2008 CONTRAST ON WHERE McCAIN – OBAMA STAND ON YOUR MONEY
If you have read our 2008 Voter Guide – www.gachristianalliance.org - you know where the two presidential candidates stand on social and moral issues. Here is where they stand on fiscal issues. The contrast is dramatic and will affect families for generations to come.
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 capital gains tax.
Obama - 28% on profit from ALL home sales.
DIVIDEND TAX
McCain – 15% (no change)
Obama – 39.6% - If you have money invested stock market, IRA, mutual funds, college funds, life insurance, retirement accounts or anything that pays or reinvests dividends, you will now be paying a nearly 40% tax on the money earned.
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
Single making 30K – tax $8,400
Single making 50K – tax $14,000
Single making 75K - $23,250
Married making 60K – tax $16,800
Married making 75K – tax $23,250
Married making 125K – tax $38,750
INHERITANCE TAX
McCain – 0% (No change – Bush repealed this tax)
Obama - Restore the inheritance tax – 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.
NEW TAXES PROPOSED BY OBAMA
New government taxes proposed on homes that are more than 2400 square feet. New gasoline taxes. New taxes on natural resources consumption (heating gas, water, electricity). New taxes on retirement accounts. New taxes to pay for socialized medicine.
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SOURCE:
http://money.cnn.com/news/
http://www.cnn.com/ELECTION/
http://elections.foxnews.com/?
http://bulletin.aarp.org/
http://blog.washingtonpost.
http://blog.washingtonpost.
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