This is something you should be aware of so you don't get blind-sided. This is really going to catch a lot of families off guard. It should make you worry. 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.
MCCAIN: 15% (no change)
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.
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.
MCCAIN: 0% (No change, Bush repealed this tax - would make the Bush tax cuts permanent, inheritance tax at 0%)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 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!!!