Financial Shakeup this weekend

[emayer]

Could the fact that we hold similar opinions may in fact be an indicator of how out of touch the current parties are with the American mainstream?

Having just paid the IRS yet again, I pondered how it is our candidates hope to support future projects.  Mind you I'm not entirely against additional tax increases if they are to help diminish our debt or fund viable projects.  I post this summation here to show the current candidates plans.  The notion that they will only tax the "rich" is ridiculous.  I can't believe people actually buy into this....

Comparison of  proposed taxes under McCain, Obama, and Hillary
 
CAPITAL GAINS  TAX
 
 
MCCAIN    15% (no change)
OBAMA     28% 
HILLARY  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.   Obama/Clinton's proposals will adversely affect Seniors  who are counting on the income from their homes as part of their retirement  income. 
 
 
DIVIDEND  TAX  
 
MCCAIN    15% (no change)
OBAMA     39.6%
HILLARY  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 in taxes if Obama or Clinton become president.   Many experts predict that Obama/Clinton higher tax rates on dividends  and capital gains will crash the stock market yet do absolutely nothing to  cut the deficit." 


 
INCOME  TAX  

MCCAIN (no  changes) 
 
 These are the  current rates: 
 
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 (revert to  pre-Bush tax cuts) 

 These are  Obama's 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
 
HILLARY (revert  to pre-Bush tax cuts) 
 
 These are  Hillary's 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.   

INHERITANCE  TAX  
 
MCCAIN      0%                                                     OBAMA    55%*      
HILLARY  55%*    

How does this  affect you?  Many families will lose businesses, farms and  ranches, and homes that have been in their families for generations because  they will not be able to afford the inheritance tax.   


 Leaving a farm  or small business to your children?  They will have to sell it in  order to pay the taxes.  
 
Is that  fair?   

*The tax rate  after a $1 Million exemption will  be 55%.   

NEW  TAXES BEING PROPOSED BY BOTH HILLARY 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.