McCain, Obama and Taxes
Posted: Wednesday, August 27, 2008
by Michael Kocis
http://www.prescottlmt.com
As the Presidential Election draws closer America has become more divided than ever, primarily over ridiculous issues such as age, race, gender, and popularity. One serious area of concern for the American voter is taxes.
The general view sweeping our land is that John McCain will not raise taxes and Barack Obama will increase taxes but only on the wealthy and big business. It's even been rumored that Obama will only raise taxes on people making $111,645 and above. As though the tax structure was such that a line could be drawn and anyone could promise "Above this much Yes, and below it NO." It doesn't work like that.
Capital Gains Tax: McCain - 0% on home sales up to $500,000 per home (couples)
Obama - 28% on ALL home sales. This proposal would adversely affect the elderly that would like to downsize and use the money for retirement and living expences
Dividend Tax: McCain - 15% (no change)
Obama - 39.6% ALL money invested in stocks, IRA, mutual funds, life insurance, retirement accountants, college funds or anything that pays dividends you will now be paying nearly 40% in taxes.
Inheritance Tax: McCain - 0$ no change ( Bush repelled this tax)
Obama - He promised to restore this tax. Many families have lost farms, ranches, business',and homes that were pasted down through generations because they could not afford the inheritance tax.
Now for everyones favorite Income Tax: ( find your bracket)
McCain - no changes
Single making 30K - tax $4,500
Single making 45K - 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 - reverse all tax cuts
Single making 30K - tax $8,400
Single making 45K - 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
On top of that here are the NEW taxes being proposed by Obama:
New Government Tax on homes more that 2400 sq. feet
Additional Gasoline Tax ( He wasn't against the high prices, just that they went up too fast)
New Tax on Natural Resources Consumption ( heating gas, water, electric)
New Tax on retirement accounts
New Taxes to pay for socialized medicine so we can ALL receive the same level of care as Europe and smaller third world countries.
The election is only a few short months away and there will be a boat load of sound bites and buzz words strewn about designed to keep the audience in (as Hollywood would say) suspended dis-belief. I'm sure there will be those die hard supporters of big government that will have some very intellegent, thoughtful comments on this issue, to those folks I offer this Obama-like bumper sticker, "Hope you Change your mind"
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Top-level comments on this article: (2 total)Michael, regardless get ready to pay one way or the other.
With all do respect Robert I can't look at those numbers and think of the word "regardless." Yes, it does cost to live in America but the thought of turning this country into a place where more and more people will think, "Hey why work hard or do anything at all, the Government will provide for me." Obama's tax plan actually punishes those that move forward. He wants you to think it's only the filthy rich or big business. That is untrue.Look at those numbers again, compare them to Europe and then take an honest look at what happened there. It's not good. It is the beginning of a hole we may not be able to ever get out of.Michael we are already in the hole.
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