The candidates and taxes

[Silver]

Unknown source:

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 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Mccain 0% (no Change, Bush Repealed This 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 Not 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!!!

[Mutt]

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. This part might not be 100% accurate. I know we pay capital gains on home sales in Canada, but that is only if its not a primary residence and if you arent selling it to move back into another place. So only people selling investment properties pay capital gains.

[Mutt]

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!Where did you get this information from? 8400 isnt double of 4500, let alone "more than double". Sounds like an internet forum regurgitation.

[Diraker]

Sounds like some chain email or RNC memo or something. To say I'm skeptical would be an understatement.

Anyway the only issue that concerns me for this election is the Supreme Court. The president's impact on taxes and the ecomony is minimal where as the president's influence (via nominations) on the Supreme Court is huge. Even if the republican's economic plan is better (which it's not) it's still short term. Economic plans come and go, the Supreme Court affects the US for decades and generations.

[Elad]

I was under the impression that only the wealthy would get the biggest hit from taxes Obama wants to put into place. Someone such as yourself would get hit, or someone adamently for McCain like my friend who is now a pharmicist. Wealthy republican propaganda imo ;(

[Silver]

Sounds like some chain email or RNC memo or something. To say I'm skeptical would be an understatement.

It was...

I was just posting it here to start the discussion.

[Elad]

In other news, Bush lifted the ban on offshore drilling today, but it has to get past congress

http://news.yahoo.com/s/ap/20080714/ap_on_go_pr_wh/bush

[Silver]

In other news, Bush lifted the ban on offshore drilling today, but it has to get past congress

http://news.yahoo.com/s/ap/20080714/ap_on_go_pr_wh/bush

I think it is quite possible that Bush will go down in history as one of if not THE worst Presidents of all time.

His 8 years has set our country back decades.

[Elad]

I can see either side to that argument. It will be popular to some people. I've also heard that oil that gets tapped won't be available for years, or that it will only change things by a few cents. I'm so biased though that I shouldn't even really talk on the subject..

[Mutt]

Expensive oil is good for america

[Konrad]

Yeah...how the fuck did someone look at that chart and then add at the botton "taxes will double". Anyways...what will potentially double is the capital gains tax, which will hurt every single American who has a penny invested in any way, shape or form. As retarded as that email is, the tax hikes that Obama is threatening are equally as retarded.

[Konrad]

I can see either side to that argument. It will be popular to some people. I've also heard that oil that gets tapped won't be available for years, or that it will only change things by a few cents. I'm so biased though that I shouldn't even really talk on the subject..

That's not necessarily true. There are many off-shore drill sites that would bring oil to market within 1-3 years. That might seem like a long time, but considering that what is driving up the oil price right now is oil speculation it would indeed have a very immediate impact.

Whatever your political opinion on the subject, there is no escaping the fact that oil is an absolute necessity for the functioning of our society...and it really has nothing to do with how much it costs at the pump to put it into your car. We need better and more secure access to oil now, and that means drilling into places environmentalists don't want us drilling into. Be honest though, as an environmentalist you would come up with some excuse for us to not drill anywhere.

While we most certainly need to be looking at alternative sources of energy (and I agree it needs to be done at the double quick), it is incredibly naive to force our hands on it now and say we must stop.

[Gnioss]

I believe the factual accuracy of that email as much as I believe the BARAK HUSSAIN OBAMA IS A MUSLIM EXTREMIST, HATES AMERICA, AND WILL PERSONALLY EAT YOUR BABY emails. Anyone want to do some fact checking? I'm outraged, yet lazy. HORRAY FOR AMERICA.

[Konrad]

Sounds like some chain email or RNC memo or something. To say I'm skeptical would be an understatement.

Anyway the only issue that concerns me for this election is the Supreme Court. The president's impact on taxes and the ecomony is minimal where as the president's influence (via nominations) on the Supreme Court is huge. Even if the republican's economic plan is better (which it's not) it's still short term. Economic plans come and go, the Supreme Court affects the US for decades and generations.

The president absolutely has the power to influence the market through taxation. The market will fluctuate on its own...absolutely. However, it is fairly well proven that higher taxation, especially on such things as capital gains and inheritance are extremely detrimental to economic success, and as of now the Democrat economic plan would wreak havoc (and already has) on an already unstable marketplace.

[Elad]

Drill on the 68 million acres or whatever you're currently leasing

[Oakbone]

Bah, this election make me so disgusted. We can choose between a Marxist or someone not quite as bad... make me upset. Where is a 'viable' Libertarian candidate that actually understands the Constitution and believes in limiting government.

I just can't stand anymore big government types. They have held power for much too long in both parties and make me very depressed. Add to that a VERY uniformed public and I don't see any positive change in any direction anytime soon.

*sigh*

[Konrad]

Drill on the 68 million acres or whatever you're currently leasing

Agreed

[Diraker]

The president absolutely has the power to influence the market through taxation. The market will fluctuate on its own...absolutely. However, it is fairly well proven that higher taxation, especially on such things as capital gains and inheritance are extremely detrimental to economic success, and as of now the Democrat economic plan would wreak havoc (and already has) on an already unstable marketplace.

When the economy is bad the president will blame this and that and when the economy is good the president will take credit. There's no beating around the bush regarding judges though. It's huge, and IMO it's get less talk that it deserves.

Anyway I'm a little cynical this time around and I don't really have a candidate I like. NY will go Obama anyway so I dunno maybe I'll vote third party or just stay home. IMO Obama will capitulate and offer a supposed religious moderate to SCOTUS. His nominee will be liberal minded but not secular minded. This IMO is fail. With that said I think McCain would appoint judges that favor both religion and conservativism. This IMO is worse.

(I will remind people that on some issues I do favor the conservative outlook, but not on most issues. Labels sometimes just get in the way.)

[Arnie]

Ohhhhhhhhhhh Cannnadddaaaaaaa................

lawl

[Aradorn]

Drill on the 68 million acres or whatever you're currently leasing

iirc there is only oil on less than 1% of that land. Just because they are leasing the land (which congress gave them) does not mean there is oil on it. And if there is, there might not be enough there to actually drill for.

Whether you like it or not, oil is here to stay and for a very long time. Freight will be hauled by diesel for years to come and unless we can drop the price of oil the cost of items will continue to rise. If you think food is expensive now, wait until diesel hits 6 or 7 dollars a gallon.

[Lothar]

quick quick someone build a safe dependable powerful efficient hydrogen fuel cell...


and dont forget, the senate has the power in our government, not the president.

oh, and obama, i feel sorry for, with all the racist idiots in our country, he is going to have to ride around in a bullet-proof glass box like the pope does..

[Silver]

Bah, this election make me so disgusted. We can choose between a Marxist or someone not quite as bad... make me upset. Where is a 'viable' Libertarian candidate that actually understands the Constitution and believes in limiting government.

I just can't stand anymore big government types. They have held power for much too long in both parties and make me very depressed. Add to that a VERY uniformed public and I don't see any positive change in any direction anytime soon.

*sigh*

I feel exactly the same way.

[Soushia]

quick quick someone build a safe dependable powerful efficient hydrogen fuel cell...



http://www.aninconvenientguilttrip.com/blog2.asp?ItemID=48&CategoryID=132

Methinks someone has.

I just don't think the "hydrogen cell" lobby has as much cash as the "oil conglomerate" lobby.

Once the existing petrolium companies buy all the alternative energy firms THEN you will see a shift.

Till then...we are are all merely tiny cogs in the machine. So go to work, pay your taxes, and don't forget to fill the tank on your way home!

[Mutt]

http://www.aninconvenientguilttrip.com/blog2.asp?ItemID=48&CategoryID=132

Methinks someone has.

I just don't think the "hydrogen cell" lobby has as much cash as the "oil conglomerate" lobby.

Once the existing petrolium companies buy all the alternative energy firms THEN you will see a shift.

Till then...we are are all merely tiny cogs in the machine. So go to work, pay your taxes, and don't forget to fill the tank on your way home!The problem isnt the fuel cell not working, or big oil keeping them down. They have had cars that emit only water as exhaust for over a decade now.

The issue is that until fairly recently the range/efficiency has been suspect. As well there is no hydrogen fill up infrastructure in place (same issue as Liquid Natural Gas (LNG)). And lastly, the process to create the hydrogen fuel takes more energy (in terms of electricity, etc) than is justifiable at this point. Sure, all that changes with more investment and research, but thats whats holding the tech back, not big oil.

This is why expensive oil is actually good. It makes these alternative technologies less expensive in comparison and attracts further interest and investment.

imo, the fuel cell is a non starter. That investment and research is better spent on creating better battery technology and electric motors for electric only cars. The advantage there is cost, synergies with other industries to boost technology advancements, plus the infrastructure already spans the globe. Further investment will be needed in terms of transmission lines and infrastructure but that is something that can be boosted quite easily in comparison.