Filed under: Conservatism, Domestic Policy, Economy, Election 2008, Socialism, Uncategorized | Tags: Capital Gains Tax, Income Tax, Inheritance Tax, John McCain, Tax Proposals
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.
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.
McCain: 15% (no change)
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.”
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
McCain: 0% (No change, Bush repealed this tax)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