From: Travis
Subject: Tax changes if Obama wins -- from Wachovia Bank
Date: Monday, September 22, 2008,
Proposed changes in taxes after the 2008 general election if Obama wins:
*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*: * Increase to 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)** * *OBAMA: **(reversion to pre-Bush tax cuts)
*
*Which category are you in? Can you afford the tax increase? VP canidate
Biden said today (9/18/08) that it is our "patriotic duty" to pay more in
taxes!
*
*MCCAIN TAXES OBAMA'S TAXES*
Single making 30K - tax $4,500 Single making 30K - tax $8,400 *
+$3,900.00
*
Single making 50K - tax $12,500 Single making 50K - tax $14,000 *
+$1,500.00
*
Single making 75K - tax $18,750 Single making 75K - tax $23,250 *
+$4,500.00
*
Married making 60K- tax $9,000 Married making 60K - tax $16,800 *
+$7,800.00
*
Married making 75K - tax $18,750 Married making 75K - tax $21,000 *
+$2,250.00
*
Married making 125K - tax $31,250 Married making 125K - tax $38,750*
+$7,500.00
*
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