2009 Taxes

**RYou** · 07-24-2008 09:11 PM

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 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.

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

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MCCAIN 0% (No change, Bush repealed this tax)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 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 (an 0.18 cent increase is currently being bantered in the Democratic Congress)

* New taxes on natural resources consumption (heating gas, water, electricity
* New taxes on retirement accounts, your IRA and 401K or equivalent

**hardcore** · 07-24-2008 09:19 PM

Thats a whole lot of specific data there RYOU. Could you please cite your sources from both sides. It should make for some interesting reading.

**hardcore** · 07-24-2008 09:25 PM

Saw this posted over there. Hmmmmm, it appears one side or the other is blowing a lot of smoke or perhaps both sides are.

Link to chart http://www.washingtonpost.com/wp-dyn...060900950.html

Still trying to figuire out how this affects me if both sides are full of it (heaven forbid!)

**Throwby** · 07-24-2008 10:09 PM

Here's what factcheck has to say in regards to the posted information:
http://www.factcheck.org/askfactchec...fits_if_i.html

**RYou** · 07-25-2008 08:29 AM

With a democratic congress and a democratic president, proposals like this are going to be a slam dunk.

http://www.latimes.com/news/nationwo...,1635388.story

No gas tax holiday: Congress considers raising pump tax to help repair crumbling highways
By JIM ABRAMS, Associated Press Writer
4:29 AM PDT, July 20, 2008

You're being naive if you think Obama isn't going to raise taxes whereever he can. It's happening here in NJ with a democratic governor and democratic legislature. Instead of looking to cut spending, they looking under every rock to find new taxes to grow government waste.

Included in the new tax schemes:

an 0.18 cent increse in the state fuel tax
a tax on the water from the faucet
a sewer tax on the water from the faucet that goes into the sewer (makes this a double tax on the water you consume.
an 800% increase in NJ tolls...and you know how many of those there are.
a saltwater fishing license -the angler tax. Unlike freshwater fishing where your fee pays for the state hatchery and stocking of the lakes and streams, this new tax will pay for enforcement to assure everyone fishing on the ocean has a license. Huh ?

Every time an issue arises, he sets up a "commission" to analyze it. Funny thing is, the participants are all democratic cronies so he pays them $5, 6, 7000. Well guess what, you are entered into the state pension system if you make $1500 in a year (no minimum no. of workhours required) and there is no limit on how many commissions you can sit on. There are 7 people that sit on over 10 commissions, in addition to being paid democratic mayors, legislators or state senators. So far, over 450 commissions flooding the pension system.

They've already bumped the sales tax, added a new employment tax so anyone that wants to can take 8 weeks of paid leave from their job-for no good reason.

Look out come January, if you think the the price of gasoline is emptying your pocket, just wait and see.

**Throwby** · 07-25-2008 09:08 AM

"Instead of looking to cut spending, they looking under every rock to find new taxes to grow government waste."

This is the key sentence in the article. As long as government, at any level, fails to be competent and demonstrate good stewardship over the funds they have I oppose any and all tax increases. It's just more money to waste and greater deficits. We are already paying a heavy price for mismanaged government and both major parties share the blame here.

**ban basketball** · 07-25-2008 09:33 AM

Thanks for posting the link to factcheck, throwby.

I was sitting there reading the original post in this thread and thinking, "What?!" I know Obama's tax plan as good as anyone, and what was posted was entirely new to me. Another case of trying to create fear to win an election cheaply.

The fact is is that the only ones going to be affected by tax "increases" during Obama's presidency are those at the top (those making $250,000 or more per year). That affects fewer than 1% of Americans, literally.

**Schlottke** · 07-25-2008 09:38 AM

Originally Posted by RYou

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 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.

40% government commission on Stocks! LOL... Might as well give it all to them, go broke, and then collect government aid from one of the programs he will have to set up for all of the broke stock brokers.

I like some of his stuff outside of his economic policies, but the tax plans he is pushing is enough to make me want to move my business to Panama.

**Throwby** · 07-25-2008 09:47 AM

Originally Posted by Schlottke

40% government commission on Stocks! LOL... Might as well give it all to them, go broke, and then collect government aid from one of the programs he will have to set up for all of the broke stock brokers.

I like some of his stuff outside of his economic policies, but the tax plans he is pushing is enough to make me want to move my business to Panama.

From the link I posted:

Tax on Dividends: Another false claim is that Obama proposes to raise the tax rate on dividends to 39.6 percent. Dividends currently are taxed at a top rate of 15 percent, and Obama would raise that to the same rate as he would tax capital gains, somewhere between 20 percent and 28 percent but likely "significantly" lower than 28 percent. This higher tax also would fall only on couples making $250,000 or more or singles making more than $200,000.

**FloggingSully** · 07-25-2008 09:49 AM

Originally Posted by RYou

With a democratic congress and a democratic president, proposals like this are going to be a slam dunk.

http://www.latimes.com/news/nationwo...,1635388.story

No gas tax holiday: Congress considers raising pump tax to help repair crumbling highways
By JIM ABRAMS, Associated Press Writer
4:29 AM PDT, July 20, 2008

You're being naive if you think Obama isn't going to raise taxes whereever he can Not as naive as your being if you believe vague claims without any evidence. It's happening here in NJ with a democratic governor and democratic legislature It's also not happening in plenty of other states with democratic governors and legislatures. Instead of looking to cut spending, they looking under every rock to find new taxes to grow government waste. I can just picture it now, bunch of guys in suits sitting around saying "we aren't wasting enough, we need to waste more, we're never going to get re-elected if we don't waste more of our voters' money!"

Included in the new tax schemes:

an 0.18 cent increse in the state fuel tax As opposed to just wishing the roads would repair themselves?
a tax on the water from the faucet I though flat taxes on consumption were a republican idea...
a sewer tax on the water from the faucet that goes into the sewer (makes this a double tax on the water you consume. It's not a double tax, one is a tax on the water, the other on the use of the sewer system. If you have to buy food and then have to pay a waste disposal company to take your food waste away are you paying double for your food?
an 800% increase in NJ tolls...and you know how many of those there are. Again, people in NJ should probably just cross their fingers and hope the roads magically repair themselves...
a saltwater fishing license -the angler tax I think you're stretching in your definition of tax here.. Unlike freshwater fishing where your fee pays for the state hatchery and stocking of the lakes and streams, this new tax will pay for enforcement to assure everyone fishing on the ocean has a license. Huh ?

Every time an issue arises, he Who's he? Obama or the gov or NJ? Seems like the author is refering to the gov of NJ but is implying that Obama would behave exactly the same. I guess if you don't have an evidence to claim someone would act a certain way you should just describe someone else and claim the two are exactly the same.sets up a "commission" to analyze it. Funny thing is, the participants are all democratic cronies so he pays them $5, 6, 7000. Well guess what, you are entered into the state pension system if you make $1500 in a year (no minimum no. of workhours required) and there is no limit on how many commissions you can sit on. There are 7 people that sit on over 10 commissions, in addition to being paid democratic mayors, legislators or state senators Do republican mayors, legistlators, etc not get paid?. So far, over 450 commissions flooding the pension system I don't know how NJ works, but don't most pension systems pay differently based on how long you worked and how much you contributed? Does everyone in NJ get the exact same pension?.

They've already bumped the sales tax Who's they? the governor or NJ, or Obama? or did they act together to screw everyone in NJ?, added a new employment tax so anyone that wants to can take 8 weeks of paid leave from their job-for no good reason. You can take 8 weeks of paid leave in NJ for no good reason? That sounds awesome! I need to talk to my boss about opening up a Jersey office.

Look out come January, if you think the the price of gasoline is emptying your pocket, just wait and see. Why is gas going to go up come January? Has Obama said anything about raising the gas tax? Or is the author just trying to scare everyone with baseless claims?

I need to type something here.

**Tight-Waist** · 07-25-2008 11:22 AM

Originally Posted by throwby

"instead Of Looking To Cut Spending, They Looking Under Every Rock To Find New Taxes To Grow Government Waste."

This Is The Key Sentence In The Article. As Long As Government, At Any Level, Fails To Be Competent And Demonstrate Good Stewardship Over The Funds They Have I Oppose Any And All Tax Increases. It's Just More Money To Waste And Greater Deficits. We Are Already Paying A Heavy Price For Mismanaged Government And Both Major Parties Share The Blame Here.

Excellent Point!

**ODH** · 07-25-2008 12:20 PM

Originally Posted by RYou

With a democratic congress and a democratic president, proposals like this are going to be a slam dunk.

http://www.latimes.com/news/nationwo...,1635388.story

No gas tax holiday: Congress considers raising pump tax to help repair crumbling highways
......

Included in the new tax schemes:

an 0.18 cent increse in the state fuel tax
....

If they can repair and maintain the roads with an .18 cent increase in fuel tax (.18 cent per gallon?), that seems very efficient. I would be paying an extra 2 cents per fill up.

**RYou** · 07-25-2008 01:26 PM

Originally Posted by Throwby

From the link I posted:

Tax on Dividends: Another false claim is that Obama proposes to raise the tax rate on dividends to 39.6 percent. Dividends currently are taxed at a top rate of 15 percent, and Obama would raise that to the same rate as he would tax capital gains, somewhere between 20 percent and 28 percent but likely "significantly" lower than 28 percent. This higher tax also would fall only on couples making $250,000 or more or singles making more than $200,000.

Don't be fooled, once the door is cracked open the Democratic Congress will kick it down.

**Throwby** · 07-25-2008 01:30 PM

RYou - I'm not questioning that possibility, nor am I an Obama supporter, but the facts are not as you posted in starting this thread. Nothing more, nothing less.

As I also replied I oppose ALL tax increases until the boneheads in Congress get their act together.

**ban basketball** · 07-25-2008 01:35 PM

Originally Posted by RYou

Don't be fooled, once the door is cracked open the Democratic Congress will kick it down.

It won't affect you and I, only those at the top.

Either way, it would have to be quite a tax raising bunch to ever equal the tax increases that we saw under Reagan and Bush I.

Why not review this classic?

[ame="http://www.youtube.com/watch?v=CP9_kkzfN-w"]YouTube - George H. W. Bush[/ame]