OT McCain - Obbma Tax Plans

[oldmax]

??? via email, Don't know if it's factual, But sounds like a DEM tax hike...

Proposed changes in taxes after 2008 General election:

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 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


Under Obama your taxes will
more than double!
How does this affect you? No explanation
needed. This is pretty
straight forward.

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MCCAIN 0% (No change, Bush repealed this tax)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.
Those willing their assets to loved
ones will not only lose them to
these taxes.

NEW TAXES BEING 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

[Ysabel Kid]

From the IRS itself:

The top 1% of income earners in this country pay 40% of all taxes collected each year;
The top 10% of income earners in this country pay 70% of all taxes collected each year;
The top 50% of income earners in this country pay 97% of all taxes collected each year.

For each this is individual (or family) income taxes collected - not corporate taxes.

Think this through - that means the bottom 50% of income earners in this country pay only 3% of the taxes collected each year!

Obama doesn't think the "rich" are paying enough - and wants to tax them more. I am not in that category - so it is no skin off my nose directly. It is indirectly, because these people employ a huge number of our fellow citizens. Additionally, I would love for my children or myself to aspire to this level (no real chance of achieving it for me - but one always wants to do better).

The problem becomes a definition - Obama and the Democrats will define "the rich" at lower and lower income levels to penalize productivity at larger and larger parts of society.

The other taxes will end up reducing individual wealth, directly in higher taxes, and indirectly in taxes pushed to consumers, lower standards of living, fewer jobs, etc.

But remember -this is what Obama and the Dems' want. The more miserable people are - and the more that are miserable and dependent on the handouts of the government, the larger their voting base. It is all about power...

[JB]

I've asked several local Obama supporters what they like about him other than his charm, I've yet to get a response other than a blank look or anti Bush comments. We need to educate as many people as we can.

[bigbore442001]

Why isn't this on the TV news? This information should be out in public so the majority of people can see what is the actual plan. You have to be brain dead to vote for Obama.

[Ysabel Kid]

Why isn't this on the TV news? This information should be out in public so the majority of people can see what is the actual plan.

Three words: "Main Stream Media". The MSM wants Obama to win, plain and simple. They are not going to report anything that hurts him.

You have to be brain dead to vote for Obama.

Well, considering the electorate here, that gives Obama darn near 50% of the vote right off the bat!!!

[colo native]

When Obammmma waz ask what he planed to do about defence, he said paint it or tear it down...

[oldmax]

For you guys who are still working,
Retirement , less taxes, NO WAY....
In case you don't know it, They TAX SSI, " Clinton""

Note the Rep. tax cut did not terminate it.
It's a way of paying retired with money thats worth less....

AND, Your retirement 401's will be taxed twice, yes twice...
While it's in the retirement account and when you withdraw it,
How, Clinton tried a retirement fund tax,a tax each year on the income it makes.
Didn't get it, BUT THE DEMS WILL MAKE IT HAPPEN.

You young'ns are: "" "" <<<<<<<< Fill in blank with appropriate *****

[bunklocoempire]

The democrats taxes are pretty obvious, then there's the less obvious. Here's the inflation tax neither irresponsible parties ever tell us about. Hidden tax.

Which parties have balanced the budget lately?

"If money becomes less valuable, then other things must be more valuable relative to it--that is, prices rise. The debasement of coinage is well illustrated in the Roman empire in the first 300 years after Christ. The denarius evolved from a silver coin about the size of a dime into a copper coin the size of a nickel, and lost almost all value in the process."

http://ingrimayne.com/econ/optional/HideTaxes.html

"Inflation can also produce a tax bonus for the government because of the way it affects wealth. If there is no inflation and a person has $10,000 in a savings account earning $300 a year in interest, the $300 is income because real wealth is increasing. But if the rate of price increase is 6%, then the real purchasing power of the $10,000 is decreasing and the $300 interest does not fully compensate for this. When inflation is taken into account, there should be a negative entry of $566 because the purchasing power of the original $10,000 has shrunk to $9434 in the second year. Thus the owner of this savings account has suffered an actual loss of about $266. However, the tax laws can and often do ignore the effects of changing real values, and the owner of the account may find that he pays taxes, even though in real terms (that is, in terms of purchasing power) he has no income at all."

Don't cut any government any slack.

Bunkloco

[oldmax]

Of course you are correct,
But when confronted by 2 evils, You kill the most dangerous First..

[66GTO]

From the IRS itself:

The top 1% of income earners in this country pay 40% of all taxes collected each year;
The top 10% of income earners in this country pay 70% of all taxes collected each year;
The top 50% of income earners in this country pay 97% of all taxes collected each year.

For each this is individual (or family) income taxes collected - not corporate taxes.

Think this through - that means the bottom 50% of income earners in this country pay only 3% of the taxes collected each year!

We are at a dangerous tipping point in this country. When we have more citizens who pay no income tax than citizens who pay income taxes, then what is to stop the majority who pay nothing from voting tax increases on those that do in order to pay for more benefits for themselves?

My feeble brain can't recall who said it, but a democracy is doomed to failure as soon as its citizens realize that they can vote themselves a piece of the treasury. We will soon have more people riding in the wagon than are pulling the wagon.

We have already reached the point where a majority in this country believe it is the job of the government to take care of each and every problem in their life. The politicians (not just Democrats, unfortunately) become prostitutes who will give the voters whatever they demand in return for enough votes to stay in office.

[oldmax]

"Alexis de Touqueville "

[Blackhawk]

Here is a source that gives a comparison. It all seems greek to me.

http://www.taxpolicycenter.org/taxtopic ... matrix.cfm

Johnny

[AJMD429]

If we are ever to strip the obscene power-brokering in Washington, and get back to the original setup the framers intended, we need to ELIMINATE the income tax, not just "tweak" it.

http://fairtaxgroups.com/ is really worth checking out...

Also, both of Neal Boortz's books are worth reading (and buying and loaning/donating)...

http://boortz.com/nuze/


McCain initially voiced support for the FairTax, but I think his Republican cronies let him know it would take too much of their power away. Of course Huckabee really championed it, but the Republicans listened to the east coast liberal media who told them Huckabee (and Paul) were 'inelectable' so they nominated the stereotypic old white war-guy. God help us all.

Here's the latest FairTax.org newsletter...

Dear http://www.FairTax.org supporters,

Our cause continues to gather steam in hometown America—while, with smoke in the air, Congress fiddles.

Could it be more obvious that we will have to save the nation from our own elected officials and candidates?

Retirement investments, savings and college education accounts are evaporating as the stock market falls—while at the same time leading economists predict that trillions of dollars can and will flow into the United States economy after enactment of the FairTax.

Candidate Obama signals a desire to raise the amount of money the government takes from the growth of savings and investments while the country has the lowest savings rate since the Great Depression.

With gasoline, food prices and inflation rapidly escalating and housing values falling, former Senator and John McCain economic adviser, Phil Gramm, says we’re all just a nation of “whiners” and the economy is really just fine.

Candidate McCain has changed his earlier Iowa tune and now tells audiences that the FairTax is not the answer.

Congress and the White House borrow $165 billion from other nations to finance taxpayer rebate checks to stimulate the American economy and ignore the wasted $265 billion annual cost of citizens and businesses preparing income tax returns.

Meanwhile, the powerful Chairman of the House Committee on Ways & Means, Charles Rangel, practices politics as usual and solicits big business for big contributions to his Charles Rangel Center in New York City—and with a wink and a nod Washington adds more loopholes and tax gimmicks for favored interests.

The United Nations concluded this week that three-quarters of the reason for higher food prices can be traced back to turning agriculture to bio-fuel production—here in the U.S. it is another recent ham-handed tax break by the meddling Ways & Means Committee.

While leaders ignore the crisis, citizens work for a FairTax solution

While "leaders" turn a deaf ear to our destructive tax system or offer medicine that will worsen the economic downturn, hometown America is quietly and steadily moving us toward the FairTax.

Hundreds of people recently turned out for a FairTax seminar in Georgia designed to equip average citizens with the means to spread the word to fellow Americans and wake up elected officials.

The Postal Workers Union is considering embracing the FairTax at its national convention.

In Oklahoma, all but one member of the Congressional delegation have co-sponsored FairTax legislation because of the determined and relentless work of local advocates.

A documentary team from Georgia is traveling the nation recording the determined but under-financed FairTax movement.

XM Satellite Radio just featured FairTax.org on "Open Road," Channel 171, heard across the country and a favorite of long-haul truckers. Host Dave Nemo enthusiastically added the FairTax web link to his home page. Other radio hosts from Michigan, Virginia, California, Florida, Arizona, Colorado and elsewhere and the always popular Neal Boortz and Herman Cain continue to support the issue with their audiences.

Candidates for Congress in West Virginia, Florida, Georgia, Colorado, Arizona and elsewhere have embraced the FairTax.

At kitchen tables across the country FairTaxers are finding their own ways to push the movement--from YouTube and MySpace videos to letters to the editor to friendly conversations with neighbors.

Keep the faith—and keep the FairTax movement growing!

It's our nation and we'll have to save it from the original bad idea of an income tax that just keeps getting worse at the hands of tax lobbyists and the corrupted Congressional tax writing process.

Now is the time for all citizens to band together and make the case for the FairTax. Tell your newspaper editor, tell your elected officials and tell your friends, neighbors and colleagues. Our country, our children and our future depend on this common sense solution—and it could not be more needed than right now.

For every FairTaxer who writes a letter to Congress, goes to a Town Hall meeting, talks with a candidate, writes to the local newspaper, wears the FairTax cap or proudly displays the FairTax window sticker—thank you!

For those who feel that someone else will get it done—wake up and smell the coffee because this lifeboat needs your oar.

Our progress is slow but steady. Recruit one more FairTaxer and move us forward one more step at a time. Together we can make it come true.

Sincerely,

Ken Hoagland
Communications Director