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Comparisons

September 14, 2008

I came across this post in Yahoo!. It sounds interesting but I do plan on looking more into the claims individually.  Anyway so cutting and pasting and then hopefully (if I don’t forget-the possiblity of which is quite high) update with links and other information.

Proposed changes in taxes after the 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)

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MCCAIN 0% (No change, Bush repealed this tax)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 a lot of the above at the following web sites:
http://money.cnn.com/news/specials/elect… http://www.cnn.com/ELECTION/2008/issues/… http://elections.foxnews.com/?s=proposed… http://bulletin.aarp.org/yourworld/polit… http://blog.washingtonpost.com/fact-chec… http://blog.washingtonpost.com/fact-chec…

If anyone has any links to contribute on either side of the issue then please feel free to leave them in the comments section.

Add:  Greenspan on McCain

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4 Comments leave one →
  1. September 14, 2008 7:01 pm

    I’ve read the first two links (cnn and foxnews) and what they’re saying doesn’t seem to equate with the info you re-posted. I’m not going to sit here and try to figure it all out, but Obama’s plan isn’t nearly as bad as that quote implies it is. (The first link actually gives some real-world examples… the low-income and middle-income didn’t pay higher taxes, and got a small refund…. the two candidates plans had slightly different effects, but not huge.)

    I do plan on reading the links… and then doing my own research– I just knew that if I didn’t put it on here I would forget where in the world I found it and then get all frustrated LOL. Thanks for leavin a comment 🙂

  2. Erin permalink
    September 15, 2008 7:00 am

    While I don’t have much of an opinion on anything else listed… I do have to say something about socialized medicine…. Canada operates under this system and it’s wonderful. And we’re certainly not a 3rd world country. 😉

    Like any issue- There are so many perspectives on this. Thanks for your comment though 🙂

  3. September 15, 2008 10:25 am

    Good job researching your own issues. 🙂 I like to see that.

    Obama’s plan calls for not re-instituting the Bush tax cut plan (which expires in 2010) for the wealthiest 2% of the population and corporations (he has said, he would not keep the tax cuts for those making $250,000 or more per year). The money from those taxes would help social programs. According to his plan, he wants to keep a tax cut for the middle and lower classes.

    I have found Snopes an invaluable source on substantiating rumors, which I then back up with the candidates website and newspaper articles.
    Here’s the specific tax cut info:
    http://www.snopes.com/politics/obama/taxes.asp

  4. September 15, 2008 10:27 am

    P.S. My husband is Canadian and would staunchly defend the Canadian healthcare system as well. To me there is good and bad about it, but it is nice that everyone will get healthcare there of some sort, whereas my sister is trying to go to school to better herself while working and can’t find a full time job that pays well and offers benefits since she doesn’t have a degree yet, but she “makes too much money” at not even $7/hr to get help. So her crippling migraines and anxiety are treated when she can save enough money to do so. sigh.

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