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September 11, 2008
McCain vs.Obama on TAXES ~ How Do They Compare
2008 PRESIDENTIAL CANDIDATE COMPARISON
BY THE FACTS!
There is no opinion or propaganda here.... the following information is purely factual.
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 $4,100
Single making 50K - tax $8,845
Single making 75K - tax $15,094
Married making 60K- tax $8,198
Married making 75K - tax $11,438
Married making 125K - tax $23,938
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0% (No change, Bush repealed this tax)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_different_visions_on_
taxes.html
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/
Please see corrections at this site:
2008 Presidential Candidates' Tax Proposals
Regarding a comparison of Obama and McCain tax proposals, the Chicago Sun-Times put together its figures in June, 2008.
By their estimates, for example, a person with taxable income of $19,000 or less would pay $597 less under Obama and $19 less under McCain.
A person with taxable income of $19,000 to $38,000 per year would pay $892 less under Obama's plan and $113 less under McCain's.
A person with taxable income between $112,000 and $227,000 would pay $2,300 less under Obama and $3,200 less under McCain.
A person with taxable income of $227,000 would pay $23,000 more under Obama and $15,000 less under McCain.
INHERITANCE TAX
The eRumor says that the inheritance tax was repealed under George W. Bush, which is not true, although there have been numerous attempts to repeal it.
According to the Chicago Sun-Times article, McCain would seek to lower the inheritance tax while Obama would raise it on estates more than $3.5 million.
Obama wants to stick It to the rich and take big portions out of things he shouldn’t have his paws on. The Tax Policy Center “estimates the Obama plan would cut taxes by $2.9 trillion from 2009-2018. McCain would reduce taxes by nearly $4.2 trillion. Obama would give larger tax cuts to low- and moderate-income households and pay some of the cost by raising taxes on high-income taxpayers. In contrast, McCain would cut taxes across the board and give the biggest cuts to the highest-income households.”
....Thank you Brad for sending this to me.
Posted by Wild Thing at September 11, 2008 03:48 AM
Comments
Obama is the typical socialist. He would have us all all work for the central government which will then return our earnings in the form of government programs. These returns would be based of course on gender, race, age, political afffiliation, connections, etc.
These would be expensive programs and hundreds of thousands of people would be employed by this benevolent government to redistribute this earned income. But what the heck, we would be so happy to have this socialist government, run by very capable(elitists)people watching out for our every inteest. Kinda like that former Peoples Utopia of East Germany or present day Zimbabwe.
Posted by: TomR at September 11, 2008 09:08 AM
Obama has a very expensive package of new socialist programs that need to be funded by additional taxes paid for directly or indirectly by everyone. You can put a non-tax lipstick-like name on an Obama tax, it is still a new or additional Obama tax.
Posted by: Les at September 11, 2008 07:16 PM
With everything he has planned for the country in four there won't be any rich left in this country. Then where does the cut off begin for the rich.
This is Communism pure and simple. This Ho Chibama has a real problem with successful people in this country. So they must be punished. They're zero sum gain mentality is what seems to generate this kind of convoluted thinking. If you have something, and it doesn't matter if you worked for it, you must have taken advantage of someone to get it.
Does he list himself as one of the 'Haves' and how will he punish himself...Ha, I think not. Hypocrisy the vasoline of political intercourse.
Posted by: Mark at September 11, 2008 07:38 PM
Tom, that is what he wants more then anything, I really believe this.
"He would have us all all work for the central government "
Posted by: Wild Thing at September 11, 2008 07:55 PM
Les,very scary, VERrrrryyyyyyy scary stuff.
Posted by: Wild Thing at September 11, 2008 07:59 PM
Mark, you hit ithe nail on the head he sure does have a problem with that very thing.
"This is Communism pure and simple. This Ho Chibama has a real problem with successful people in this country."
The people I know that have business's small and large are all concerned if Obama wins.
Posted by: Wild Thing at September 11, 2008 08:04 PM
