American Elephants


One guestimate about future taxes. by The Elephant's Child

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.

If you sell your home and make a profit, you will pay 28% of your gain in taxes.  If you are heading toward retirement and would like to downsize 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%

If you have any money invested in the stock market, IRA, 401K, mutual funds, college funds, life insurance, or anything that pays or reinvests dividends, you will now be paying nearly 40% of the money earned in taxes if Obama becomes president.  The experts predict that “higher tax rates on dividends and capital gains would crash the stock market yet do nothing to cut the deficit.”

INCOME TAX

McCain: (no changes)

Single making 30K — tax $4,500
Single making 50K — tax $12,50
Single making 75K — tax $18,750
Married making 60K — tax $9,000
Married making 75K — tax $ 21.000
Married making 125K — tax $31,250

Obama: (allowing Bush tax-cuts to expire)

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

INHERITANCE TAX

McCain: 0% (No change, Bush repealed this tax)

Obama: Restore the inheritance tax.  Many families have lost family businesses, ranches, farms and homes because they couldn’t afford the inheritance tax.

NEW TAXES BEING PROPOSED

New government taxes proposed on homes that are more than 2400 square feet.
New gasoline taxes.
New taxes on natural resources consumption (heating, gas, water, electricity, carbon)
New taxes on retirement accounts and taxes for socialized medicine.

Comparisons are really hard because everyone states things differently. Obama talks only about his tax credits, and doesn’t mention how much taxes you will pay, and it doesn’t really matter because the bill will be written by congress, passed by congress and sent to the President for his signature.  Presidents can only ask and/or veto or sign. Congress (12% approval) is very anxious to raise taxes.

Source: Jennifer Rubin at Commentary Magazine



A few words about greed on Wall Street. by The Elephant's Child

One word that has been popping up in the campaign with frequency is GREED.  They talk about “greed” on Wall Street, and the “greed” of investment bankers.  Did you ever notice that no one speaks of the “greed of Congress?  I didn’t think so.

What is it that money managers do on Wall Street, and investment bankers and ordinary bankers? They try to earn money for their clients and for themselves, just like Earl and Betty do in their little appliance repair store down on Main Street.  Or Joe the plumber does when he hopes to save up and buy a business.  That’s what business is, working to earn a profit so that lives are nurtured and improved with the gain.  No profit, no business, at least not for long.  Frankly, it is fairly hard to earn a profit consistently.

But this should be of concern only if you work for a business, own a business or buy things from a business. But isn’t “greed” something different?  You mean that if you or I earn a profit or make money on something, it is just an exchange, but if someone on Wall Street earns a profit or makes money it is greed?

Then there must be  dividing line, but we don’t know where it is.  Is it $10,000, $100,000, or $1,000,000? Below the line, it’s O.K. and if you earn more than that, it’s greed?  Do you see how silly this is? This is “class warfare”.  Politicians want to point to that fellow over there, and say — envy him, look upon him with rage and contempt, hate him — because he is greedy — for making a profit.

That’s not how America works. Capitalism works. If people have the opportunity to work hard and try to reach the goals that they dream of, they can do it, if they are not burdened with fees and taxes and regulations imposed on them by a (greedy) Congress that didn’t do one thing to earn that money except demand that you give it to them.

So when politicians start talking about “greed”, at least recognize just what is going on.  And set your internal monitor so a little alarm goes off.



Reducing the problem to bullet points. by The Elephant's Child

Abe Greenwald went to a “Democrats for McCain” event a couple of days ago, and was impressed with speaker Bartle Bull’s bullet points:

8 YEARS OF AN OBAMA-PELOSI-ACORN ADMINISTRATION WOULD GIVE AMERICA:

♦ 8 YEARS OF SPREAD-THE-WEALTH SOCIALISM,

♦ 8 YEARS OF CHICAGO-STYLE CORRUPTION ,&

♦ 8 YEARS OF UNITED NATIONS-STYLE FOREIGN POLICY

That is short and sweet. And factual.




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