Not funny this time
Published Mon, Aug 4 2008 7:13 AM
Technorati Tags: Elections
Every now and then, my father forwards me email that he finds humorous. It's usually got a political point to make, but it's pretty funny. Once again, my father has forwarded me some email, but this one's not funny.
No matter what you think about either candidate… Consider your own paycheck, 401k, investments, your home or property sale value etc…
Time to consider your pocketbook:
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, 401K, 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 (find your bracket) your paycheck !
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 (reverse all 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, some of your taxes will more than double and all of them go up!
How does this affect you?
No explanation needed. This is pretty straight forward.
INHERITANCE TAX
MCCAIN:
0% (No change, Bush repealed this tax)
OBAMA
Restore the inheritance tax
How does this affect you?
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 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 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!!!
THE FOREGOING IS SOMETHING YOU SHOULD BE AWARE OF. . . IT SHOULD MAKE YOU THINK BEFORE YOU CAST YOUR VOTE IN NOVEMBER.
Please spread the word. This will catch a lot of families off guard
I can't vouch for the accuracy of the numbers, but based upon their public statements, I can believe most of this. I've copied the content of his email verbatim (with small formatting changes). And like I said… this isn't funny.
One thing to remember though. No matter which candidate you vote for, the President doesn't really raise taxes or cut them. He doesn't have that power. That power belongs to Congress. The president can only propose new taxes or tax cuts. It's Congress that enacts them. The President can veto them if he doesn't like them, but a determined Congress can override any Presidential veto.
So, while you're thinking about which candidate to elect for President this year, think about the consequences of your vote for House of Representatives. And… if your Senator is up for re-election, consider how they would vote on taxation — and how their opponent would too.
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Layla responded with:
 | Wow that is a great post and your Dad sent you a wonderful email that is timely and true. We must think who we vote for and know what and whom they will represent. Personally I will never again vote for a Democrat - I learned my lessons twice, once for Carter and once (first term only) Bill Clinton. Too bad Dole lost that election who knows how much better off we might be, but then we might not be. We will never know - but I do know dems have no answers and want to suck money out of turnips. PFFFFFT! |
Rosemary's Thoughts responded with:
 | Marine Justin Sharratt and Marine Bill Russell: True Justice.
Does anyone NOT remember the attacks Congresswoman John Murtha spewed against the 8 ServiceMEN during a firefight in Haditha? Well, I have a video for you from the Father of Marine Justin Sharratt that will explain to you what... |
Rosemary responded with:
| Oops. I'm having this tb at Rosemary's Thoughts today, not Rosemary's News and Ideas. There is different one over there. Sorry. ;) |