KEEPING THE FAITH - In The News
2008 CONTRAST ON WHERE
McCAIN OBAMA STAND ON YOUR MONEY
November 3, 2008
If you have read our 2008 Voter Guide (see to the
right), 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McCain 0% (No change Bush repealed this tax)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.
*****SOURCES:
CNN Money.com
CNN Election 2008 - Campaign Issues - Taxes
FoxNews.com Election '08
AARP Bulletin Today
WashingtonPost.com - Obama Blog
WashingtonPost.com - McCain Blog
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