Interesting data just received on taxes: proposed changes in taxes

Alright, so this information was released by Robert D. Jenkins, who works for Wachovia Securities.

" Proposed changes in taxes after 2008:
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 4 0% 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)

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<
BR>these taxes.

NEW TAXES BEING PROPOSED BY 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
and last but not least....

* New taxes to pay for socialized
medicine"

Allows for some good comparison. Sorry, i dont have a link, but if anyone really wanted to verify, they could contact:

Robert D. Jenkins
Vice President - Investments
Chartered Retirement Planning Counselor
Wachovia Securities, LLC

And i dont want to seem onsided as well, this was the info i recieved, but if anyone has any other new taxes that are going to be proposed by mccain, since obama was listed, then please share that as well. And what effects do people this will have on the economy? Seems like a lot of increases.
[edit on 20-7-2008 by azodrac]

[edit on 20-7-2008 by azodrac]

[edit on 20-7-2008 by azodrac]





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[edit on 21-7-2008 by MemoryShock]

Obama is just a money hungry lawyer.He doesn't care about people whether black or white.Hes in it for himself from the start.They should put a ban on lawyers running for office.As they are trained to be professional liars.It gives them an advantage over people an unfair advantage when it comes to making people believe there lies.

reply to post by azodrac


You have almost all your facts wrong. Obama wants to cut taxes for the lower incomes and revert back to the taxes you quoted only for those making more than $250,000. Capital gains rate he is discussing is 20 or 25%, not 39.6%, and again only for top earners.

As for the estate tax, a 0% inheritance tax hurts the lower classes. Under the old standard an estate under $600,000 was not subject to estate taxes and all assets were passed on with a stepped up tax basis. Meaning no taxes are payable on accumulated gains . Under the 0% plan, gains are not stepped up. Therefore any gains that have accumulated are then taxable at 15%. Basically if you figure in the average accumulated gains, it would take an estate over $3.0 million before one actually pays less taxes under the 0% plan.

Lets take my parents as an example(not really), they inherited $100,000 of stock that cost my grandfater $1,000. It is now worth $500,000. So if they die today, under the old law they would owe no taxes, but under the 0% law, the estate would owe 15% of the $400,000 in gains or about $60,000. Had this been in effect all along, my parents actually would have only inherited $85,000, which in turn would only be worth $425,000 and after I have paid estate taxes it is only worth $375,000. So by going with the 0% estate tax, It actually cost my middle class family $125,000.

So once again the rich pay less (15% instead of 40-50%) and the little guy pay mores (15% instead of 0%) under the 0% estate plan. if you don't make more than $250,000 per year or have an estate worth more than $2.5 million, Obama's tax policies are favorable for you. Wake up and smell the roses people!

Far be it from me to say ANYTHING good about obama, but the truth is what is important...

This has been put on Snopes and is a false report...

SNOPES

I still don't like obama.

Marilyn~

The fact remains that Obama is a highly skilled master of laws and could convince you people the earth is flat again if he wanted to.

Originally posted by Being_From_Earth
The fact remains that Obama is a highly skilled master of laws and could convince you people the earth is flat again if he wanted to.

Not me...the only thing he is a master of (IMO) is the boat load of BS he is shoving down people's throats.

I'm sorry...but I just do not like the man and most certainly do not trust him. I wouldn't vote for him if he was the only person running in an election for dog catcher.

Marilyn~

Obama isn't skilled with the Law, you're just buying into hype. Obama isn't for the US Constitution as it is. He wants to change it to a Maxist Constitution, much like old-Russia's Constitution.


These figures are true, i've done the research too.

There's even more, for example, McCain wants to do away with the AMT tax that is now heavily affecting middle-class income. Obama wants to raise it!

Obama's policies are an economic wrecking ball to your personal income that you work hard for.

[edit on 20-7-2008 by jetxnet]

reply to post by jetxnet


How about pointing to your research that shows Obama wants any of these changes for those making less $250,000. That research does not exist as it is a lie.

Obama tax plan

It really isn't a lie. Most, if not all of this is true. Obama wants to nearly double the capital gains tax. By doing so, it will no doubt lead to a sustained stock market crash, destroying the US stock market.

This is why the OP article addressed the 401Ks, IRAs, Mutual Funds, Bonds etc. It is because of nearly doubling the capital gains tax.

I don't use Obama's website as a reference as this info nearly changes every day. Nothing is solid, it is all pandaring BS and of course is biased to Obama's favor as he and his campaign have full control of this information.



[edit on 20-7-2008 by jetxnet]

reply to post by disgustedbyhumanity


Okay, well whether or not the information is true or not, as it seems it is difficult to tell now adays with everyone trying to discredit everything. How would you explain the other forms of taxes? I understand your example for the inheritance tax, which i admit is misleading. But you cant say an increase in say income tax is going to benefit the lower class? The inheritance tax is only one out of many. While there is a possibility these facts are supposedly wrong, i dont know about the validity of scopes.com that discredits it either, that doesnt exclude the fact taxes would go up across the board with obama regardless, whether it is 25% or 39.6% in your example, the difference is an unimportant point. The important point is that taxes would still increase under obama, whether he increases it to 25% or 39.6%, who cares, they still go up. I think we'll still be paying more than say under mccain. So, would an increased income tax help us this time as with inheritance? I wouldn't think so. Just a thought. You made a good point about the inheritance tax, but there are soo many others that will hurt everyone, not just hurt the rich and help the poor. I dont buy into him saying he is only increasing it for the rich and giving back to the poor, and thats socialism anyways. Obama will increase taxes, no one can try and talk around that and say otherwise. just my thought

[edit on 21-7-2008 by azodrac]

Just more lies from the pathetical group of losers we call the Republican Party.

You really have to ask why a group like the Republican Party has to resort to such proveable lies?

Nut the answer is that their base of voters are so stupiid that they believe them. Just look at the posts above. Even AFTER the lies are exposed they gobble them down like hotcakes.

And this is why Republican voters are so stupid.......

The information is NOT TRUE. It's a LIE. Marilyn has enough integrity to post the TRUTH, even though he/she hates Obama. Some of you others should step up, too.

FactCheck.org

I was just sent this and it had 100s of names attached and forwarded over and over – is it real?
...
The short answer to our reader's question is, no, this message isn't real. It's a pack of lies.

To the OP, you could have EASILY checked out this information by Googling it. In fact, what source did you use? I can find no source that validates the claim that Robert D. Jenkins actually said these things. I'm not too sure he'd be happy about anyone reporting this as his words. AND, ATS could be liable.



Got a Source???

I just spoke with Robert D. Jenkins at Wachovia and he immediately knew what I was referring to and told me it wasn't true and to check Snopes.

He actually received the HOAX email himself and forwarded it onto someone else as a way informing them of what was "out there". That's why his name is at the bottom. He assured me that he is in no way associated with the information.

[edit on 21-7-2008 by Benevolent Heretic]

Link to Snopes Article

Included the link to Snopes, though I would like to remind everyone that they do not have a 100% correct track record...

reply to post by Benevolent Heretic


I would just like to state i did not post this to bash obama, i just wanted to discuss the issues equally for both candidates and compare. If i remember i even said i didnt want to be "onesided." I wasn't completely sure if this was 100% true or not, and maybe i should have clarified that better, but i didnt know whether snopes was a reliable source either to discredit it. I did check snopes by the way. That is why i wanted to discuss it. I came accross the info here boards.msn.com..., on msnbc's website. And the mod included the snopes link. Sorry for the misunderstanding and if it appeared i was trying to mislead anyone.

Hmm, we normally slap a [HOAX] tag on topics that are flat out lies, right? Some forum moderator want to do that?

reply to post by evanmontegarde


i woulndt mind if someone deleted it, i was trying to figure out how to do that. If someone can tell me how, i would appreciate it.

Originally posted by azodrac
Sorry for the misunderstanding and if it appeared i was trying to mislead anyone.

Hey, I've posted stuff I later found out wasn't true. It happens. I don't think you can delete it, but I think just leave it for the next time someone talks about it. Then we can refer them to this thread.

I don't think you were bashing anyone. You were looking for the truth. That's what we're all doing here.

reply to post by Being_From_Earth



The origional thirteenth amendment barred lawers from holding government office.It was some how removed from the bill of rights during the war between the states.

reply to post by daddyroo45

Not to participate in a thread-derail, but (a) this thread is pretty much DOA, and (b) I hadn't heard of that before. So here's a link for others to read more if they're interested:
The Original 13th Article of Amendment