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Botnst · #1 07-09-2008, 09:46 AM

From a total Republican friend of mine. Is this comparison valid?

B

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A vote for McCain would be one step closer to some degree of sanity, regardless of party loyalties in this instance...

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MCCAIN 0% (No change, Bush repealed this tax)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

* 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!!!

Carleton Hughes · #2 07-09-2008, 09:51 AM

Well,logically McWhatever is the choice for me.If I sell my home,however,I'm still screwed regardless.

TX76513 · #3 07-09-2008, 09:51 AM

Botnst - here is a sign in Mandeville, Louisiana taken last weekend.

kip Foss · #4 07-13-2008, 04:25 PM

What Obama is proposing is called a reality check. This is what is required to undo the mess that Shrub Bush has gotten this country into.

From the AARP magazine for May:...."in just 12 months, unemployment has risen from 4.5% with a growing workforce the 5.1% and a shrinking workforce as millions stopped seeking job. The average price of a gallon of gas had jumped 53 cents (as of May) to $3.44, and crude oil has nearly doubled. Inflation is growing, medical costs are growing faster. Stock prices have dropped nearly 15%, and housing prices have plummeted more than 10%, part of a spiral of delayed payments, defaulted mortgages and home forclosures. Banks and lenders around the world are in full retreat.

The US trade deficit and the federal budget deficit continue to mushroom, and the national debt is $9.4 trillion-up 10% in a year. The value of the dollar has fallen 15%, driving the cost of imports even higher and shaking the confidence of foreign investors."

In 2002 Clinton inherited a national debt over $4 trillion (thanks to 12 years of Republican waste-remember Reagan's 600 ship armada?). He turned this country over to Shrub Bush with a $500 billion surplus. Within 2 years Bush had spent the surplus and was on the road to the current deficit which is expected to be well over $10 trillion when he leaves office. Note: the $4 trillion debt came from Reagan raiding the social security fund. That is why SS is struggling now and not likely to be there for those under 45 years old.

With this war and the wounded soldiers Bush has also created another legacy of debt that will follow our grand children to their graves.

I am a retiree and have to watch my money. I certainly do not look forward to an increases in taxes anymore than the next man. It is a shame that most of the hard core right wing bible thumping, gun toting, America uber alles, flag wavers will be dead of old age before the real impact of this debt will be felt. And like Bush they don't really give a rats ass about their legacy. They got there's and to hell with the rest of you.

Honus · #5 07-13-2008, 04:48 PM

Quote:

Originally Posted by Botnst

...OBAMA
28% on profit from ALL home sales...

Obama wants to eliminate the capital gains exemption for the sale of a home? I doubt that. What's your friend's source?

Quote:

...DIVIDEND TAX

MCCAIN 15% (no change)

OBAMA 39.6%...

Not according to this article:

Quote:

...Barack Obama, on the other hand, wants the maximum tax rate on dividends and capital gains to rise to 24%, but he recommends no tax on capital gains from start-up companies.

http://finance.yahoo.com/expert/article/futureinvest/69452

Quote:

Originally Posted by Botnst

...Under Obama your taxes will more than double!...

I have seen nobody who has analyzed Obama's tax plan that agrees with that statement.

Quote:

...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...

That is certainly one side of this complicated issue.

With all due respect, Botnst, I don't think I will spend much time pondering your friend's analysis. Doesn't seem to be very balanced.

Botnst · #6 07-13-2008, 05:07 PM

Quote:

Originally Posted by kip Foss

What Obama is proposing is called a reality check. This is what is required to undo the mess that Shrub Bush has gotten this country into.

From the AARP magazine for May:...."in just 12 months, unemployment has risen from 4.5% with a growing workforce the 5.1% and a shrinking workforce as millions stopped seeking job. The average price of a gallon of gas had jumped 53 cents (as of May) to $3.44, and crude oil has nearly doubled. Inflation is growing, medical costs are growing faster. Stock prices have dropped nearly 15%, and housing prices have plummeted more than 10%, part of a spiral of delayed payments, defaulted mortgages and home forclosures. Banks and lenders around the world are in full retreat.

The US trade deficit and the federal budget deficit continue to mushroom, and the national debt is $9.4 trillion-up 10% in a year. The value of the dollar has fallen 15%, driving the cost of imports even higher and shaking the confidence of foreign investors."

In 2002 Clinton inherited a national debt over $4 trillion (thanks to 12 years of Republican waste-remember Reagan's 600 ship armada?). He turned this country over to Shrub Bush with a $500 billion surplus. Within 2 years Bush had spent the surplus and was on the road to the current deficit which is expected to be well over $10 trillion when he leaves office. Note: the $4 trillion debt came from Reagan raiding the social security fund. That is why SS is struggling now and not likely to be there for those under 45 years old.

With this war and the wounded soldiers Bush has also created another legacy of debt that will follow our grand children to their graves.

I am a retiree and have to watch my money. I certainly do not look forward to an increases in taxes anymore than the next man. It is a shame that most of the hard core right wing bible thumping, gun toting, America uber alles, flag wavers will be dead of old age before the real impact of this debt will be felt. And like Bush they don't really give a rats ass about their legacy. They got there's and to hell with the rest of you.

Uh, this thread started as a comparison between McWhatever and Omaghod.

Botnst · #7 07-13-2008, 05:08 PM

Quote:

Originally Posted by dculkin

... Doesn't seem to be very balanced.

You're probably right. It would be nice to see a direct comparison.

450slcguy · #8 07-13-2008, 05:09 PM

Quote:

Originally Posted by kip Foss

What Obama is proposing is called a reality check. This is what is required to undo the mess that Shrub Bush has gotten this country into.

Many Americans today have no concern or conception of reality. Wait another 5-10 years (or less the way things are spiraling down now), and those realities are going to become quite apparent for everyone.

The sad part is it's probably to late to do anything about it.

Hatterasguy · #9 07-13-2008, 05:23 PM

I hate them both. Here is an idea, how about a flat tax of 10% and a far smaller government? Why do we need a $3T government? How about we struggle and get by with a $1T leach?

The government is to expensive, time to cut it back. I know it will hurt the politicians far more than me, but they have had their fun.