McCain and Obama on Taxes – A Comparison

Posted on July 21, 2008. Filed under: Politicians, Politics |

Doesn’t the gov’t get enough of my money already?? I don’t want to give them any more!!!!!!!!  Obama will be taxing us to death!

McCain and Obama on Taxes – A Comparison

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MCCAIN 0% (No change, Bush repealed this tax)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

LINK: http://money.cnn.com/2008/06/11/news/economy/candidates_taxproposals_tpc/index.htm

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One Response to “McCain and Obama on Taxes – A Comparison”

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where did you get these numbers? a lot of these numbers are greatly skewed.


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