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Monday, July 21, 2008

McCain vs. Obama - Money Talk

Simple Talk on Money Issues--McCain vs. Obama
from The Liberty Sphere by D. Martyn Lloyd-Morgan

Here are the facts, folks...simple talk on money issues and how the two Presidential candidates' proposals will effect you in your pocketbook.

Here are the proposals, side by side, McCain vs. Obama. On the basis of these facts alone, Obama should be resoundingly defeated!


CAPITAL GAINS TAX:

MCCAIN: (No Change)
0% on home sales up to $500,000 per home (couples)
McCain does not propose any change in existing home sales income tax.

OBAMA:
Proposes a 28% tax 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
profit 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. EXAMPLE: Buy a home 25 years
ago for$ 60,000.00; sell it when you retire for $250,000.00, pay the
government $53,200.00 in taxes


DIVIDEND TAX:

MCCAIN:
(No Change)
15%

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 Change)
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 wage earners will have their taxes double!
No explanation needed. This is pretty straight forward.


INHERITANCE TAX:

MCCAIN: (No change, Bush repealed this tax)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

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 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 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!!!

IF YOU WANT "CHANGE"…THIS WILL DO IT.

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