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Thread: Future Taxes

  1. #1
    Olympic Champ RYou's Avatar
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    Default Future Taxes

    Get ready. McCain may be older, but he won't put me in the poor house.

    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

  2. #2

    Default Re: Future Taxes

    I can't verify any of this right now, but I can tell you -- if this is true, I'll never buy anything expensive from 2009 through 2016. In fact, I have a private Scottrade.com account that I will absolutely liquidate in order to take advantage of the Bush CapGain tax rate of 15%. I will liquidate it and not spend it......

    So, regarding a potential stock market crash -- you better believe it. Anybody with big capital gain will have to sell out in 2008 and early 2009 to lock in a lower CapGain rate. The Dow was 7,500 in March of 2003, and today it is nearly 13,000. There are trillions of capital gains out there that will have to be locked in @ 15% in late 2008 and early 2009. You would be a lunatic of the highest order to sell later in 2009 if the tax rate is 24% or 28% under Clinton/Obama.

    I wrote an earlier thread that I am extremely worried about what the next President will do to my family. If the figures for Obama/Clinton are true, then my fears are well founded. I will not spend or invest anything when Obama or Clinton become President simply out of self-preservation. Why take the risk and invest if they will consume 24 or 28 percent of my gains? In a typical stock-market, 24 to 28 percent represents 3 to 4 years of gains @ 7% - 8% a year. That is outrageous.

    Quote Originally Posted by RYou View Post
    Get ready. McCain may be older, but he won't put me in the poor house.

    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

  3. #3
    Olympic Champ RYou's Avatar
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    Default Re: Future Taxes

    Keep aware that when these bananas make changes to the tax structure, they do it retroactively back to Jan 1. Even though thte Bush Bean will be around on Jan 1, they'll have up through Dec '09 to make the change and hit with the increases.

    I expect a huge sell off approaching the beginning of November and through year end if a Demo_ is elected.

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