Obama Taxes... Will The Faithful Supporters Rethink Once They Know??

G

gnome

-----Original Message-----
> From: John Sheoris [mailto:jvsheoris@yahoo.com]
> > Subject: FW: IMPORTANT TAX INFORMATION
>
>
>
>
> --- On Thu, 8/21/08, Jan Dunn <jdunn@burtekinc.com> wrote:
>
>> From: Jan Dunn <jdunn@burtekinc.com>
>> Subject: FW: IMPORTANT TAX INFORMATION
>> To: "Darlene Moshluk" <dmoshluk@burtekinc.com>, "Barbara VanSyckel"
> <bvansyckel@burtekinc.com>, ptimmins@uls.org, jvsheoris@yahoo.com
>> Date: Thursday, August 21, 2008, 8:57 AM
>> DEAR FRIENDS -- BE SURE TO READ.
>>
>>
>> For those among you who have more money than you will ever
>> need, save
>> your time and delete this email.
>>
>> For the rest of us who are still working with mortgages,
>> children and
>> grandchildren or retired living on a pension and or Social
>> Security
>> perhaps you will take a couple of minutes to read the
>> proposed changes
>> in the American tax system.
>>
>> Sharing this email with others can make a difference on
>> November 4, 2008
>> ; for our citizens and our country.
>>
>> Check this out. Go to Snopes.com
>> <http://snopes.com/> and in the
>> SEARCH box, type 'Proposed Tax Changes'. The
>> Snopes.com site researches
>> all the urban legends or email scams floating around in
>> cyberspace.
>>
>> Check it out, it's interesting and factual.
>>
>>
>> INTERESTING DATA JUST RECEIVED ON TAXES
>>
>>
>>
>> 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.
>>
>> 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 4 0% 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 t o loved
>> ones will not only lose them to< BR>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!!!
>>
>>
>>
>>
>> Thank You
>>
>> Robert D. Jenkins
>> Vice President - Investments
>> Chartered Retirement Planning Counselor
>> Wachovia Securities, LLC
>> 314-991-7812
>> 800-999-4448 toll-free
>> robert.jenkins@wachoviasec.com
>> www.home.wachoviasecurities.com/robert.jenkins
 
The DNC is meeting in Denver (were I live) this week...

Wifey suggested we attend the rally... "should be good for about 10 pounds each".

(She's thinking we'll lose that much over the next week or so from the nausea we'd suffer)....
 
This is absolutely bogus. You can check out Obama's tax proposals on his website.

Whether you post something about Obama OR McCain, make sure you filter it to make sure it's not a chain-prank.
 
Quote from ByLoSellHi:

This is absolutely bogus. You can check out Obama's tax proposals on his website.

Whether you post something about Obama OR McCain, make sure you filter it to make sure it's not a chain-prank.
More...

My mother in law sent that to me... she'd never lie about anything (though she could be mistaken)

I can't imagine my fingers not revolting if I tried to access Obama website... ewwwww!
 
Quote from gnome:

My mother in law sent that to me... she'd never lie about anything (though she could be mistaken)

I can't imagine my fingers not revolting if I tried to access Obama website... ewwwww!
More...

It's a bogus chain mail letter.

And maybe it should be in politics and religion, no?
 
Candidates' policies favor differing income groups

By Eileen Ambrose
July 20, 2008


If you're voting your pocketbook, whether you choose John McCain or Barack Obama may depend on your income. McCain's tax policies favor high-income households; Barack Obama's largely benefit low-income to middle-income families. And if you're above middle income, but not too rich? Well, for you, there may not be much difference.

Of course, you don't want to rearrange your finances based on the proposals so far. Not all the details are in. More policies may roll out before the election. You don't know who will win. And even if your candidate does, Congress might not give the green light to all the proposed tax cuts. Still, given what we know now, here's the outlook for taxes and a few strategies for dealing with them:


Individual income tax rates.

McCain would extend today's income tax rates that are scheduled to expire and go up in 2011.

Obama, too, would keep the four lowest brackets, but restore the 36 percent and 39.6 percent brackets for those making more than $250,000.

If Obama is elected, you might want to exercise non-qualified stock options that are taxed as regular income before you're bumped up into the 36 or 39.6 percent bracket, said Michael Kitces, director of financial planning for Pinnacle Advisory Group in Columbia, Md.


Taxes on capital gains and dividends.

McCain would stick with the status quo, where investors don't pay more than 15 percent on long-term capital gains and most dividends.

Obama would retain the current rates for everyone except those in the two highest tax brackets.

For them Obama would create a tax rate on gains and dividends ranging from 20 percent to 28 percent. He's leaning toward the lower end of the spectrum, his campaign said.

If you have a family business, consider extracting profits in the form of dividends before Obama's higher dividend tax rates kick in, Kitces said.

Or if your portfolio is heavily weighted in a single, appreciated stock, consider selling shares before your capital gains tax rate rises, said Bob Cassel, director of tax services at Baltimore-Washington Financial Advisors in Columbia, Md.

Don't sell off stocks paying generous dividends, even if dividends will be taxed at a higher rate, Cassel added. In today's bearish market you need dividends to boost your total return, he said.


Estate tax.

The estate tax is set to disappear in 2010 and return the next year under old rules.

In recent years the amount protected from taxes has gone up and the maximum rate has gone down. But that changes after 2010: In 2011 you could shelter up to $1 million from estate taxes, and the excess would be taxed at a rate of up to 55 percent.

Both candidates would keep the estate tax but would allow you to shelter millions more from taxes.

Under McCain's plan, less than a quarter of 1 percent of all estates would be taxed, compared with less than one-half of 1 percent under Obama, said Clint Stretch, managing principal for tax policy with Deloitte Tax LLP.


Alternative minimum tax.

Neither candidate would do away with the alternative minimum tax, although they want to rein it in.

You're supposed to figure your taxes under the AMT and regular income tax and pay whichever is higher. The AMT was created decades ago to snag wealthy people who escaped taxes, but it ensnarls a growing number of middle-income and upper-middle-income families because the tax wasn't adjusted for inflation.

To protect these families, Congress periodically passes an AMT "patch" that raises the amount of income exempted from the AMT.

Obama wants to continue indexing the AMT patch for inflation.

McCain would follow the same approach for five years, and then more aggressively raise the exemption until it reaches $143,000.

But McCain's proposal to double the exemption for dependents to $7,000 could cause more people to be hit with AMT, said Roberton Williams with the Tax Policy Center.

"It lowers your regular tax but, because the AMT doesn't allow personal exemptions, it doesn't lower your AMT liability," he said.


New tax breaks.

Obama would create a few tax breaks, such as a $500 credit that could help workers offset payroll taxes for Social Security and a mortgage interest credit for millions of homeowners who don't file itemized tax returns.

He also would eliminate income taxes for seniors with incomes under $50,000. Some tax policy experts question the need for this, especially as waves of Baby Boomers will start turning 65 in a couple of years.

"The case has not been made that retirees are worse off than working people as a class," said Deloitte's Stretch.

McCain wants to make it harder to raise taxes. He would require that any tax increase be approved by a three-fifths majority in Congress.

While both candidates would cut taxes, McCain's cuts reduce revenue significantly more than Obama's, reports the Tax Policy Center. Given the rising deficits, don't start counting your tax savings just yet.

"The odds are very low that either candidate will get all of what he is calling for on the campaign trail," Williams said.

http://www.chicagotribune.com/busin...10.story?page=2
 
Fact Check: More Tax Deception


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