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Old 03-18-2008, 02:06 AM  
Snake Doctor
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Quote:
Originally Posted by xxxjay View Post
Proposed changes in taxes after 2008 General election:

CAPITAL GAINS TAX

MCCAIN
15% (no change)

OBAMA
28%

CLINTON
24%

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 haa 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.
That's not entirely true. There is a 250K exemption (500K for a married couple) when selling your primary residence. That's 250K in profit, not 250K total price...so if your grandparents want to sell their house the only tax they'll pay is on profit over 500K.

Quote:
Originally Posted by xxxjay View Post
DIVIDEND TAX

MCCAIN
15% (no change)

OBAMA
39.6%

CLINTON
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 or Clinton 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."
The parts I've made bold are places where these taxes don't apply. These are tax deferred accounts where capital gains and dividend taxes don't apply....people pay regular income tax rates on the money when they withdraw it. (In the instance of college funds such as 529's or coverdale's, no taxes are paid on the earnings as long as they are used for qualified educational expenses)

These so-called experts must be the same ones that said Bill Clinton's tax plan in 1993 would cause a recession, when in fact, it helped to pull us out of a recession.
Also, the stock market did a hell of a lot better under the Clinton administration than it has under the Bush administration.

Quote:
Originally Posted by xxxjay View Post
INCOME TAX

MCCAIN
(no changes)
Single making 30K - tax $4,500 ha
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 haha
Married making 60K - tax $16,800
Married making 75K - tax $21,000 haha
Married making 125K - tax $38,750 ha
ha
CLINTON
(reversion to pre-Bush tax cuts)
Single making 30K - tax $8,400
Single making 50K - tax $14,000
Single making 75K - tax $23,250 haha
Married making 60K - tax $16,800
Married making 75K - tax $21,000 haha
Married making 125K - tax $38,750 haha

How does this affect you? No explanation needed. This is pretty straight forward
This is also terribly innacurate. Both Clinton and Obama want to revert to the pre-Bush tax levels for the TOP TWO BRACKETS ONLY!!
All of the other income tax rates would remain the same as they are now.

Also, if McCain becomes president the exact same thing will happen to income taxes, because the democrats control congress and all they have to do is not extend the Bush tax cuts for the top two brackets and they will go up automatically....it isn't something McCain would be able to veto....so this is going to happen regardless of who wins in November.
Quote:
Originally Posted by xxxjay View Post
INHERITANCE TAX

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

OBAMA
keep the inheritance tax

CLINTON
keep the inheritance tax
This is also patently false. The estate tax has not been repealed, it has been reduced.

My understanding is the democrats want the estate tax rates to go back to pre-Bush levels but with an exemption on the first 7.5 million, which means that only a fraction of 1% of estates would be subject to any tax at all.

Where did you get this crap from? Is it a cut and paste from an RNC fundraising email? Whoever put this together needs a lesson in fact-checking.
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