CAPITAL GAINS TAX
MCCAIN - 15% (no change)
OBAMA - 28%
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 40% of the money earned on taxes if Obama or Clinton 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
How does this affect you? No explanation needed. This is pretty straight forward.
INHERITANCE TAX
MCCAIN - 0% (No change, Bush repealed this tax)
OBAMA - keep the inheritance tax
How does this affect you? Many families have lost businesses, 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 these taxes.
NEW TAXES BEING PROPOSED BY BOTH CLINTON AND 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 m edicine so we can receive the same level of medical care as other third-world countries!!!
Can you afford Clinton or Obama? I can't!
If Sen. Barack Obama (D-IL) Could Enact All Of His Campaign Proposals, Taxpayers Would Be Faced With Financing $874.35 Billion In New Spending Over One White House Term:
If Sen. Barack Obama (D-IL) Could Enact All Of His Campaign Proposals, Taxpayers Would Be Faced With Financing $874.35 Billion In New Spending Over One White House Term:
Updated February 14, 2008: Obama's National Infrastructure Reinvestment Bank Will Cost $60 Billion Over Ten Years; Equal To $6 Billion A Year And $24 Billion Over Four Years. Obama: "I'm proposing a National Infrastructure Reinvestment Bank that will invest $60 billion over ten years." (Sen. Barack Obama, Remarks On Economic Policy, Janesville, WI, 2/13/08)
Obama's Health Care Plan Will Cost Up To $65 Billion A Year; Equal To $260 Billion Over Four Years. "[Obama]
campaign officials estimated that the net cost of the plan to the federal government would be $50 billion to $65 billion a year, when fully phased in, and said the revenues from rolling back the tax cuts were enough to cover it." (Robin Toner and Patrick Healy, "Obama Calls For Wider And Less Costly Health Care Coverage," The New York Times, 5/30/07)
Obama's Energy Plan Will Cost $150 Billion over 10 Years, Equal To $15 Billion Annually And $60 Billion Over Four Years. "Obama will invest $150 billion over 10 years to advance the next generation of biofuels and fuel infrastructure, accelerate the commercialization of plug-in hybrids, promote development of commercial-scale renewable energy, invest in low-emissions coal plants, and begin the transition to a new digital electricity grid." (Obama for America, "The Blueprint For Change,"
http://www.barackobama.com/, Accessed 1/14/08, p. 25)
