Proposed changes in taxes

[DOGS THAT BARK]

after 2008 election--

Generally never get these in emails but this was forwarded to by accountant I know--always leary emails like this so checked out snopes and they have it listed--but no contradictions--yet--so we'll see if one developes later--
--appears O & H need to redefine middle class if these are correct.
http://message.snopes.com/showthread.php?p=553713

Proposed changes in taxes after 2008 General election:


CAPITAL GAINS TAX

MCCAIN
15% (no change)

OBAMA
28%

CLINTON
24%

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%

CLINTON
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 or Clinton 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

CLINTON
(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? No explanation needed. This is pretty straight
forward.


INHERITANCE TAX

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(No change, Bush repealed this tax)

OBAMA
keep the inheritance tax

CLINTON
keep 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 BOTH CLINTON AND 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

 

[djv]

Can't find anyplace that supports any of this. On your home your free on first $300000 or is it $500000. Once only. Unless changed last year.
As for rest if your calling old John no change John. And 4 more years of failed Bush policy. How can you want that. IF some those numbers of H & O are from what Clinton had as policy. Well it's a fact rich got richer and rest of us did to. And our nation was not buried in red ink. And with second recesson in 5 years. We NEED changes bad. Old John is thinking that way, OLD.

 

[EXTRAPOLATER]

:clap:


agree at least twice

 

[hedgehog]

thanks for this post, hopefully the leftists on this website will see it and maybe they will see the light.

 

[MadJack]

i guess somebody has to pay for the mess we're in.

and some got rich in the process too, huh?

what a mess.

 

[Cie]

Funny that Dems speak of helping out the lower end of the income spectrum, yet the largest % income tax hike if we revert to pre-Bush tax cuts is for the lowest single and married bracket.......:mj07: I'd love to hear the spin you diehard libs will put on this one:0corn


The dividend taxation at nearly 40% would be a concern for me.

Inheritance tax of 0% is not a good idea. We need 0% inheritance tax for estates under 5 or 10 million. Make the actual wealthy pay heavily though.....

 

[redsfann]

Can't find anyplace that supports any of this. On your home your free on first $300000 or is it $500000. Once only. Unless changed last year.
As for rest if your calling old John no change John. And 4 more years of failed Bush policy. How can you want that. IF some those numbers of H & O are from what Clinton had as policy. Well it's a fact rich got richer and rest of us did to. And our nation was not buried in red ink. And with second recesson in 5 years. We NEED changes bad. Old John is thinking that way, OLD.

Easy there, DJV. Facts are something that are easily overlooked by many at this forum..

Your 2007 federal tax brackets.

http://www.irs.gov/formspubs/article/0,,id=164272,00.html

They don't start at 30K, but why let the facts get in the way of a good story.

If you are married and sell a primary residence, you don't pay any tax on the 1st 500,000 of any gains in sale of said house.

http://taxes.about.com/od/taxplanning/qt/home_sale_tax.htm

Again, why let the facts get in the way of a good story??...:shrug:

 

[The Sponge]

of course that crap Dog posted is just that crap. I still would rather pay taxes and have a job then pay no taxes and have no job where most are headed. I think Smurph once said that he never saw a rich guy try to become poor and pay the poor mans type of taxe rates. Dogs, honestly, you have to raise taxes. Where are we gonna get the money to pay for all of those entitlement programs the Republicans gave us? How the heck can we not raise taxes when we have to bail out airlines, Banks, defense contractors, Israel, Pakistan, Farmers (by the way do you and Six Five get any of this welfare?) I bet Six Five does but he keeps it on the down low.

 

[DOGS THAT BARK]

Redsfan--Which one of claims were incorrect--

Maybe we can sort this out between us--as I am curious if it is as bad as it appears. I went over tax schedule in link and can't find error on current taxes which would be McCains--is error on H & O?
--would figure Snopes would be all over any math errors or at least their forum would have pointed them out by now.

Appears Obama's crew having tough time also--
http://my.barackobama.com/page/community/post/kirkleitch/gGBnBZ
:shrug:

Maybe we can highlight ones that are incorrect with --with corrections displayed.

++++++++++++++++++++++++++++++

Spongebob--have no doubt you could care less about taxes--and are for every entitlement program they can conceive--and can understand your reasons.

Let me give you "a few" reasons that you not only need to vote for Obama--but campaign for him 24/7--

NEW TAXES BEING PROPOSED BY BOTH CLINTON AND 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!!!
>
>
> (in case you want more information on Obama's tax and spend agenda:
> If Sen. Barack Obama (D-IL) Could Enact All Of His Campaign
Proposals, Taxpayers Would Be Faced With Financing $874.35 Billion In New
Spending Over One White House Term:
> Updated February 14, 2008: Obama?s National Infrastructure
Reinvestment Bank Will Cost $60 Billion Over Ten Years; Equal To $6 Billion A
Year And $24 Billion Over Four Years. Obama: ?I?m proposing a National
Infrastructure Reinvestment Bank that will invest $60 billion over ten
years.? (Sen. Barack Obama, Remarks On Economic Policy, Janesville, WI,
2/13/08)
> Obama?s Health Care Plan Will Cost Up To $65 Billion A Year; Equal To
$260 Billion Over Four Years. ?[Obama] campaign officials estimated
that the net cost of the plan to the federal government would be $50
billion to $65 billion a year, when fully phased in, and said the revenues
from rolling back the tax cuts were enough to cover it.? (Robin Toner
and Patrick Healy, ?Obama Calls For Wider And Less Costly Health Care
Coverage,? The New York Times, 5/30/07)
> Obama?s Energy Plan Will Cost $150 Billion Over 10 Years, Equal To
$15 Billion Annually And $60 Billion Over Four Years. ?Obama will invest
$150 billion over 10 years to advance the next generation of biofuels
and fuel infrastructure, accelerate the commercialization of plug-in
hybrids, promote development of commercial-scale renewable energy, invest
in low-emissions coal plants, and begin the transition to a new digital
electricity grid.? (Obama For America, ?The Blueprint For Change,?
www.barackobama.com, Accessed 1/14/08, p. 25)
> Obama?s Tax Plan Will Cost Approximately $85 Billion A Year; Equal To
$340 Billion Over Four Years. ?[Obama?s] proposed tax cuts and
credits, aimed at workers earning $50,000 or less per year, would cost the
Treasury an estimated $85 billion annually.? (Margaret Talev, ?Obama
Proposes Tax Code Overhaul To Help The Poor,? McClatchy Newspapers, 9/19/07)
> ? ? Obama?s Plan Would Raise Taxes On Capital Gains And
Dividends, And On Carried Interest. Obama?s tax plan includes: ?ncreasing
the highest bracket for capital gains and dividends and closing the
carried interest loophole.? (Obama For America, ?Barack Obama: Tax
Fairness For The Middle Class,? Fact Sheet, www.barackobama.com, Accessed
1/8/08)
> Obama?s Economic Stimulus Package Will Cost $75 Billion. ?Barack
Obama?s economic plan will inject $75 billion of stimulus into the economy
by getting money in the form of tax cuts and direct spending directly
to the people who need it most.? (Obama For America, ?Barack Obama?s
Plan To Stimulate The Economy,? Fact Sheet, www.barackobama.com, 1/13/08)
> Obama?s Early Education And K-12 Package Will Cost $18 Billion A
Year; Equal To $72 Billion Over Four Years. ?Barack Obama?s early education
and K-12 plan package costs about $18 billion per year.? (Obama For
America, ?Barack Obama?s Plan For Lifetime Success Through Education,?
Fact Sheet, www.barackobama.com, 11/20/07, p. 15)
> Obama?s National Service Plan Will Cost $3.5 Billion A Year; Equal To
$14 Billion Over Four Years. ?Barack Obama?s national service plan
will cost about $3.5 billion per year when it is fully implemented.?
(Obama For America, ?Helping All Americans Serve Their Country: Barack
Obama?s Plan For Universal Voluntary Citizen Service,? Fact Sheet,
www.barackobama.com, 12/5/07)
> Obama Will Increase Our Foreign Assistance Funding By $25 Billion.
?Obama will embrace the Millennium Development Goal of cutting extreme
poverty around the world in half by 2015, and he will double our foreign
assistance to $50 billion to achieve that goal.? (Obama For America,
?The Blueprint For Change,? www.barackobama.com, Accessed 1/14/08, p. 53)
Obama
> has sponsored a bill in the senate that will tax 1/7th. of 1% of U.S.
GDP to give to the UN for distribution to poor countries. This will
amount to $845BB/yr. from American taxpayers that most of it will end up
in some tyranical despots Swiss bank account!!! As of March 1, 2008,
this bill is still in process but is believed to be thwarted by the
senate.
> Obama Will Provide $2 Billion To Aid Iraqi Refugees. ?He will provide
at least $2 billion to expand services to Iraqi refugees in
neighboring countries, and ensure that Iraqis inside their own country can find a
safe-haven.? (Obama For America, ?The Blueprint For Change,?
www.barackobama.com, Accessed 1/14/08, p. 51)
> Obama Will Provide $1.5 Billion To Help States Adopt Paid-Leave
Systems. ?As president, Obama will initiate a strategy to encourage all 50
states to adopt paid-leave systems. Obama will provide a $1.5 billion
fund to assist states with start-up costs and to help states offset the
costs for employees and employers.? (Obama For America, ?The Blueprint
For Change,? www.barackobama.com, Accessed 1/14/08, p. 15)
> Obama Will Provide $1 Billion Over 5 Years For Transitional Jobs And
Career Pathway Programs, Equal To $200 Million A Year And $800 Million
Over Four Years. ?Obama will invest $1 billion over five years in
transitional jobs and career pathway programs that implement proven methods
of helping low-income Americans succeed in the workforce.? (Obama For
America, ?The Blueprint For Change,? www.barackobama.com, Accessed
1/14/08, p. 42)
> Obama Will Provide $50 Million To Jump-Start The Creation Of An
IAEA-Controlled Nuclear Fuel Bank. Obama: ?We must also stop the spread of
nuclear weapons technology and ensure that countries cannot build -- or
come to the brink of building -- a weapons program under the auspices
of developing peaceful nuclear power. That is why my administration will
immediately provide $50 million to jump-start the creation of an
International Atomic Energy Agency-controlled nuclear fuel bank and work to
update the Nuclear Nonproliferation Treaty.? (Sen. Barack Obama,
?Renewing American Leadership,? Foreign Affairs, 7-8/07)

 

[smurphy]

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.

Very deceptive description. Here's the truth about taxes on selling your house...

http://hffo.cuna.org/30910/article/954/html

A married couple who sells their primary residence now can make a profit of up to $500,000 without having to pay income tax on the gain--singles can shelter up to $250,000 from taxes.

FOR THE LAST TIME - ALL EMAILS ARE BULLSHIT!

 

[smurphy]

DIVIDEND TAX

MCCAIN
15% (no change)


OBAMA
39.6%

CLINTON
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 or Clinton 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

CLINTON
(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? No explanation needed. This is pretty straight
forward.

No evidence of any of these numbers anywhere.

As for the inheritance tax - well, weve been over that one before. The description here is so misleading, it's nauseating.

 

[hedgehog]

Inheritance tax of 0% is not a good idea. We need 0% inheritance tax for estates under 5 or 10 million. Make the actual wealthy pay heavily though.....

why have a cutoff? Any money you have to give the government after you die is stealing. All estates should be exempt of any tax. I would say someone that has 10 million is wealthy, by the way.

 

[smurphy]

why have a cutoff? Any money you have to give the government after you die is stealing. All estates should be exempt of any tax. I would say someone that has 10 million is wealthy, by the way.

This goes against the entire premise of this nation - which was to not be like Europe. Wealth is supposed to be self-made and not turned into inherited wealth conglomerated into the hands of a few families.

This tax has been in place for 75 years, during which we've seen unprecedented enterprise and economic growth. IT WORKS! Know the history and you cannot deny it. It hampers nobody and helps everyone.

 

[DOGS THAT BARK]

Very deceptive description. Here's the truth about taxes on selling your house...

http://hffo.cuna.org/30910/article/954/html



FOR THE LAST TIME - ALL EMAILS ARE BULLSHIT!

Smurph--are you drinking again--your link confirms the current 15% capital gains email dictates and nothing else--
--says nothing about changes under anticipated increase under Dems--

--and you read it--then come to conclusion- all emails are bullshit ?????
-- Logic and probabilties weren't your strong points in school--were they
+++++++++++++++++++++++++++++

on issues of estate taxes--having worked in the field to avoid these for 20 years --have found that most of the wealthy (cash) take steps to reduce or avoid them--but the ones that get trapped are the farmers (land wealth) and small businesses.
In both cases it is necessary to liquidate assets or take out loans to pay taxes--

 

[ImFeklhr]

Smurph--are you drinking again--your link confirms the current 15% capital gains email dictates and nothing else--
--says nothing about changes under anticipated increase under Dems--

Now wait a minute, I know next to nothing about taxes, or home ownership, or pretty much anything because of my wet brain.... BUT, I CAN read.

Your original post said (in part):

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.

Smurphs link mentioned:

A married couple who sells their primary residence now can make a profit of up to $500,000 without having to pay income tax on the gain--singles can shelter up to $250,000 from taxes.

Gains BEYOND these limits will be taxed at the rate for long-term capital gains, which maxes out at 15%, but could be as low as 5% if your taxable income is low enough.

From what I understand, is Smurph is trying to say that it's somewhat disingenuous to say if you are trying to downsize your home during retirement that 28% of your sale price will be taken from you... In actuality, 28% (under a, as of yet unsubstantiated Obama plan) AFTER $500,000 would go to taxes...

Since the average US home is sold for less than $400,000... this would apply to WELL under half of all retired people trying to downgrade their homes.

:shrug:

 

[hedgehog]

This goes against the entire premise of this nation - which was to not be like Europe. Wealth is supposed to be self-made and not turned into inherited wealth conglomerated into the hands of a few families.

This tax has been in place for 75 years, during which we've seen unprecedented enterprise and economic growth. IT WORKS! Know the history and you cannot deny it. It hampers nobody and helps everyone.

I just think it is stealing, that is why the people that have lots of money have trust funds for their kids, at least you can delay paying the thieves for 100 years. At least let the rich give as much money to their family as they want, not cap it at 24K per year.

l

 

[redsfann]

No evidence of any of these numbers anywhere.

As for the inheritance tax - well, weve been over that one before. The description here is so misleading, it's nauseating.

Dogs,

gotta agree with smurphy here. I just don't see any evidence of these numbers anywhere...:shrug:

And why the arbitrary number of 30K? The link I posted from the IRS website shows that there isn't a break in the tax brackets for either singles or marrieds at that level of income.

 

[Chadman]

Still waiting for the conservatives on this board to explain what cuts they would make in areas they believe in that would help out our current financial situation. Until everyone agrees that we need to cut things across the board, instead of raising taxes, then I think it remains proprietary and political in nature.

Ready to pull out of Iraq and save that money? Willing to cut economic aid across the board (including Israel, etc.) to other countries? Willing to make cuts in defense and and the military? Willing to roll back incentives and tax breaks to oil/energy companies and large banks and financial institutions?

I don't think I've ever seen a response to this. I can see any number of "entitlement" programs being cut. I'd be happy to pay less in taxes, but in my opinion, the country I live in is a good one, and my taxes make that possible. Is there waste and people getting some of my money that don't deserve it? Sure. But until we can figure out something else? I think this country works pretty well, and steps have to be taken to address some pretty serious economic scenarios we find ourselves in.

Again, I'm fine having the flat tax or national sales tax discussion. I think it has merit - take away all the deductions, writeoffs, etc, and everybody pay a percent - or most people. But for some reason, the higher income folks rarely seem to want to go too far down this path. I wonder why? Maybe this tough system they have to endure actually provides them a great way of live and standard of living. How about public financing of elections and attempting to get the money out of the political scene? Sure could put a damper on special interests and pork projects to pay things back.

But the only drum I see continually beaten is cutting liberal-leaning programs and cutting taxes. Me, me, me. Don't cut my stuff, just my taxes - cut somewhere else. And on it goes.

 

[smurphy]

Now wait a minute, I know next to nothing about taxes, or home ownership, or pretty much anything because of my wet brain.... BUT, I CAN read.

Your original post said (in part):



Smurphs link mentioned:



From what I understand, is Smurph is trying to say that it's somewhat disingenuous to say if you are trying to downsize your home during retirement that 28% of your sale price will be taken from you... In actuality, 28% (under a, as of yet unsubstantiated Obama plan) AFTER $500,000 would go to taxes...

Since the average US home is sold for less than $400,000... this would apply to WELL under half of all retired people trying to downgrade their homes.

:shrug:

It's not just a sale of 500K, it has to be 500K IN PROFIT. Any couple clearing 500K in profit on their home should not be suffering financially. Keep in mind, all these levels are is a return to pre-deficit budget levels.

I made out like a bandit on my house, and I still didn't meet the 250K profit required for a single person to be taxed.

Indeed - very deceptive email "facts". Many more will follow I'm sure.

 

[DOGS THAT BARK]

Dogs,

gotta agree with smurphy here. I just don't see any evidence of these numbers anywhere...:shrug:

And why the arbitrary number of 30K? The link I posted from the IRS website shows that there isn't a break in the tax brackets for either singles or marrieds at that level of income.

Redsfan--As I said I'm trying to uncover the truth here as well--so far I have checked everywhere even in far left forems--aqll have been basically the same even Snopes--forum members say it can't be true and will be back with the goods--and have yet to see 1st one come back-with the goods.

My initial take was it was bogus but after snopes and others-its starting to get interesting.
I would imagine on the #'s chosen (30K for instance) are chosen to show the extreme which is ploy both sides use--I will look around each day from left side of media to look for rebuttles--another very odd thing is you can do search on --
'Proposed changes in taxes after 2008 General election' and seems left leaning sites are avoiding issue--which is rarily the case.
Will let you know what I find and you and others do the same-if you would.