==28%

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)
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, and YOUR NEW TAX IS:
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

How will this affect you?
No explanation needed. That is math that even an Obama supporter could understand.

INHERITANCE TAX

MCCAIN==0%
(No change, Bush repealed this tax)

OBAMA==keep 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.

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 those are just the ones he has told us about. One can only imagine other ones he has planed)

Can you afford Obama? I can't!!!!

I agree Obama is an idiot about understanding capital gains tax.
Link to your info ?

This is probably the clearest layout of what we can expect to happen to our taxes. It has the added benefit of being truthful as well.

Here is one to add though. Obama wants a $1.00 per pack national sales tax on cigarettes.

And don't forget that he also wants to raise the payroll cap on SS as well.

No, I definitely can't afford Obama. Oh wait, silly me, I forget that hookers don't pay taxes (even though the smart ones do).

Your proposed tax changes post 2008 with Obama are deceiving.

Obama would roll back the Bush tax cuts meaning Capital Gains, Dividend, Income Tax, and Inheritance Tax would revert back to the Tiered rates prior to the the Bush tax cuts.

Capital Gains:

Lowest income earners would still pay 15%. 0% if Adjusted Gross Income falls below taxable income level after deductions, exemptions, and miscl. tax credits. Highest income earners would pay 28%. Less % wise after AGI is calculated to include applicable deductions, exemptions, and miscl. tax credits.

Dividend:

Lowest income earners would still pay 15%. 0% if Adjusted Gross Income falls below taxable income level after deductions, exemptions, and miscl. tax credits. Highest income earners would pay 39.6%. Less % wise after AGI is calculated to include applicable deductions, exemptions, and miscl. tax credits.

Income:

Same thing. Lowest earners pay 0% after AGI is calculated. Highest pay 28% but much less after AGI calculated.

Inheritance:

Pre Bush Tax cuts: 0% upto a $ 1,000,000.00 (One million)

Post Bush Tax cuts: 0% to start with cap level rising every year until 2010 I believe when inheritance tax would be 0% on all amounts.

Obama: 0% for the first $ 10,000,000.00 (Ten million)

All Bush tax cuts expire in 2010 and 2011. It will take an act of Congress (House and Senate)to renew these tax laws with the president signing the bill.

With Democrats controling both chambers of Congress, that ain't gonna happen. Taxes are going back to the old levels no matter what.

All congress has to do is let the taxes expire without any action and they will revert back to the old levels.

If McCain wins, repubs may introduce a bill to continue post Bush taxes. Dems will vote against it and McCain is screwed. Dems may introduce a bill for higher taxes on rich compared to pre- Bush levels and McCain will veto it. With that everything goes back to old pre-Bush levels.

told you?  Or which PAC?

AFAIK, capital gains is NEVER higher than your regular tax rate, and long term gains is always lower.  

IOW, if you make your money speculating, you pay the same on income as the rest of us.  If you make it investing, you pay a lower rate.  What exactly is the problem with that?

You're only giving the top rates, aren't you?  

On top of that, there's a dozen mechanisms to reduce or roll over tax liability.

So you're a panic monger.  Get back to hobbying, fella.


-- Modified on 6/23/2008 6:49:38 AM

Elect Osama Hussein and we are all screwed.

term capital gains?

Why exactly should a speculator pay less than the usual income tax rate?

pay them confederate money?  

I'm sure they'll like that!

Why exactly should any particular form of income be exempt from income tax?  Because they're your buddies?

Your rant is just another variation on how Republicans want somebody else to pick up the bill for their issues.

One of the most offensive ones is paying some Sgt maybe $30K if he works 24/7, but 5X that if he works for Blackwater or KBR.

Lie cheat & steal!  I'm glad to see you working on the first!

Taken from ATR.ORG. (Americans for Tax Reform)

Americans for Tax Reform is a non-partisan coalition of taxpayers and taxpayer groups who oppose any and all federal and state tax increases.

***Osama's tax proposal contains biggest tax increase in U.S. history! With gas reaching an average of $6/gallon around the world, I can't afford Obama! Can you????

obama lied about countrywide and not doing public funding! bill cheated on hillary! chris dodd stole from the people when he got sweet mortgage deals! wait a minute...they're all democratic hypocrites!

Get rid of the gay handle or go to the tranny board.

We're sure you are not a crook.  Imbecile maybe.

in fact, Norquist is a long time supporter of the Bush family.

Tax policy is real simple - who is it going to favor?  I suggest you read ALL THE WAY to the bottom line.

I can tell you, I get an accountant, and I make sure I understand what he's doing.

The difference between me and a Republican is that I'm considerably less willing to foul my own nest, and I sure don't whine about it, either way - and not because I'm happy, but mostly because it's a waste of effort.

What pisses me most about Republicans is their stupidity that results in extra work.  Like a bunch of little girls, for chrissakes.

accounts grow?  in your mattress?  most of this will affect everyone... and not for the good....  inflation?  and now we're gonna tax more?  

I also hate the thought that taxing gas, water and electricity will make people use less....

Lets do some math shall we mr. SEA?  

family man drives 20 miles to and from work every week in city traffice BECAUSE there is no frickin public transportation in his city....  so that is 40 mile x 5 days per week = 200 miles.

he also runs errands and whatnot on the weekend that adds another 100 or so miles...

in all this he averages 18 mpg.  so he uses 300/18 or 16 2/3 gallons....

At $3 per gallon (past) that meant he spent about $50 per week.  

NOW at $4 per gallon (present) he spends about $67 per week - that is - he has 17 dollars a week less...  not much, right?  well, lets think about it mr. SEA....

Further let us assume that he makes $100,000 per year.  Take about 40% of that for taxes, SS, etc.  he brings home about $60,000 - now in a week that means that he has $1,154 to spend on things like shelter, FOOD, clothes... etc.  That $17 represents about 1.5% of his real income.

But let us assume that gas goes to a modest $6 a gallon...  at that point he will be paying about $100 per week... JUST TO GO TO FRICKIN WORK!!!!!

oh, but it is a mere 9% or so of his income...

Dude.... speculator?  how about calling it what it is.... an elitist wants the rest of us to pay for his lifestyle.

Just one more question - who do you know that pays capital gains taxes when they fill their gas tank?   Do you hoard gas to speculate on it?   Not that there's anything WRONG with that, though it's probably pretty DUMB unless you're a pro.

You don't seem to realize that capital gains taxes was the subject - and most particularly, why should a person whose income is based on trading be taxed at a lower rate than a wage earner?

If you were talking about 401k and other TAX-DEFERRED (clue! hint!) retirement accounts, maybe you should ask your accountant if capital gains taxes are paid on distributions to those accounts.

-- Modified on 6/23/2008 9:31:15 AM

you will pay taxes on the earnings when you pull money OUT OF RETIREMENT accounts - ya know, like to live on - with a fixed income.  (or so MY accountant tells me)

as YOU say - DEFERRED!  not abolished.

As to my point about gasoline price increases... look at the overall original post... it was NOT just about capital gains.  but the whole array of the tax structure.  Most in DC - heck I am starting to think that most on this board, have no real concept of just how little $100K a year really is.  

it ain't much  - especially after tax.

I did not know speculators hold for over  a year.

the IRC defines short term capital gains as less than a year, and makes people trading (or speculating) pay regular tax rates on those, ie same treatment as everybody else.

Long term capital gains, more than a year, pay less.  Nobody, not even you, has a problem with that.

So to find a way to object, you have to play stupid AND ILLITERATE, and turn statements upside down.  You've played stupid so long  and so well that you have become stupid.  Congratulations, you win!  You're the stupidest fuck on the block!  That's the reason you're a Republicon!

"kiss my ass, I'm a RepubliCon!"

I have the copyright on those, and they go for $5K.  Per month.

I just learned something new today watching CNN and not sure if others have heard about this. Obama apparently is willing to give some sort of huge college tuition help to students if they offer to engage in public volunteer work of 100 or more hours upon graduation. I thought this was an interesting idea, but it remains to be seen how it will really play out. Just a tidbit I learned today that I thought I would share!--Sitara Devi

Just election sound bites. Every president since Reagan has proposed the idea of volunteer work, peace core and such. Where is the money going to come from?

Obambi has spent or given away twice the current budget so far in the campaign.

There are better things one can do with college education. I got my undergrad (2) and my graduate degree using student loans. Only difference was that there were no middle men sucking students dry at the time. Paid every penny back ahead of time.

Get the middlemen out and set maximum interest rate and make every student pay back. Big problem due to over 60% don't pay back that is what got the brokers involved.

Obviously not in any English speaking university, or you wouldn't be spelling Peace Corps as 'core'.

-- Modified on 6/23/2008 4:16:47 PM

This coming from a supposed lawyer who spells undergrad "undegrad". I just love it when those residing in glass houses get into stone throwing contests.

Hey JackO, do they speak English in that law school that you claim to have graduated from?

like you'd know!

-- Modified on 6/23/2008 4:17:40 PM

or you wouldn't be a RepubliCon!

we can work up!

dude, like i said, you're another half-informed democrat. obama is going to increase the tax penalty for early withdrawals from your 401k... higher than the income tax rate. this is your own money that you're withdrawing. it's ok if it was 3%-5% higher, but more than 15%! that's ridiculous!

You attempt to rub shit in all of our faces constanly, and I certainly notice it.

Not unless you pony up to his campaign.

You DUMB FUCK - tax planning is all about deferring taxes until (a) you die of old age, or (b) you defer them into a lower tax bracket, while (c) you're getting interest value on the deferred value, and that any tax-deferred retirement plan accomplishes (b) & (c).  

So if you pay out as a retiree at rates George would reduce, you know what, you ungrateful bitch, I can't feel sorry for you, wahwahwahwah!!  What, don't you support the troops, you unpatriotic slime?  How do you think they get paid?  You think the Chinese pay them, right?

So you, you ungrateful little bitch, complain that Obama doesn't promise to eliminate your taxes altogether throughout your lifetime - never mind that George doesn't either.

Now, let's assume for a minute that your Magic Honkie will print free money for you.  Have you ever heard of inflation?  What do you care about that?  You've already told us that you don't spend money, you just collect it, so that shouldn't hurt you.

Moron.

?  Or do you just like to break the law?

You defer taxes by contributing to your retirement.  If you were RESPONSIBLE, you wouldn't need incentives.  But since you're a RepubliCon, we can eliminate that right now.

So then you want a freebie when you withdraw, you whining little girl.   We'll send you back to the nuns to get some discipline, if that were possible - but you just like your ass whipped, because you're a bunch of fucking weak-minded masochists.

Wow you know how to use scatology But Obama does not include raising capital gains tax when he says he will not raise tax on the Middle Class . Just another example of Obama being misleading or proves he knows nada about how the process works.

The long term capital tax rate should be 5%. As it is we have the second highest corporate tax rate in the world and Obama wants to tax at a higher rate the very source of funds that will pull us out of the economic slow down.  The ''magic negro'' knows nothing  about economics or he is  just pandring to the left .
-- Modified on 6/23/2008 9:22:13 PM

-- Modified on 6/23/2008 9:30:20 PM

You know nothing, and demonstrate it with every post!   Just another example of lying-ass, swift-boating, ugly-fat-chick-fucking, syphilitic RepubliCons.

The short term plan should be to incarcerate these useless RepubliCons, and the long term plan should be to keep them incarcerated.

Because I enjoy playing with a child I will post again

If Obama is President we will be a third world country in 8 years.

-- Modified on 6/24/2008 11:25:13 AM

??????????

You ungrateful bitch!