Tax changes may be coming??

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Tax changes may be coming??

You can verify a lot of this here:

http://money.cnn.com/news/specials/election/2008/index.html

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 40% of the money earned on taxes if Obama becomes 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MCCAIN   0%     (No change, Bush repealed this tax)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           &nbs p;   Restore the inheritance tax

 How does this affect you? Many families have lost businesses, farms, 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 only lose them to these taxes.

NEW TAXES BEING PROPOSED BY OBAMA

 New government=2 0taxes 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!!!