Jarasans Blog

Just the facts.

Wednesday, July 30, 2008

 

Is this possible?

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

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 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.

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 will
more than double!
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MCCAIN 0% (No change, Bush repealed this tax)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 bus inesses,
farms and 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 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
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!!!


Comments:
I don't want to vote for Obama or McCain so I guess I need to leave the country!   Do you really think this country can ever elect a President who represents all of us? They all lie to get elected. People don't want to hear the truth. Every president has made promises that were broken after being elected.
I did some research to what the source of this article came from and it was Real Debate - which is very Conservative Republican slanted. It's interesting that Hilary was included in the article as well since it was posted in March. So where did Real Debate get the source of their information.
http://realdebatewisconsin.blogspot.com/2008/03/proposed-changes-in-taxes-after-2008.html

According to one poster

There are several points where Real Debate is incorrect.

First, Obama or Clinton do not intend to rise taxes for anyone except for top earners. Which is above 250,000.

Second, when taxes pre- and after- Bush cuts are compared, taxes are INCORRECTLY CALCULATED based on TAX BRACKET PERCENTAGES rather than on the EFFECTIVE TAX RATES.


EXAMPLE: 30,000 Single.

This income falls under 28% bracket according to 2000 federal tax rule and under 15% bracket according to 2007 rule.
The posts alleges that 2000 tax is 0.28*30,000=8,400 and 2007 tax is 0.15*30,000=4,500. This yields a substantial net difference $3,900

The truth is that tax is NOT calculated by multiplying taxable income by TAX BRACKET PERCENTAGE.

According to 2000 and 2007 rules, taxes for 30,000 single are determined as follows:

2000
$3,780.00 plus 28.00% of taxable income over $27,850.00 http://www.va.gov/publ/direc/fin...00ga2_02Bul.htm

2007
$747.00 plus 15.0% of taxable income over $10,120.00
http://www.va.gov/publ/direc/fin...07ga2_09bul.htm


Based on those rules

2000 tax is $4,988
2007 tax is $4,109
The net difference before and after cuts is $879, not $3,900 as claimed by the earlier post

See tax calculator at http://www.moneychimp.com/featur...ax_brackets.htm

With this calculator, you can calculate tax due for a selected year and taxable income.
Numbers Numbers | 04.25.08 - 2:33 pm | #
Thanks for clearing that up for me, Tenaj, since I never have made or expect to earn $250,000 a year!
So, it looks like the rest of it is correct, higher gas taxes, brand new energy consumption taxes, higher retirement account taxes, higher capital gains taxes, higher inheritance taxes, etc.................. Thanks for straightening that out for us T!

Economic justice for all comrades!

I can't wait for 01/20/2013!
Just because you say the rest is correct doesn't make it so jarasan. Try again.
Yes T, actually, it does make it so, unless debunked.

The bottom line is this: 99% of this article is accurate and correct. He wants you, to want him, to want you, to give it up, it'll feel good, just do it.
I need help where is the candidate that helps those who help themselves. It is so not fair to tax those who have dotted their I's and crossed their T's especially when education is free for most of us. But I guess in a world of reality someone has to pay for those who don't compensate.
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