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k2o4   United States. Jul 18 2008 16:21. Posts 4803 | | |
My friend just sent me one of those chain emails with scary shit about Obama, this time focusing on taxes. It's a topic important to my friend cause he's a businessman making plenty of money. I checked it out and of course it was a BS email, but it lead me to some cool info. Check out how income tax will be under each candidate in 2009:
So if you make over 603K a year, then you probably wont' be a big fan of Obama's tax policy. Otherwise there's not much to bitch about when it comes to income tax.
Here's my reply to my friends email, with a link to the snopes article on taxes. I suggest you read it cause it's easy, clear and full of great info. I'll put the smear email in a spoiler so you can refer to that if you want...
+ Show Spoiler +
NOT EXACT BUT VERY CLOSE TO PROPOSALS BEING MADE BY BOTH CANIDATES.
Subject: INTERESTING DATA JUST RECEIVED ON TAXES....Spread the word.....
Spread the word.....
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 the 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
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 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 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 (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!!!
| Overall it rates as false. So mostly BS. And I'm glad you got me looking into it, cause it turns out that I was right that your taxes would go up under Obama, but not by close to as much as I originally thought. For example, income tax will go up a whopping… $12.00 for you under Obama… omg! (this is assuming you’re still making between 227k and 603k).
Check this snopes article for the full breakdown: http://www.snopes.com/politics/obama/taxes.asp
Key highlights:
1) Capital gains WOULD go up under Obama, but not to 28%, but more likely to around %15. Also, this isn’t on “ALL HOME SALES” like they say – only when you profit over 500K in the sale does this kick in.
2) Obama wants to keep the dividend tax the same as capital gains, so that means %15, which is where it is now.
3) Like I already said, your income taxes would barely go up while everyone below you would get a tax break. Everyone underneath 112k would get a bigger tax break from Obama than McCain. So obama is definitely my man for cutting taxes.
4) All the death tax shit is totally off (inheritance tax). McCain wants to give people a bigger break on the inheritance tax than Obama, but Obama wants to give people a break from what it is right now. This section is kinda confusing so you gotta read it yourself, too hard to make it a short note.
5) 3 of the 5 “new taxes” by obama are complete lies and he never proposed any of them (2,400 sq ft homes, gas tax, retirement tax)
6) The “Natural resource consumption tax” is referring to the cap and trade proposal for reducing carbon emissions – making polluters pay more if they pollute more, encouraging em to go green.
7) The supposed tax for socialized 3rd world medicine is total BS – obama wants to use the money that comes by letting bushes tax cuts to the people making more than 603k a year expire. So it’s really semantics here.
Read the entire thing though, it’s pretty easy reading and clearer than my highlights.
Honestly, 95% of the email’s like this are full of shit from both sides, liberal and conservative. That’s why they’re sent out in emails like this. As soon as you get something like this in the mail, automatically assume it’s BS and you’re almost certain to be right. Then go to a place like snopes and check. On the rare occasion the email will be true, but you can probably go your entire life without ever receiving a true one, hehe. |
Sorry, I can't help myself with politics.
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ggplz   Sweden. Jul 18 2008 16:32. Posts 16784 | | |
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if poker is dangerous to them i would rank sports betting as a Kodiak grizzly bear who smells blood after you just threw a javelin into his cub - RaiNKhAN | Last edit: 18/07/2008 16:32 |
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Baalim   Mexico. Jul 18 2008 18:38. Posts 34262 | | |
what does the minus and plus sign mean o_oa |
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Ex-PokerStars Team Pro Online | |
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k2o4   United States. Jul 18 2008 21:01. Posts 4803 | | |
minus means in 2009 it would be that much less than it is right now. Plus means it would be that much more.
Funny thing is that McCain cuts taxes for everyone, but in the lower tax brackets obama gives bigger tax cuts than mccain. Obama raises tax on the upper tax brackets, but he's just letting the bush tax cuts expire. |
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Sheitan   Canada. Jul 18 2008 21:02. Posts 4217 | | |
You're dumb Baal, but k2o4 you must be like the top 0.5% americans who have some interest in politics and understand it very well. Too bad the last 99.5% will take a decision for you obv =) |
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Odds are exactly 50%, either happens or it doesnt | |
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k2o4   United States. Jul 18 2008 22:08. Posts 4803 | | |
| On July 18 2008 20:02 Sheitan wrote:
You're dumb Baal, but k2o4 you must be like the top 0.5% americans who have some interest in politics and understand it very well. Too bad the last 99.5% will take a decision for you obv =) |
So true
Last week I stopped trying to learn about politics and I spent a week in complete oblivion of what's going on in the world. It was dead easy to do and I realized "hey, most americans are this clueless"
Pretty sad =( |
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gawdawaful   Canada. Jul 19 2008 00:43. Posts 9012 | | |
standard, the white guy wants to give more rake back to rich white businessmen while the poorest crackers and niggers get dick all
base on this I'd vote for the half black Muslim terrorist
glad I'm not American |
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Im only good at poker when I run good | |
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