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Thursday, April 03, 2008

McCain, Obama, Clinton: How Their Tax Changes Will Affect YOU, If Elected

I received the following, today. I'm not sure who the author is, and how accurate some of it is, but it's a detailed, and telling, account of how drastically OUR taxes will change according to whom we elect this coming November. If this doesn't persuade you, nothing will.

CAPITAL GAINS TAX

MCCAIN
15% (no change)

OBAMA
28%

CLINTON
24%

How does this affect you? Sell a stock you own for a profit; you're subject to Capital Gains Tax. Sell your home and make a profit, you could be subject to Capital Gains Tax. If you are heading towardretirement and would like to down-size your home or move into a retirement community, more of the money you make from your homewill go to taxes. This proposal would really 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 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.

Experts predict that "Higher tax rates on dividends and capital gains wouldcrash 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 rates)

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 rates)

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 straightforward.

INHERITANCE TAX

MCCAIN- (No change, Bush repealed this tax)

0%

OBAMA

Reinstate the inheritance tax

CLINTON

Reinstate the inheritance tax

How could this affect you? Many families have lost small businesses, farms and ranches, and homes that have been in their family for generations because their heirs could not afford the inheritance tax.

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 somethird-world countries!!

Can you afford Clinton or Obama? I can't!! More information on Obama's tax and spend agenda:

If Sen. Barack Obama (D-IL) enacts 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 10 Years.
Obama: "I'm proposing a National Infrastructure Reinvestment Bank that will invest $60 billion overten 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. "[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. "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," http://www.barackobama.com%3c/;http://www.barackobama.com/>, Accessed 1/14/08, p. 25)

Obama's Tax Plan Will Cost Approximately $85 Billion A Year. "[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 Capitol Gains And Dividends, and on Interest Earned.
Obama's tax plan includes: "[i]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,
http://www.barackobama.com%3c/;http://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,
http://www.barackobama.com%3c/;http://www.barackobama.com/> , 1/13/08)

Obama's Early Education and K-12 Package would cost $18 Billion a year. "Barack Obama's early education and K-12 plan costs about $18 billion per year."(Obama For America, "Barack Obama's Plan For Lifetime Success Through Education", Fact Sheet, http://www.barackobama.com%3c/;http://www.barackobama.com/>, 11/20/07, p. 15)

Obama's National Service Plan will cost $3.5 Billion a year. "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, http://www.barackobama.com%3c/;http://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," http://www.barackobama.com%3c/;http://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 $845 Billion per year from American taxpayers that most of it will end up in some tyrannical despots Swiss bank account! As of March 1, 2008, this bill is still in process but is believed will 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,"
http://www.barackobama.com%3c/;http://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,"
http://www.barackobama.com%3c/;http://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. "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," http://www.barackobama.com%3c/;http://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. "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

Check it all out for yourself. Many sources, including the ones given, available.

11 comments:

American Interests.blog said...

Very comprehensive Incog, I have not come across any summary like this yet ...thanx

Pat Jenkins said...

the sad thing incog. is no matter what comes out of mcccain's mouth he will raise taxes too. i think it is unavoidable no matter who is elected!!

Karen said...

Thanks for all the interesting info here, Incog. You can rest assured that with a Dem in the White House and a Congress controlled by them, our taxes are going right back up. Government solutions for everything.

Incognito said...

AIS: It is, wish I could take credit for it, but someone did their homework.

PATJ: He might, but it certainly won't be everything the 2 dems plan on and not as much.

KAREN: I know, and that's the least of our problems.

Righty64 said...

Karen, the only thing that the government will NOT solve if the Dems, God forbid, win this election is Islamofacist terror. It does not even exist on the Dems radar!

dons_mind said...

what a great post! think i'll link over to it.....this needs to be spread around! :) :)

Incognito said...

RIGHTY: and, frankly, that is the most important issue on my plate.

DON'MIND: Thank you, be my guest! the more that know, the merrier.

The Vegas Art Guy said...

Great post the stunner was how much a married couple making 60K a year gets hammered. And yet the dems are for the middle class...

my a$$

I may steal this as well but I can't track back to save my life but I will link to your page for proper credit.

Incognito said...

VEGASARTGUY: Yeah.. well... wish people would take note. And be my guest. This has been making the internet rounds, so share as you see fit.

Dee said...

Wow!!! Excellent post girl!! This is enough to even win over people like me who are having a hard time with McCain!!

Chris McClure aka Panhandle Poet said...

Taxes, more taxes,
All hail the Democrats!
Taxes, more taxes
Gotta fund the pet projects!
Who spends the biggest?
I think there is no doubt!
Oh Democrats so glorious
You're really Socialists!
We don't need your taxes
We want to spend it on our own!
So we can save our hard-earned bread
And have something to retire on!

(To the tune of Texas Our Texas)