This is something you should be
aware of so you don't get blind-sided.
This is really going to catch a lot
of families off guard. It should
make you worry.
Proposed changes in taxes after 2008 General election:
CAPITAL GAINS TAX
0% on home sales up to $500,000
per home (couples) McCain does not
propose any change in existing
home sales income tax.
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.
MCCAIN 15% (no change)
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 4 0% of the money
earned on taxes if Obama 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.
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
(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 will
more than double!
How does this affect you? No explanation
needed. This is pretty
MCCAIN 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
How does this affect you? Many families
have lost bus inesses,
farms and ranches, and homes
been in their families
for generations because they could not
afford the inheritance tax.
Those willing their assets to loved
ones will not only lose them to< BR>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
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
Walter Williams is an economist professor talks in laymans terms.
Walter E. Williams
Wednesday, July 09, 2008
Despite Congress' periodic hauling of weak-kneed oil executives before their committees to charge them with collusion and price-gouging, subsequent federal investigations turn up no evidence to support the charges. Right now oil company executives are getting a bit of a respite as Congress has turned its attention to crude oil speculators, blaming them for high oil prices and calling for tighter control over commodity futures trading.
Let's look at the futures market and for simplicity use corn futures discussed in my May 28th column titled "Futures Market." While corn is different from oil, both obey the laws of supply and demand, just as humans are very different from bricks but both obey the laws of gravity.
Say that today's price of corn is $7 a bushel. I have a hunch that because of Midwest flooding, higher demand due to droughts and war in other parts of the world, that in May 2009, corn will sell for $12 a bushel. I stand to make a lot of money by buying corn now for $7 a bushel, holding it, and in May 2009 selling it for $12 a bushel. If many speculators share my hunch and buy more corn now, today's price, sometimes called the spot price, is going to rise let's say to $10 a bushel.
Higher prices for corn, and everything made from corn, might give rise to consumer complaints. While Congress can't stop the Midwest rain, droughts and wars in far off places, it can scapegoat speculators. Let's say that Congress outlaws the corn futures market, or makes futures trading more costly. Doing so will definitely lower the spot price of corn. The price might return to $7 a bushel, making corn consumption once again "affordable." You might exclaim, "Isn't Congress wonderful?" But what about May 2009?
Suppose the Midwest floods have a significant impact on corn production; there's drought and war in far off places raising the demand for corn exports. What do you predict will be the availability and prices of corn in May 2009 after Congress has outlawed, or made futures trading more difficult? If you answer less corn and much higher prices, go to the head of the class. By outlawing or impeding futures trading in corn, Congress encouraged Americans to ignore the future. Had Congress not interfered, people would use less corn now, making more available in May 2009. Thus, one of very valuable functions performed by the speculator is the allocation of resources over time. It makes sense to take the future into account when making consumption decisions today. The futures market, by the way, is no bed of roses. My hunch about corn supply and demand conditions might be dead wrong. Its May 2009 price might be $3 a bushel and I would have to sell at a loss. Futures trading is risky business.
Congressional attacks on speculation do not alter the oil market's fundamental demand and supply conditions. What would lower the long-term price of oil is for Congress to permit exploration for the estimated billions upon billions of barrels of oil domestically available, not to mention the estimated trillion-plus barrels of shale oil in Wyoming, Colorado and Utah. Some politicians pooh-pooh calls for drilling, saying it would take five or 10 years to recover the oil. I guarantee you we would begin to see a reduction in today's prices even if it took five to 10 years for us to get the first barrel. Put yourself in the place of an OPEC member knowing there would be a greater supply of U.S. oil five or 10 years, hence maybe driving oil prices lower to say $40 a barrel. What will you want to do now while oil is $130 a barrel? You would want to sell as much oil now and OPEC's collective efforts t o do so would put downward pressures on current oil prices. Right now the U.S. Congress is OPEC's staunchest ally.
I am going to throw a party when the NY Times goes out of business. What a pathetic excuse for a newspaper, I wonder how many times they sent back Obamas OP-ED for revision.
Tony was a one of those people that saw this country for what it is, the greatest nation ever. He will be sorely missed.
I don't know if this is from Jay Leno, but for the misery moaners, it should give you something to think about.
Oh yeah, congress approval (who cares right?) 9%.
Subject: JAY LENO ON PRESIDENT BUSH (SURPRISING!)
Jay Leno wrote this; it's the Jay Leno we don't often see....
"As most of you know, I am not a President Bush fan, nor have I ever been, but this is not about Bush, it is about us, as Americans, and it seems to hit the mark. 'The other day I was reading Newsweek magazine and came across some Poll data I found rather hard to believe. It must be true given the source, right?
The Newsweek poll alleges that 67 percent of Americans are unhappy with the direction the country is headed and 69 percent of the country is unhappy with the performance of the President. In essence, 2/3 of t he citizenry just aint happy and want a change. So being the knuckle dragger I am, I started thinking, "What are we so unhappy about?''
A. Is it that we have electricity and running water 24 hours a day, 7 Days a week?
B. Is our unhappiness the result of having air conditioning in the summer and heating in the winter?
C. Could it be that 95.4 percent of these unhappy folks have a job?
D. Maybe it is the ability to walk into a grocery store at any time and see more food in moments than Darfur has seen in the last year?
E. Maybe it is the ability to drive our cars and trucks from the Pacific Ocean to the Atlantic Ocean without having to present identification papers as we move through each state?
F. Or possibly the hundreds of clean and safe motels we would find along the way that can provide temporary shelter?
G. I guess having thousands of restaurants with varying cuisine from around the world is just not good enough either.
H. Or could it be that when we wreck our car, emergency workers show up and provide services to help all and even send a helicopter to take you to the hospital.
I. Perhaps you are one of the 70 percent of Americans who own a home.
J. You may be upset with knowing that in the unfortunate case of a fire, a group of trained firefighters will appear in moments and use top notch equipment to extinguish the flames, thus saving you, your family, and your belongings.
K. Or if, while at home watching one of your many flat screen TVs, a burglar or prowler intrudes, an officer equipped with a gun and a bullet-proof vest will come to defend you and your family against attack or loss.
L. This, all in the backdrop of a neighborhood free of bombs or militias raping and pillaging the residents, Neighborhoods where 90% of teenagers own cell phones and computers.
M. How about the complete religious, social and political freedoms we enjoy that are the envy of everyone in the world?
Maybe that is what has 67% of you folks unhappy.
Fact is, we are the largest group of ungrateful, spoiled brats the world has ever seen. No wonder the world loves the U.S., yet has a great disdain for its citizens. They see us for what we are. The most blessed people in the world who do nothing but complain about what we don't have, and what we hate about the country instead of thanking the good Lord we live here.
I know, I know. What about the president who took us into war and has no plan to get us out? The president who has a measly 31 percent approval rating? Is this the same president who guided the nation in the dark days after 9/11? The president who cut taxes to bring an economy out of recession? Could this be the same guy who has been called every name in the book for succeeding in keeping all the spoiled ungrateful brats safe from terrorist attacks, the commander in chief of an all-volunteer army that is out there defending you and me?
Did you hear how bad the President is on the news or talk show? Did this news affect you so much, make you so unhappy you couldn't take a look around for yourself and see all the good things and be glad? Think about it......are you upset at the President because he actually caused you personal pain OR is it because the 'Media' told you he was failing to kiss your sorry ungrateful behind every day. Make no mistake about it. The troops in Iraq and Afghanistan have volunteered to serve, and in many cases may have died for your freedom. There is currently no draft in this country. They didn't have to go. They are able to refuse to go and end up with either a ''general'' discharge, an "other than honorable'' discharge or, worst case scenario, a "dishonorable" discharge after a few days in the brig.
So, why then the flat-out discontentment in the minds of 69 percent of
Say what you want, but I blame it on the media. If it bleeds it leads, and they specialize in bad news. Everybody will watch a car crash with blood and guts. How many will watch kids selling lemonade at the corner? The media knows this and media outlets are for-profit corporations. They offer what sells, and when criticized, try to defend their actions by 'justifying' them in one way or another. Just ask why they tried to allow a murderer like O.J. Simpson to write a book about how he didn't kill his wife, but if he did he would have done it this way......Insane!
Turn off the TV, burn Newsweek, and use the New York Times for the bottom of your bird cage. Then start being grateful for all we have as country. There is exponentially more good than bad. We are among the most blessed people on Earth and should thank God several times a day, or at least be thankful and appreciative.' 'With hurricanes, tornados, fires out of control, mud slides, flooding, severe thunderstorms tearing up the country from one end to another, and with the threat of bird flu and terrorist attacks, 'Are we sure this is a good time to take God out of the Pledge of Allegiance?'
It's been a long time coming, but Chris is Chris again!
This TX. State Senator should be feeling somewhat embarrassed and used, but it is hard to say nada, zero, zilch as an answer, Obama is an empty talking puppet in a suit. Some of you think GW is a puppet, an idiot? The Dems are in huge trouble, I want to know who the puppetmasters are, I'm guessing Dean, Daschle, Gore, Bob Beckel, Albright, Kerry, Pelosi, Kennedy etc.
No one wants to answer the question Matthews asked honestly, and the ugly answer is being ignored by weak, dishonest, pandering, unthinking, AP driven media.
Here it is:
It is 1 min 23 secs long, it makes you feel sorry for that overpaid Texan Democratic State Senator.
As of today, Sen. Barack Obama is about halfway through his "patriotism theme week" message cycle. As of 2008, Sen. John McCain is about seven-ninths through his patriotism theme life cycle. I guess that is the difference between the new politics and the old patriotism.
The Obama campaign launched its new politics patriotism week last Sunday, with retired Gen. Wes "Speichellecker" Clark smearing John McCain's war record -- even to the point of the former general saying that "riding" in a fighter plane and getting shot down are not qualifications for being president. Well, in fact, McCain wasn't riding, of course. He was the pilot in his 23rd mission over heavily defended enemy territory when he was shot down by a Soviet missile. But when Wes "Camera Hound" Clark goes on a mission, he always aims low.
This is the same Gen. Clark who, while leading the bombing campaign against Serbia from his desk, was reprimanded by President Clinton's secretary of defense, William Cohen, to get his "f------ face off the TV. No more briefings, period. That's it." During that bombing campaign, Gen. Clark didn't even go along for the "ride."
And it is the same general who was removed prematurely from his European command on the following explanation of then-chairman of the Joint Chiefs of Staff, Gen. Hugh Sheldon: "The reason he came out of Europe early had to do with integrity and character issues." This is the man who the Obama campaign -- which is above politics as usual -- sent out to smear a genuine war hero. Of course, after 24 hours, Obama disassociated himself from his surrogate's smear attack. This is becoming a pattern of Obama's new politics. Wes Clark is the seventh prominent Obama supporter to disparage Sen. McCain's military service. Obama is beginning to reveal Nixonian political instincts.
But Wes Clark is right. Merely being a war hero is not qualification for the presidency, although it is a hell of a start when compared with those of us who never served in uniform. And the more than five years as a prisoner of war with constant torture that McCain suffered through is also not qualification for being president -- even when compared with Obama's tough seven years of service at Columbia undergraduate and Harvard Law School.
But just maybe, the strength of character and the wisdom of knowing what really matters in life that young John McCain formed on the anvil of his captivity -- just maybe, those attributes are the beginnings of qualifications for leading the rest of us through a dangerous, morally ambiguous world. And when a man so formed then dedicates the next 30 years of his life to studying and leading from the United States Senate on national security issues, perhaps then we have the makings of a man fit to be president.
The test for Sen. Obama in this campaign will not be whether he can fly a jet fighter under enemy fire as well as McCain did or whether he can put up with torture in as manly a fashion as McCain sustained for more than five years or whether he can go through his life not being able to raise his arms to his shoulders because his body was broken by the Commie torturers. Obama, just as most of us, has been spared facing such tests and perhaps been found wanting -- as many of us surely would be.
So far, Obama has faced less taxing tests, such as whether to wear a flag lapel pin. So far, he has scored an incomplete after three tries. First he decided to wear a pin. Then he thought better of it and announced that he no longer would wear the pin, explaining: "You know, the truth is that right after 9/11, I had a pin. Shortly after 9/11 -- particularly because as we're talking about the Iraq war, that became a substitute for, I think, true patriotism, which is speaking out on issues that are of importance to our national security -- I decided I won't wear that pin on my chest. Instead, I'm going to try to tell the American people what I believe will make this country great, and hopefully that'll be a testimony to my patriotism."
Then on his third try, during the heated climax to his primary campaign, he started wearing the pin again, I suppose as -- in his previous words -- "a substitute for true patriotism." Hard to know for sure what his calculations are on this vital matter. But that he does calculate constantly whether to wear the pin or not, there can be no doubt. The demands of patriotism are sometimes hard to know. What's a patriot to do? Life can be hard, very hard, out on the old campaign trail.
Please note: I am not questioning his patriotism. Many patriotic people -- including me -- never have worn a flag lapel pin. (We have to be so careful these days because Obama is offended more easily than a convent-schooled virgin. I am stocking up on eggshells to walk on for the duration of the campaign.)
Anyway, John McCain had it easier over the North Vietnamese skies. He didn't have to decide about such things. He was required to wear his dog tags -- evidence of his patriotism. Some people get all the breaks.
Tony Blankley is executive vice president of Edelman public relations in Washington. E-mail him at [email protected]
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