McCain vs. Obama on taxes.

[magnocain]

Got this from an Email.



You can verify a lot of this here:
Election 2008: The candidates and your money - CNNMoney

INTERESTING DATA JUST RECEIVED ON TAXES

Please 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 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 becomes 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MCCAIN 0% (No change, Bush repealed this tax)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, 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!!!

[Danielmellbin]

Originally Posted by magnocain

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

or you can move here:

Single making 30K - tax 12K
Single making 50K - tax 20K
Single making 75K - tax 30K
Married making 60K - tax 20K
Married making 75K - tax 30K
Married making 125K - tax 75K

[FLYBOYJ]

Originally Posted by Danielmellbin

or you can move here:

Single making 30K - tax 12K
Single making 50K - tax 20K
Single making 75K - tax 30K
Married making 60K - tax 20K
Married making 75K - tax 30K
Married making 125K - tax 75K

And you guys are supposed to be the happiest people on earth?!?!?

[comiso90]

Originally Posted by Danielmellbin

or you can move here:

Single making 30K - tax 12K
Single making 50K - tax 20K
Single making 75K - tax 30K
Married making 60K - tax 20K
Married making 75K - tax 30K
Married making 125K - tax 75K

Is that accurate?

[Soundbreaker Welch?]

Lol, the jump up to 75%!

[Danielmellbin]

Originally Posted by FLYBOYJ

And you guys are supposed to be the happiest people on earth?!?!?

Yea - we have cheap beers - solves everything

No - but remember that because of these taxes the following things are "free":
-childcare
-elderlycare
-healthcare
-schools (including universities)
-actually school is not only free - once you are 18 you get paid to go to school - 1000-2000$ a month)
-Big social security net
all sorts of stuff that would be boring to list and to read - the above are the most important anyway.

Regarding happiest:
First of: "happy" is a very relative term! But while "loosing" some money with this high tax rate it also removes a great deal of the unhealthy stress that comes with having to worry about these things. Instead of worrying about "how do I pay for my education - its "which education do I want". Instead of worrying about hospital bills and such - people can entirely concentrate on getting well. High ambitions, low expectations and as little unhealthy stress as possible is what makes people the "least unhappy". But "happiest nation in the world" is too relative to be taken too seriously. I take it more as a sign that its a healthy society and system - and thats not too bad either.

Accurate? - yup (well rough estimates - but in no way misleading)

the final jump is to 60% - not 75. Its whats referred to a "toptax" here. You can never pay more than that. Generally the taxpayers are split up into three groups: low income tax:42% ,middle income tax: 50%, high income tax:60%
Before tax is cut you can make about 1000$ taxfree each month (well only pay 8% tax of it anyway).

[DerAdlerIstGelandet]

I almost took a job in Denmark working for an airline and boy am I glad I did not.

I would have made eneogh money that I would have paid roughly 60% (minus or pluss a few % I guess, not really sure how it works). Then on top of that, housing was outragiously priced (as it is in all of Europe) and the cost of living was very very high.

In the end I make a bit less overall working for the government but paying less taxes so in the end I see more money a month. Cost of living is lower and housing is way lower.

[Danielmellbin]

Originally Posted by DerAdlerIstGelandet

I almost took a job in Denmark working for an airline and boy am I glad I did not.

I would have made eneogh money that I would have paid roughly 60% (minus or pluss a few % I guess, not really sure how it works). Then on top of that, housing was outragiously priced (as it is in all of Europe) and the cost of living was very very high.

In the end I make a bit less overall working for the government but paying less taxes so in the end I see more money a month. Cost of living is lower and housing is way lower.

Yea - You don't want too come here to work if making bigbucks is your priority. And yea - Housing costs in Copenhagen have gone through the roof lately (finally dropping though - phew). However the high prices are only true of Copenhagen - outside Copenhagen prices fall by 100-200 - heck even up to 300%. I assume its the same for most countries. If you want to live where the action is - its gonna cost ya . Except I heard that Berlin is really cheap.

[FLYBOYJ]

Originally Posted by Danielmellbin

Yea - we have cheap beers - solves everything

No - but remember that because of these taxes the following things are "free":
-childcare
-elderlycare
-healthcare
-schools (including universities)
-actually school is not only free - once you are 18 you get paid to go to school - 1000-2000$ a month)
-Big social security net
all sorts of stuff that would be boring to list and to read - the above are the most important anyway.

Regarding happiest:
First of: "happy" is a very relative term! But while "loosing" some money with this high tax rate it also removes a great deal of the unhealthy stress that comes with having to worry about these things. Instead of worrying about "how do I pay for my education - its "which education do I want". Instead of worrying about hospital bills and such - people can entirely concentrate on getting well. High ambitions, low expectations and as little unhealthy stress as possible is what makes people the "least unhappy". But "happiest nation in the world" is too relative to be taken too seriously. I take it more as a sign that its a healthy society and system - and thats not too bad either.

Accurate? - yup (well rough estimates - but in no way misleading)

the final jump is to 60% - not 75. Its whats referred to a "toptax" here. You can never pay more than that. Generally the taxpayers are split up into three groups: low income tax:42% ,middle income tax: 50%, high income tax:60%
Before tax is cut you can make about 1000$ taxfree each month (well only pay 8% tax of it anyway).

It sounds utopian but personally I'll take my chances with the lower taxes, less social services and stress....

[Danielmellbin]

Originally Posted by FLYBOYJ

It sounds utopian but personally I'll take my chances with the lower taxes, less social services and stress....

Hehe - I guessed as much Different parts of the world will work differently. Some good (the west) - some bad (i.e. middle east). But all the systems of the world have evolved into what they are today over the past centuries. And they can only change by themselves and over time.

But when people are "scared" of high taxes - I try to explain what can come with high taxes (if they are handled properly). Not to be a know-it-all (which I am but hey who isn't) just to try and remove the big bad communist reputation that high taxes have some places.

P.S. running up debt like a certain government has been doing for the last 8 years is raising taxes. Just with a delayed fuse and without any of the benefits...

[FLYBOYJ]

Originally Posted by Danielmellbin

Hehe - I guessed as much Different parts of the world will work differently. Some good (the west) - some bad (i.e. middle east). But all the systems of the world have evolved into what they are today over the past centuries. And they can only change by themselves and over time.

But when people are "scared" of high taxes - I try to explain what can come with high taxes (if they are handled properly). Not to be a know-it-all (which I am but hey who isn't) just to try and remove the big bad communist reputation that high taxes have some places.

Agree for the most part

Originally Posted by Danielmellbin

P.S. running up debt like a certain government has been doing for the last 8 years is raising taxes. Just with a delayed fuse and without any of the benefits...

Agree - but at the same time just a few years of fiscal management with the world's largest economy eliminates that debt - the big difference lies when the government has the people DIRECTLY pay for it. An indirect tax that is not being taken from the people's pay, but in government services.

In the mean time you're correct - in the years that will be taken balancing the budget anything funded by the government suffers.

[Haztoys]

Originally Posted by FLYBOYJ

Agree for the most part

Agree - but at the same time just a few years of fiscal management with the world's largest economy eliminates that debt - the big difference lies when the government has the people DIRECTLY pay for it. An indirect tax that is not being taken from the people's pay, but in government services.

In the mean time you're correct - in the years that will be taken balancing the budget anything funded by the government suffers.

And hit the middle class with the bill....Poor do not pay ...And set it up were the upper end have write offs and do not pay...

[Erich]

well your nude beaches and brick homes/flats are quite charming I must say, but your tax system is a bit too much for my blood, will just come over short term for a visit but not to stay.

it has been said for several years during Bushys admin that if the Demo's get in watch out for what you will be paying on taxes as they will ever increase skyward