Phillip's Blog

An indicator of things to come??

In this time of political campaigns, and the accompanying misinformation from our friends in the media, I thought it appropriate to put some facts out there for your absorption. Choose as you will, but these are the facts, presented here in contrast format.

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.

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 could 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? Under Obama the lowest tax brackets will nearly double! No explanation needed for that one.

INHERITANCE TAX

MCCAIN 0% (No change, Bush repealed this tax)

OBAMA Restore 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 under previous administrations. Restoration of the inheritance tax equates to paying for the same asset twice – once when it is purchased and again when you pass it on to your children and grandchildren.

NEW TAXES BEING PROPOSED BY OBAMA

* New federal 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.