Obama's Announced Plans to Increase Capital Gains Tax
In deciphering Obamas double talk about taxes. I think Republican Candidates need to make the important point that millions of middle-class retirees, even those with pensions, are largely dependent on investment income. This involves periodic adjustments to their portfolios, buying and selling, to keep financially solivent in savings they have spent their whole working lives accumulating. Any increase in capital gains tax as proposed by Sen. Obama becomes an extreemly punitive tax issue for a large group of middle class citizens that are certainly not reaping great profits by any stretch of the imagination. This is an example of where targeting the few on tax issues ends up hurting the majority.
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McCain and Obama on the Issues and Taxes
This was sent to me and I feel is worth passing along.
ISSUE
Favors new drilling offshore US
JOHN McCAIN Yes
BARAK OBAMA No
Will appoint judges who interpret the law not make it
JOHN McCAIN Yes
BARACK OBAMA No
Served in the US Armed Forces
JOHN McCAIN Yes
BARACK OBAMA No
Amount of time served in the US Senate
JOHN McCAIN 22 YEARS
BARACK OBAMA 173 DAYS
Will institute a socialized national health care plan
JOHN McCAIN No
BARACK OBAMA Yes
Supports abortion throughout the pregnancy
JOHN McCAIN No
BARACK OBAMA Yes
Would pull troops out of Iraq immediately
JOHN McCAIN No
BARACK OBAMA Yes
Supports gun ownership rights
JOHN McCAIN Yes
BARACK OBAMA No
Supports homosexual marriage
JOHN McCAIN No
BARACK OBAMA Yes
Proposed programs will mean a huge tax increase
JOHN McCAIN No
BARACK OBAMA Yes
Voted against making English the official language
JOHN McCAIN No
BARACK OBAMA Yes
Voted to give Social Security benefits to illegals
JOHN McCAIN No
BARACK OBAMA Yes
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)
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 becomes 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 could almost double!
INHERITANCE TAX
MCCAIN
- 0% (No change, Bush repealed this tax)
OBAMA
Restore the inheritance tax
Many families 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 only lose them to these taxes.
NEW TAXES 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!!!
You can verify the above at the following web sites:
http://money.cnn.com/news/specials/election/2008/index.html
http://www.cnn.com/ELECTION/2008/issues/issues.taxes.html
http://elections.foxnews.com/?s=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_...
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/