One more week until the election folks. Some more info on why Obama is bad for you, the economy, our nation, and the world:
Raising taxes on corporations only causes prices of goods to increase, a hidden tax if you will. It sounds nice "we'll tax the big corporations who can afford it", but that's how they can afford it, by raising prices of goods.
Obama views himself as a man of the "world" not as an American. We need the leader of our nation to be for us first, then the world, not the other way around.
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 could almost double!
INHERITANCE TAX
MCCAIN - 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
Many families have lost businesses, farms, 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 only lose them to these taxes.
NEW TAXES 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!!!
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 40% of the money earned on taxes if Obama becomes 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.')
Bottom line on Taxes, you will be taxed higher and in new ways under Obama so the government can spread your wealth to those they deem more worthy.
2008 PRESIDENTIAL CANDIDATE COMPARISON
JOHN McCAIN BARAK OBAMA
Favors new drilling offshore US Yes No
Will appoint judges who interpret the law not make it Yes No
Served in the US Armed Forces Yes No
Amount of time served in the US Senate 22 YEARS 173 DAYS
Will institute a socialized national health care plan No Yes
Supports abortion throughout the pregnancy No Yes
Would pull troops out of Iraq immediately No Yes
Supports gun ownership rights Yes No
Supports homosexual marriage No Yes
Proposed programs will mean a huge tax increase No Yes
Voted against making English the official language No Yes
Voted to give Social Security benefits to illegal's No Yes
Also read: http://townhall.com/Columnists/ThomasSowell/2008/10/27/obama_and_the_left
Sources:
http://money.cnn.com/news/specials/election/2008/index.html
http://www CNN.com/ELECTION/2008/issues/issues.taxes.HTML
http://elections.foxnews.com/?so=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/
Raising taxes on corporations only causes prices of goods to increase, a hidden tax if you will. It sounds nice "we'll tax the big corporations who can afford it", but that's how they can afford it, by raising prices of goods.
Obama views himself as a man of the "world" not as an American. We need the leader of our nation to be for us first, then the world, not the other way around.
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 could almost double!
INHERITANCE TAX
MCCAIN - 0% (No change, Bush repealed this tax)
OBAMA Restore the inheritance tax
Many families have lost businesses, farms, 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 only lose them to these taxes.
NEW TAXES 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!!!
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 40% of the money earned on taxes if Obama becomes 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.')
Bottom line on Taxes, you will be taxed higher and in new ways under Obama so the government can spread your wealth to those they deem more worthy.
2008 PRESIDENTIAL CANDIDATE COMPARISON
JOHN McCAIN BARAK OBAMA
Favors new drilling offshore US Yes No
Will appoint judges who interpret the law not make it Yes No
Served in the US Armed Forces Yes No
Amount of time served in the US Senate 22 YEARS 173 DAYS
Will institute a socialized national health care plan No Yes
Supports abortion throughout the pregnancy No Yes
Would pull troops out of Iraq immediately No Yes
Supports gun ownership rights Yes No
Supports homosexual marriage No Yes
Proposed programs will mean a huge tax increase No Yes
Voted against making English the official language No Yes
Voted to give Social Security benefits to illegal's No Yes
Also read: http://townhall.com/Columnists/ThomasSowell/2008/10/27/obama_and_the_left
Sources:
http://money.cnn.com/news/specials/election/2008/index.html
http://www CNN.com/ELECTION/2008/issues/issues.taxes.HTML
http://elections.foxnews.com/?so=proposed+taxes
http://bulletin.aarp.org/yourworld/politics/articles/mccain_obama_offer_different_visions_on_taxes.html
http://blog.washingtonpost.com/fact-checker/candidates/barack_obama/
http://blog.washingtonpost.com/fact-checker/candidates/john_mccain/
1 comment:
Very intrested to read about Obama's proposed taxes on dividends. As all my income is dividends and stocks/mutual funds took a big hit this year, with Obama I could be on government welfare with four years of Obama as President. If I wasn't against him for socialized medicine, abortion, his attitude toward our troops (from one who never served) and the democratic way of proliferating programs and spending money this hit with taxes kinda tops off the bottle as full and overflowing. ~Mom~
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